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NTC - Netcare Limited - Supplementary Announcement Regarding Disposal Of
Interests In The Ampath Group
NETCARE LIMITED
(Registration number 1996/008242/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare" or "the Group")
SUPPLEMENTARY ANNOUNCEMENT REGARDING DISPOSAL OF INTERESTS IN THE AMPATH GROUP
Shareholders are referred to the announcement released on SENS on 11 December
2008 pertaining to the disposal of Netcare`s interests in the Ampath Group.
The unaudited pro forma financial effects of the disposal on the last published
results of the Group are summarised in the table below and are based on the
audited financial results of the Group for the year ended 30 September 2008. The
unaudited pro forma financial effects in respect of the disposal of Netcare`s
interests in the Ampath Group have been compiled in terms of The Guide on Pro
Forma Financial Information issued by SAICA. In compliance with the Listings
Requirements of JSE Limited, the unaudited pro forma financial effects of the
Group have been prepared to provide information about how the disposal might
have affected the Group had the disposal been effected on 1 October 2007 (i.e.
for the 12-month period from 1 October 2007 to 30 September 2008) for income
statement purposes and on 30 September 2008 for balance sheet purposes. The
unaudited pro forma financial effects have been prepared for illustrative
purposes only and, because of their nature, may not fairly reflect the Group`s
consolidated financial position, changes in equity, results of operations or
cash flows after the disposal. The unaudited financial effects are the
responsibility of the directors.
Before Disposal After Percentage
disposal adjustments disposal change
R R R %
Earnings per
share 0,64 0,42 1,06 66,3%
Headline
earnings per 0,61 (0,003) 0,61 (0,6%)
share
Net asset value
per share 3,56 0,43 3,99 12,0%
Net tangible
asset value per
share (11,85) 0,51 (11,34) 4,3%
Weighted average
number of shares
during year
ended 30
September 2008 1 260,8 1 260,8
(`000 000)
Number of shares
in issue on
30 September
2008 1 262,0 1 262,0
(`000 000)
Notes:
1. Information reflected in the column headed "Before disposal" is extracted
from the audited results of the Group for the year ended 30 September 2008.
2. Information disclosed in the column headed "Disposal adjustments" have been
extracted from the Group`s audited financial statements for the year ended 30
September 2008 in respect of assets held for sale as particularised in note 10
on pages 164 and 165 thereof.
3. The earnings and headline earnings per share in the column headed "Disposal
adjustments" have been calculated to reflect the pro forma impact attributable
to the disposal on the assumption that the disposal had been effected on 1
October 2007 and based on the weighted average number of shares in issue during
the year ended 30 September 2008 excluding treasury shares. The calculation
takes into consideration the effect of the profit on disposal, including
estimated transaction costs to the value of R4,2 million and income arising from
a guarantee fee payable to Netcare by the purchaser, adjusted for income tax
where applicable, as well as capital gains tax estimated at R93,3 million (which
is still subject to final determination)payable on the profit arising from the
disposal. Net proceeds received from the sale will be utilized to settle debt.
The elimination of trading and the interest saving adjustment resulting from the
repayment of debt, the net effect of which is insignificant in respect of
earnings and headline earnings per share, are the only continuing effects.
4. The net asset value and net tangible asset value per share in the column
headed "Disposal adjustments" have been calculated to reflect the pro forma
impact attributable to the disposal on the assumption that the disposal had been
effected on 30 September 2008 and based on the number of shares in issue on 30
September 2008 excluding treasury shares and taking into consideration receipt
of the disposal consideration on 30 September 2008 and redemption of debt from
the net disposal proceeds, elimination of assets and liabilities sold, providing
for transaction costs and guarantee fee income, adjusted for income tax where
applicable, as well as estimated capital gains tax.
5. The column headed "After disposal" reflects the pro forma effect of the
disposal adjustments on the audited results of the Group for the year ended 30
September 2008.
Johannesburg
16 January 2009
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 16/01/2009 15:10:01 Supplied by www.sharenet.co.za
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