Sharenet Sites 
Sharenet Sites
KDV - Kaydav Group Limited - Notice of distribution to shareholders by way of a capital reduction KAYDAV GROUP LIMITED Incorporated in the Republic of South Africa (Registration number 2006/038698/06) JSE code: KDV ISIN: ZAE000108940 ("KayDav" or "the company" or "the group") NOTICE OF DISTRIBUTION TO SHAREHOLDERS BY WAY OF A CAPITAL REDUCTION 1. INTRODUCTION Notice is hereby given that the board of directors of KayDav have resolved to make a capital reduction out of share premium of 5.5 cents per ordinary share in lieu of an ordinary dividend ("the cash distribution"). The cash distribution will be made out of the company`s share premium account pursuant to the general authority granted by KayDav shareholders to the board of directors to make payments to shareholders by way of a reduction of share capital or share premium, in lieu of an ordinary dividend at the annual general meeting of shareholders held on Thursday, 28 April 2011. In resolving to make any distribution to KayDav shareholders, the board of directors of KayDav consider, inter alia, the headline earnings, cash requirements, capital structure and future strategy of the KayDav group. 2. WORKING CAPITAL STATEMENT The directors, after considering the effect of the cash distribution, are of the opinion that for a period of 12 months after the date of the notice of annual general meeting: (a) the company and the group will be able, in the ordinary course of business, to pay its debts; (b) the assets of the company and the group will be in excess of the liabilities of the company and the group; (c) the share capital and reserves of the company and the group will be adequate for ordinary business purposes; and (d) the working capital of the company and the group will be adequate for ordinary business purposes. 3. TERMS AND FINANCIAL EFFECTS OF THE PAYMENT In terms of paragraph 11.31(d) of the JSE Listings Requirements the company is required to disclose the financial effects of the cash distribution. The table below sets out the unaudited pro forma financial effects of the cash distribution on net asset value ("NAV") and net tangible asset value ("NTAV")per share based on the published audited results of the company for the financial year ended 31 December 2010. The unaudited pro forma financial effects are the responsibility of the directors and have been prepared for illustrative purposes only and, because of their nature, may not provide a fair reflection of the company`s financial position after the implementation of the cash distribution.
Unadjusted Pro forma after % before the the cash Decrease cash distribution(2) distribution (cents)
(1) (cents)
Earnings per share (EPS) 3.3 3.1 5.6 Diluted earnings per share 3.3 3.1 5.6 (DEPS) Headline earnings per share 3.9 3.7 4.8 (HEPS) Diluted headline earnings per 3.9 3.7 4.8 share (DHEPS) Net asset value per share 63.0 57.4 8.8 (NAV) Net tangible asset value per 55.2 49.6 10.0 share (NTAV) Number of ordinary shares in 183 637 373 183 637 373 issue Weighted average number of 198 961 975 198 961 975 shares in issue Notes and assumptions: 1. As per the published audited results of the company for the financial year ended 31 December 2010. 2. Adjustments made to EPS, DEPS, HEPS and DHEPS were made on the assumptions that - a. the cash distribution occurred on 1 January 2010; b. an interest rate of 5% per annum was used to calculate the effect of forfeited cash on interest paid or received. 3. Adjustments made to NAV and NTAV per share were made on the assumption that the cash distribution occurred on 31 December 2010. 4. A cost of R75 000 was assumed for administration of the payment of the cash distribution and publication of all announcements in regard to the cash distribution. 4. SALIENT DATES The salient dates in respect of the cash distribution are as follows: 2011 Last day to trade to be eligible to Friday, 20 May receive the cash distribution on Shares trade `ex` the cash distribution Monday, 23 May on Record date for the cash distribution on Friday, 27 May Cash distribution paid to shareholders Monday, 30 May on Notes: 1. Any change to the above dates will, subject to approval of the JSE Limited, be communicated to shareholders by notification on SENS and in the press. 2. Shares may not be dematerialised or rematerialised between Monday, 23 May 2011 and Friday, 27 May 2011. 29 April 2011 Sponsor Java Capital Date: 29/04/2011 15:19:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
