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STEERS HOLDINGS LIMITED - INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST
1999, "N" SHARE CONVERSION AND RELATED MATTERS
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 69/04875/06)
("THE COMPANY")
TURNOVER UP 38,1%
ATTRIBUTABLE PROFIT UP 31,2%
HEADLINE EARNINGS PER SHARE UP 20,2%
RESULTS
ONCE AGAIN THE COMPANY AND ITS SUBSIDIARIES ("THE GROUP") HAVE ACHIEVED
EXCELLENT RESULTS DESPITE DIFFICULT ECONOMIC AND TRADING CONDITIONS. DURING THE
SIX MONTHS TO 31 AUGUST 1999, 17 STEERS FRANCHISED OUTLETS AND 15 DEBONAIRS
PIZZA FRANCHISED OUTLETS WERE OPENED. AS AT 31 AUGUST 1999 THE GROUP'S
FRANCHISED OUTLETS COMPRISED:
NUMBER OF OUTLETS
BRAND SOUTH AFRICA REST OF AFRICA TOTAL
STEERS 261 18 279
DEBONAIRS PIZZA 83 7 90
344 25 369
IN ADDITION, AS AT 31 AUGUST 1999, THE GROUP OWNED EIGHT STEERS OUTLETS, AND
ONE FISHAWAYS OUTLET.
THE GROUP'S MAIN BUSINESS IS FAST FOOD FRANCHISING. ITS PRIMARY BUSINESS
SEGMENTS ARE:
- FRANCHISING OF FAST FOOD BRANDS, NAMELY STEERS, DEBONAIRS PIZZA AND THE NEW
FISHAWAYS BRAND
- MANUFACTURING AND DISTRIBUTION OF FOOD AND RELATED PRODUCTS TO FRANCHISEES
AND THE RETAIL TRADE
- OTHER (INCORPORATING GROUP-OWNED FAST FOOD OUTLETS AND THE GROUP'S MANAGEMENT
SUPPORT SERVICES)
CONTRIBUTIONS TO THE RESULTS FROM THE ABOVE SEGMENTS DURING THE PERIOD WERE
AS FOLLOWS:
SIX MONTHS TO 31 AUGUST 1999
TURNOVER OPERATING PROFIT AFTER TAX
1999 1998 % 1999 1998 %
R000'S R000'S CHANGE R000'S R000'S CHANGE
FRANCHISING 40 790 27 092 50,6 4 454 2 757 61,6
MANUFACTURING
& DISTRIBUTION 69 766 54 307 28,5 3 082 2 451 25,7
OTHER 8 053 4 462 80,5 481 901 (46,6)
TOTAL 118 609 85 861 8 017 6 109
COMMENTARY
THE SIGNIFICANT NUMBER OF NEW OUTLETS OPENED DURING THE LAST TWELVE MONTHS, AND
THE SUCCESS OF THE GROUP'S BRAND ADVERTISING CAMPAIGNS, HAS HAD A POSITIVE
IMPACT ON THE RESULTS OF BOTH THE FRANCHISING AND THE MANUFACTURING &
DISTRIBUTION SEGMENTS OF THE BUSINESS. IN ADDITION, THE GROUP'S ABILITY TO OPEN
NEW OUTLETS WITHOUT A CORRESPONDING EXPANSION OF ITS OPERATING INFRASTRUCTURE
HAS HAD A FURTHER POSITIVE EFFECT ON THE FRANCHISING ATTRIBUTABLE PROFIT.
THE INCREASE IN OTHER TURNOVER IS ATTRIBUTABLE TO ADDITIONAL GROUP-OWNED
OUTLETS. THE DECREASE IN OPERATING PROFIT FOR THIS SEGMENT REFLECTS THE LOWER
RECOVERY OF HEAD OFFICE OVERHEADS FROM THE FRANCHISING AND THE MANUFACTURING &
DISTRIBUTION SEGMENTS.
PROSPECTS
WITH THE MAIN BUSINESS SEGMENTS CURRENTLY PERFORMING IN ACCORDANCE WITH
EXPECTATIONS, THE EXCELLENT OPPORTUNITIES FOR THE GROUP'S BRANDS BEYOND SOUTH
AFRICA'S BORDERS AND PROSPECTS OF IMPROVED DOMESTIC ECONOMIC CONDITIONS, THE
GROUP IS WELL POSITIONED TO TAKE ADVANTAGE OF ITS TRADITIONALLY BUSIEST TRADING
PERIOD IN THE COMING MONTHS. IN THIS LIGHT, THE DIRECTORS BELIEVE THAT THE
GROUP IS ON TRACK TO MEET ITS FORECAST OF 30% HEADLINE EARNINGS GROWTH FOR THE
CURRENT FINANCIAL YEAR.
YEAR 2000 COMPLIANCE
THE GROUP HAS IMPLEMENTED A YEAR 2000 COMPLIANCE PROGRAMME THROUGHOUT ALL ITS
OPERATIONS. THE PROGRAMME INVOLVES THE UPGRADING OF ALL HARDWARE, SOFTWARE AND
INFORMATION TECHNOLOGY RELATED PRODUCTS, AS WELL AS DETAILED TESTING THEREOF.
THE COSTS INCURRED TO DATE AND COSTS TO BE INCURRED ARE NOT EXPECTED TO BE
MATERIAL. THE DIRECTORS DO NOT EXPECT ANY MATERIAL OPERATIONAL DIFFICULTIES TO
ARISE AS A RESULT OF THE ADVENT OF THE YEAR 2000.
DECLARATION OF INTERIM DIVIDEND
NOTICE IS HEREBY GIVEN THAT AN INTERIM DIVIDEND (NUMBER 14) OF 5 CENTS PER
ORDINARY AND "N" ORDINARY SHARE HAS BEEN DECLARED ON 19 OCTOBER 1999, PAYABLE
TO ALL SHAREHOLDERS REGISTERED IN THE BOOKS OF THE COMPANY AS AT THE CLOSE OF
BUSINESS ON 5 NOVEMBER 1999. THE DIVIDEND WILL BE PAYABLE ON 12 NOVEMBER 1999.
ON BEHALF OF THE BOARD
JL HALAMANDRES
CHIEF EXECUTIVE OFFICER
MIDRAND
18 OCTOBER 1999
REGISTERED OFFICE
478 JAMES CRESCENT
HALFWAY HOUSE
1685
(PO BOX 2884 HALFWAY HOUSE 1685)
TELEPHONE (011) 315 3000
FAX (011) 315 0059
E-MAIL : INVESTORRELATIONS@STEERS.CO.ZA
TRANSFER SECRETARIES
COMPUTERSHARE SERVICES LIMITED
(REGISTRATION NUMBER 58/03546/06)
4TH FLOOR, EDURA HOUSE
40 COMMISSIONER STREET
JOHANNESBURG, 2001
(PO BOX 62391, MARSHALLTOWN 2107)
DIRECTORS
P HALAMANDARIS (SNR) (CHAIRMAN), T HALAMANDARIS (MANAGING DIRECTOR), JL
HALAMANDRES (CHIEF EXECUTIVE OFFICER), C HALAMANDARIS*#, P HALAMANDARIS*#, JW
HAMILTON, HR LEVIN*, MC MACKENZIE, DH PAPPADOPOULOS, P PAPAGEORGIOU, RN
SPANOUDES, N STOKES.
* NON-EXECUTIVE
# GREEK
CONSOLIDATED INCOME STATEMENT
UNAUDITED AUDITED
SIX MONTHS ENDED YEAR ENDED
31 AUGUST 28 FEBRUARY
1999 1998 % 1999
R000'S R000'S CHANGE R000'S
TURNOVER 118 609 85 861 38,1 198 837
NET INCOME BEFORE DEPRECIATION 13 595 9 076 49,8 23 406
DEPRECIATION (2 665) (1 821) (4 602)
OPERATING PROFIT 10 930 7 255 50,7 18 804
NET INTEREST RECEIVED/(PAID) (422) 929 560
OPERATING PROFIT BEFORE TAXATION 10 508 8 184 28,4 19 364
TAXATION (2 491) (2 075) (6 381)
OPERATING PROFIT AFTER TAXATION 8 017 6 109 31,2 12 983
ATTRIBUTABLE TO OUTSIDE SHAREHOLDERS 13 - 114
ATTRIBUTABLE PROFIT 8 030 6 109 31,4 13 097
WEIGHTED AVERAGE NUMBER OF SHARES
IN ISSUE (ORDS AND "N"S) 62 088 106 58 005 200 61 046 952
BASIC EARNINGS PER SHARE (CENTS) 12,9 10,5 22,9 21,5
HEADLINE EARNINGS PER SHARE (CENTS) 12,5 10,4 20,2 21,3
DIVIDEND PER SHARE (CENTS) 5,0 4,0 25,0 9,0
OPERATING MARGIN (%) 9,2 8,4 9,5 9,5
CONSOLIDATED BALANCE SHEET
UNAUDITED AUDITED
AT 31 AUGUST AT 28 FEBRUARY
1999 1998 1999
R000'S R000'S R000'S
CAPITAL EMPLOYED
SHAREHOLDERS' INTEREST 59 947 45 744 51 917
OUTSIDE SHAREHOLDERS' INTEREST 418 (13) 1 912
LONG-TERM LIABILITIES 11 247 25 973 15 335
DEFERRED TAXATION 454 74 454
72 066 71 778 69 618
EMPLOYMENT OF CAPITAL
FIXED ASSETS 17 901 11 183 18 781
TRADEMARKS 27 109 24 816 27 152
GOODWILL 10 149 9 165 11 551
LOANS 5 990 7 280 5 468
NET CURRENT ASSETS 10 917 19 334 6 666
CURRENT ASSETS 42 676 29 877 35 048
INVENTORY 14 618 12 167 13 037
ACCOUNTS RECEIVABLE 28 058 17 710 22 011
CURRENT LIABILITIES 31 759 10 543 28 382
ACCOUNTS PAYABLE 22 814 14 297 21 613
DIVIDEND - - 3 442
TAXATION 1 603 2 421 1 121
BANK OVERDRAFT 7 342 (6 175) 2 206
72 066 71 778 69 618
CONSOLIDATED CASH FLOW STATEMENT
UNAUDITED AUDITED
SIX MONTHS ENDED YEAR ENDED
31 AUGUST 28 FEBRUARY
1999 1998 1999
R000'S R000'S R000'S
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED BY OPERATIONS 9 412 9 296 18 270
NET INTEREST (PAID)/RECEIVED (422) 929 560
TAXATION PAID (1 978) (1 705) (6 845)
7 012 8 520 11 985
DIVIDENDS PAID (3 442) (2 400) (4 382)
NET CASH INFLOW FROM
OPERATING ACTIVITIES 3 570 6 120 7 603
CASH FLOW FROM INVESTING ACTIVITIES
PURCHASE OF FIXED ASSETS (2 619) (3 994) (14 968)
EXPENDED ON TRADEMARKS (351) (130) (2 853)
GOODWILL SOLD/(PURCHASED) 1 402 - (2 513)
PROCEEDS FROM SALE OF FIXED ASSETS 981 1 335 2 573
INCREASE IN LOANS (522) (5 879) (4 067)
NET CASH OUTFLOW FROM
INVESTING ACTIVITIES (1 109) (8 668) (21 828)
CASH FLOW FROM FINANCING ACTIVITIES
PROCEEDS ON ISSUE OF SHARES - - 4 581
(DECREASE)/INCREASE IN OUTSIDE
SHAREHOLDERS' INTEREST (1 481) - 1 981
DECREASE IN LONG-TERM LIABILITIES
AND SHORT-TERM PORTION THEREOF (6 116) (1 595) (1 671)
NET CASH (OUTFLOW)/INFLOW
FROM FINANCING ACTIVITIES (7 597) 1 595 4 891
CHANGE IN CASH AND CASH EQUIVALENTS (5 136) (953) (9 334)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD (2 206) 7 128 7 128
CASH AND CASH EQUIVALENTS AT
END OF PERIOD (7 342) 6 175 (2 206)
NOTE:
COMMITMENTS IN RESPECT OF LEASEHOLD PREMISES
- 12 MONTHS 4 982 2 923 4 475
- THEREAFTER 30 970 30 858 33 579
35 952 33 781 38 054
CONVERSION OF "N" ORDINARY SHARES INTO ORDINARY SHARES, GENERAL AUTHORITY TO
PERMIT THE COMPANY TO ACQUIRE ITS OWN SHARES AND AMENDMENT TO THE STEERS
EMPLOYEE SHARE OPTION SCHEME (1994), AS AMENDED
1 INTRODUCTION
THE BOARD OF DIRECTORS OF THE COMPANY ("BOARD OF DIRECTORS") HAS RESOLVED TO
CONVERT THE "N" ORDINARY SHARES INTO ORDINARY SHARES ON A ONE FOR ONE BASIS
("THE CONVERSION"). THE BOARD OF DIRECTORS BELIEVES THAT THE CONVERSION WILL
IMPROVE THE TRADABILITY OF THE ORDINARY SHARES AS IT WILL ATTRACT NEW INVESTORS
WHO ARE CURRENTLY NOT WILLING TO INVEST IN "N" ORDINARY SHARES FOR VARIOUS
REASONS.
2 DETAILS AND EFFECTS OF THE CONVERSION
2.1 DETAILS OF THE CONVERSION
2.1.1 THE ORDINARY SHARES AND "N" ORDINARY SHARES CURRENTLY RANK PARI PASSU IN
ALL RESPECTS OTHER THAN VOTING RIGHTS, AS EACH ORDINARY SHARE ENTITLES THE
HOLDER THEREOF TO 100 VOTES AND EACH "N" ORDINARY SHARE ENTITLES THE HOLDER
THEREOF TO ONE VOTE. THE BOARD OF DIRECTORS PROPOSES TO CONVERT THE "N"
ORDINARY SHARES INTO ORDINARY SHARES THAT WILL RANK PARI PASSU IN ALL RESPECTS,
INCLUDING VOTING RIGHTS, WITH THE ORDINARY SHARES CURRENTLY IN ISSUE.
2.1.2 THE CONVERSION WILL BE ACHIEVED, INTER ALIA, BY MEANS OF:
2.1.2.1 THE CREATION OF 3 004 405 300 "N" ORDINARY SHARES WHICH WILL HAVE THE
EFFECT OF INCREASING THE NUMBER OF AUTHORISED "N" ORDINARY SHARES FROM 100 000
000 TO 3 104 405 300;
2.1.2.2 THE AMENDMENT OF THE ARTICLES TO ALLOW FOR "N" ORDINARY SHAREHOLDERS TO
BE THE ONLY SHAREHOLDERS TO PARTICIPATE IN THE CAPITALISATION ISSUE SET OUT IN
2.1.2.3 BELOW;
2.1.2.3 A CAPITALISATION ISSUE TO "N" ORDINARY SHAREHOLDERS OUT OF THE
COMPANY'S SHARE PREMIUM ACCOUNT OF 99 NEW "N" ORDINARY SHARES FOR EVERY "N"
ORDINARY SHARE HELD ON FRIDAY, 19 NOVEMBER 1999 SO AS TO RESULT IN A REDUCTION
OF THE COMPANY'S SHARE PREMIUM ACCOUNT FROM R29 969 934,00 TO R29 662 597,88,
NAMELY A REDUCTION OF R307 336,12 AND THE NUMBER OF "N" ORDINARY SHARES IN
ISSUE BEING 3 104 405 300;
2.1.2.4 A CONSOLIDATION OF EACH 100 "N" ORDINARY SHARES WITH A PAR VALUE OF
0,01 CENT EACH INTO ONE "N" ORDINARY SHARE WITH A PAR VALUE OF 1 CENT EACH SO
AS TO RESULT IN THE NUMBER OF "N" ORDINARY SHARES IN ISSUE BEING 31 044 053; AN
2.1.2.5 A CONVERSION OF THE "N" ORDINARY SHARES WITH A PAR VALUE OF 1 CENT EACH
INTO ORDINARY SHARES WITH A PAR VALUE OF 1 CENT EACH, ON A ONE FOR ONE BASIS SO
AS TO RESULT IN THE NUMBER OF ORDINARY SHARES IN ISSUE BEING 62 088 106.
2.1.3 A SHAREHOLDER WHO CURRENTLY OWNS 100 "N" ORDINARY SHARES WILL THEREFORE,
UPON CONVERSION, OWN 100 ORDINARY SHARES.
2.2 VOTING RIGHTS
PURSUANT TO THE CONVERSION THERE WILL ONLY BE ORDINARY SHARES IN ISSUE IN THE
COMPANY, WITH EACH SHAREHOLDER BEING ENTITLED TO ONE VOTE PER ORDINARY SHARE
HELD.
2.3 FINANCIAL EFFECTS OF THE CONVERSION
THERE WILL BE NO EFFECT ON THE EARNINGS, DIVIDENDS OR NET TANGIBLE ASSET VALUE
PER ORDINARY SHARE PURSUANT TO THE CONVERSION.
2.4 AMENDMENT TO THE MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION
THE IMPLEMENTATION OF THE CONVERSION REQUIRES THAT THE MEMORANDUM OF
ASSOCIATION AND ARTICLES OF ASSOCIATION BE AMENDED.
3 GENERAL AUTHORITY TO PERMIT THE COMPANY TO ACQUIRE ITS OWN SHARES
THE BOARD OF DIRECTORS HAS NO DEFINITE INTENTION OF REPURCHASING SHARES. IT IS
HOWEVER PROPOSED, AND THE BOARD OF DIRECTORS BELIEVES IT TO BE IN THE BEST
INTERESTS OF THE COMPANY, THAT SHAREHOLDERS PASS A SPECIAL RESOLUTION IN
GENERAL MEETING GRANTING THE COMPANY A GENERAL AUTHORITY TO ACQUIRE ITS OWN
SHARES. SUCH GENERAL AUTHORITY WILL ENABLE THE COMPANY TO REPURCHASE SHARES AS
AND WHEN THE BOARD OF DIRECTORS DEEMS IT APPROPRIATE TO DO SO.
4 AMENDMENT TO THE STEERS EMPLOYEE SHARE OPTION SCHEME (1994), AS AMENDED ("THE
SCHEME")
4.1 IN TERMS OF THE SCHEME, THE AGGREGATE NUMBER OF SHARES WHICH MAY CURRENTLY
BE ACQUIRED BY EMPLOYEES OF THE COMPANY SHALL NOT EXCEED 10% OF THE COMPANY'S
SHARES IN ISSUE.
4.2 IN ORDER TO ENSURE THE CONTINUED DEDICATION AND LOYALTY OF EMPLOYEES IN
THE COMPANY AND, WHERE APPROPRIATE, TO INCENTIVISE MANAGEMENT AND STAFF THROUGH
A MEANINGFUL EQUITY INTEREST, IT IS PROPOSED THAT THE SCHEME BE AMENDED TO
ENABLE THE MANAGEMENT AND STAFF OF THE COMPANY TO ACQUIRE A MAXIMUM OF 15% OF
THE COMPANY'S SHARES IN ISSUE.
5 CONDITIONS PRECEDENT
THE CONVERSION AND AMENDMENT TO THE MEMORANDUM OF ASSOCIATION AND ARTICLES OF
ASSOCIATION PURSUANT TO THE CONVERSION ARE SUBJECT TO THE FOLLOWING CONDITIONS
PRECEDENT:
5.1 THE PASSING OF THE SPECIAL AND ORDINARY RESOLUTIONS AT THE RELEVANT
SEPARATE CLASS MEETINGS WHICH ARE NECESSARY TO GIVE EFFECT TO THE CONVERSION
AND AMENDMENT TO THE MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION;
5.2 THE PASSING OF THE SPECIAL AND ORDINARY RESOLUTIONS AT A GENERAL MEETING
WHICH ARE NECESSARY TO GIVE EFFECT TO THE CONVERSION AND THE AMENDMENT TO THE
MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION; AND
5.3 THE REGISTRATION BY THE REGISTRAR OF COMPANIES OF THE SPECIAL RESOLUTIONS
PASSED AT THE SEPARATE CLASS MEETINGS AND THE SPECIAL RESOLUTIONS RELATING TO
THE CONVERSION PASSED AT THE GENERAL MEETING.
6 SALIENT DATES AND TIMES FOR THE CONVERSION
THE ABRIDGED TIMETABLE IN RESPECT OF THE CONVERSION IS AS FOLLOWS:
1999
SEPARATE CLASS MEETINGS AND GENERAL MEETING
TO BE HELD AT 10:00, 10:15 AND 10:30 RESPECTIVELY WEDNESDAY, 17 NOVEMBER
RECORD DATE TO PARTICIPATE IN THE "N" ORDINARY
SHARE CONVERSION FRIDAY, 19 NOVEMBER
TERMINATION OF THE LISTING OF "N" ORDINARY SHARES
ON THE JSE WITH EFFECT FROM THE CLOSE OF TRADING FRIDAY, 19 NOVEMBER
EXISTING "N" ORDINARY SHARE CERTIFICATES
CEASE TO BE GOOD FOR DELIVERY FOR TRANSACTIONS
ENTERED INTO ON THE JSE WITH EFFECT FROM
THE CLOSE OF TRADING FRIDAY, 19 NOVEMBER
LISTING OF INCREASED NUMBER OF ORDINARY
SHARES ON THE JSE WITH EFFECT FROM THE
COMMENCEMENT OF TRADING MONDAY, 22 NOVEMBER
7 DOCUMENTATION
A CIRCULAR TO THE ORDINARY SHAREHOLDERS AND "N" ORDINARY SHAREHOLDERS OF THE
COMPANY DEALING WITH THE CONVERSION, GENERAL AUTHORITY TO PERMIT THE COMPANY TO
ACQUIRE ITS OWN SHARES AND AMENDMENT TO THE SCHEME, WHICH INCORPORATES NOTICES
OF SEPARATE MEETINGS AND A GENERAL MEETING, AND WHICH IS SUBJECT TO THE
APPROVAL OF THE JOHANNESBURG STOCK EXCHANGE, WILL BE POSTED TO THE ORDINARY
SHAREHOLDERS AND "N" ORDINARY SHAREHOLDERS OF THE COMPANY ON OR ABOUT 22
OCTOBER 1999.
BY ORDER OF THE BOARD
DH PAPPADOPOULOS
SECRETARY AND DIRECTOR
MIDRAND
18 OCTOBER 1999
STEERS ANNOUNCES INTERIM RESULTS AND N-SHARE CONVERSION
STEERS HOLDINGS TODAY REPORTED EXCELLENT UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 1999. THE RESULTS WERE ANNOUNCED TOGETHER WITH
MANAGEMENT'S DECISION TO CONVERT STEERS "N" ORDINARY SHARES INTO ORDINARY
SHARES ON A ONE-FOR-ONE BASIS.
ATTRIBUTABLE INCOME IS UP 31.2% (R8 MILLION) FOR THE SIX-MONTH PERIOD, WITH
HEADLINE EARNINGS PER SHARE REFLECTING AN INCREASE OF 20.2% (12.5 CENTS) ON A
TURNOVER INCREASE OF 38.1%(R118.6 MILLION). THESE RESULTS ARE CONSISTENT WITH
THE GROUP'S PROJECTIONS MADE EARLIER THIS YEAR.
JOHN HALAMANDRES, CEO OF STEERS HOLDINGS COMMENTS: "DESPITE THE CHALLENGING
ECONOMIC CLIMATE IN WHICH WE HAVE BEEN OPERATING, WE HAVE ONCE AGAIN MANAGED TO
STAY AHEAD OF THE COMPETITION AND DELIVER ON OUR PROMISES.
THROUGH INNOVATIVE MARKETING AND CONTINUAL EXCELLENT SERVICE, OUR TWO MAIN
BRANDS, STEERS AND DEBONAIRS PIZZA, CONTINUE TO BE LEADERS IN THEIR RESPECTIVE
MARKETS. WE ARE ALSO EXCITED ABOUT THE GROWTH POTENTIAL OF OUR TWO NEWER
BRANDS, FISHAWAYS AND POUYOUKAS FOODS."
IN LINE WITH THE MARKET TREND TO ELIMINATE N-SHARE STRUCTURES, STEERS HOLDINGS
HAS UNDERTAKEN TO CONVERT ITS N-SHARES TO ORDINARY SHARES. STEERS HOLDINGS
CREATED AND ISSUED ITS N ORDINARY SHARES IN 1996 IN ORDER TO FACILITATE
ACQUISITIONS.
"AS PART OF OUR STRATEGY TO INCREASE THE LIQUIDITY OF STEERS SHARES AND TO
ATTRACT NEW INVESTORS, THE BOARD AGREED THAT IT WAS AN OPPORTUNE TIME FOR THE
CONVERSION," CONTINUES HALAMANDRES.
THE N-SHARES WILL CEASE TO TRADE ON THE JSE AT CLOSE OF BUSINESS ON FRIDAY 19
NOVEMBER. THE ADDITIONAL NUMBER OF 31 044 053 NEW ORDINARY SHARES, TO BE ISSUED
AS PART OF THE CONVERSION PROCESS, WILL LIST FOR TRADING ON THE JSE AT THE
COMMENCEMENT OF BUSINESS ON MONDAY 22 NOVEMBER.
IN THE SIX-MONTH PERIOD ENDING 31 AUGUST 1999, 17 STEERS FRANCHISED OUTLETS AND
15 DEBONAIRS PIZZA FRANCHISED OUTLETS WERE OPENED. THE GROUP CURRENTLY HAS A
TOTAL OF 369 FRANCHISED OUTLETS IN SOUTH AFRICA AND AFRICA.
ENDS
WRITTEN AND DISTRIBUTED BY: ARCAY FINANCIAL COMMUNICATIONS
ON BEHALF OF: STEERS HOLDINGS
FURTHER INFORMATION: JANET COPPIN
TEL: 27 11 480 8554
FAX: 27 11 480 8556
CELL: 083 456 3904
E-MAIL: COPPJ@ARCAY.CO.ZA
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