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TMT - Trematon - Disposal of Trematons remaining shareholding in Intec Telecom

Release Date: 08/06/2007 08:43
Code(s): TMT
Wrap Text

TMT - Trematon - Disposal of Trematons remaining shareholding in Intec Telecom Systems Plc TREMATON CAPITAL INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/008691/06) Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the company") DISPOSAL OF TREMATON`S REMAINING SHAREHOLDING IN INTEC TELECOM SYSTEMS PLC In an announcement dated 1 March 2007, shareholders were advised that Trematon had disposed of a portion of its shareholding in Intec Telecom Systems plc ("Intec"). The company has now disposed of its remaining shareholding in Intec on the open market, being 5 216 979 Intec shares, for a total consideration of R31.4 million ("the disposal proceeds") over the period 11 May 2007 to 6 June 2007 ("the disposal"). The disposal proceeds will be remitted to South Africa and applied by the company towards other investments which are able to generate superior returns. Following completion of the disposal and the remittance of the disposal proceeds to South Africa, Trematon will have a net cash balance in excess of R50 million. Set out in the table below are the pro forma financial effects of the disposal based on Trematon`s interim results for the six months ended 28 February 2007. The pro forma financial effects have been prepared for illustrative purposes only to provide information of how the disposal may have impacted on the results and financial position of Trematon. Because of their nature, the pro forma financial effects may not give a fair reflection of Trematon`s financial position after the disposal or the effect on future earnings. The pro forma financial effects are the responsibility of the company`s directors. Before the After the disposal1 disposal Percentage
(cents) (cents) change Earnings per share 2.8 3.7 2 32.1 Headline earnings per share 1.7 1.7 2 - Net asset value and net tangible asset per share 70.0 69.1 3 (1.3) Note: 1. The figures in the "Before the disposal" column have been extracted from the published interim results of Trematon for the six months ended 28 February 2007. 2. Earnings and headline earnings per share in the "After the disposal" column have been based on the following assumptions: - the disposal was effected on 1 September 2006; - the disposal proceeds did not earn interest income for the six months ended 28 February 2007; - no investment income was earned on Trematon`s investment in Intec shares; and - profit on disposal of investment of R1.538 million. 3. Net asset value and net tangible asset value per share in the "After the disposal" column have been based on the following assumptions: - the disposal was effected on 28 February 2007; and - net disposal proceeds of R31.1 million, after providing for the Capital Gains Tax payable. Cape Town 7 June 2007 Sponsor BRIDGE CAPITAL Date: 08/06/2007 08:43:10 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.

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