To view the PDF file, sign up for a MySharenet subscription.

Discovery - Issue of shares for cash following the redemption of preference

Release Date: 30/06/2005 17:00
Code(s): DSY
Wrap Text

Discovery - Issue of shares for cash following the redemption of preference shares DISCOVERY HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1999/007789/06) ISIN: ZAE000022331 Share Code: DSY ("Discovery") ISSUE OF SHARES FOR CASH FOLLOWING THE REDEMPTION OF PREFERENCE SHARES Introduction Shareholders are referred to the announcement released on SENS on 31 August 2004 relating to the issue of a total of 12 811 590 Discovery ordinary shares to certain employees effective 30 June 2004, over a three-year period, in terms of an authority obtained from shareholders at the annual general meeting held on 15 November 2001. Details of the issue of shares for cash Shareholders are advised that the second tranche of 4 270 530 ordinary shares in Discovery have been issued on 30 June 2005 at an issue price of R12.57 per Discovery ordinary share ("the Issue"), being the price determined as at 30 June 2004. The Issue is pursuant to the redemption of the second tranche of 495 000 Discovery Life Preference Shares ("Preference Shares") at a premium of R108.44 per Preference share. Financial effects The financial effects presented below have been prepared for illustrative purposes only and because of their nature, may not give a fair reflection of Discovery"s financial position nor the effect on earnings going forward. ________________ ____________ ____________ ____________ ____________ Actual Pro forma Increase/ Increase/
before the after the (Decrease) (Decrease) Issue(2) Issue(1) (cents) (%) (cents) (cents) ________________ ____________ ____________ ____________ ____________ Earnings per 39.7 39.0(3) (0.7) (1.8%) share ________________ ____________ ____________ ____________ ____________ Headline 36.7 36.1(3) (0.6) (1.6%) earnings per share ________________ ____________ ____________ ____________ ____________ Net asset value 542.4 533.6(4) (8.8) (1.6%) per share ________________ ____________ ____________ ____________ ____________ Tangible net 534.3 525.6(4) (8.7) (1.6%) asset value per share ________________ ____________ ____________ ____________ ____________ Notes: - The pro forma effects are based on the issue of 4 270 530 Discovery ordinary shares; - The "Actual before the Issue" column has been extracted from Discovery"s interim report for the six months ended 31 December 2004; - The pro forma earnings per share and headline earnings per share after the Issue represents the financial information of Discovery for the six months ended 31 December 2004, adjusted for the redemption of the Preference Shares and the Issue based on the assumption that the redemption of the Preference Shares and the Issue was implemented on 30 June 2004; and - The pro forma net asset value per share and tangible net asset value per share after the Issue represents the financial position of Discovery as at 31 December 2004, adjusted for the redemption of the Preference Shares and the Issue based on the assumption that the redemption of the Preference Shares and the Issue was implemented on 31 December 2004. Sandton 30 June 2005 Merchant bank and sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 30/06/2005 05:00:26 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

Share This Story