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BCX - Business Connexion Group Limited - Correction - Pro forma financial

Release Date: 03/06/2011 11:40
Code(s): BCX
Wrap Text

BCX - Business Connexion Group Limited - Correction - Pro forma financial effects of the disposal of Destiny Electronic Commerce (Proprietary) Limited on BCX Shareholders Business Connexion Group Limited (Incorporated in the Republic of South Africa) (Registration number 1988/005282/06) Share code: BCX ISIN: ZAE000054631 ("BCX" or "the company") CORRECTION - PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL OF DESTINY ELECTRONIC COMMERCE (PROPRIETARY) LIMITED ON BCX SHAREHOLDERS In the SENS announcement dated 2 June 2011 the financial effects in terms of headline earnings per share and diluted headline earnings per share were incorrectly stated. Below are the correct financial effects. Before After the % Change the Disposal
Disposal (2) (1) Headline earnings per share 43.3 38.7 (10.6) (cents) Diluted headline earnings per 38.4 34.3 (10.7) share (cents) Basic earnings per share (cents) 43.1 47.3 9.7 Diluted earnings per share 38.2 41.9 9.7 (cents) NAV per share (cents) 514.7 522.6 1.5 Net tangible asset value per 370.9 412.7 11.3 share (cents) Number of shares in issue 404 912 404 912 - (`000`s) Weighted average number of shares 362 097 362 097 - in issue (000`s) Diluted weighted average number 408 879 408 879 - of shares (000`s) Notes and assumptions: 1) The financial information in the "Before the Disposal" column has been based on the pro forma financial effects in the Circular to BCX Shareholders dated 9 March 2011. 2) The "After the Disposal "column has been prepared by excluding the audited financial management accounts of Destiny for the year ended 30 September 2010 as included in the Circular to BCX Shareholders dated 9 March 2011. The market value attributed to Destiny by BCX as part of the UCS Acquisition Transaction was R123.4 million while the book value of Destiny was R36.4 million. The net profit after tax attributable to Destiny for the year ended 30 September 2010 was R23.8 million. 3) The pro forma income statement effects of BCX have been prepared assuming that BCX made the Disposal with effect from 1 September 2009. 4) The pro forma balance sheet effects of BCX have been prepared assuming that the Disposal was effected on 31 August 2010, adjusted for the UCS Acquisition Transaction. Midrand 3 June 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 03/06/2011 11:40:01 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.

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