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HUG - Huge - Pro Forma Financial Effects of the Disposal of Telepassport Namibia and Withdrawal of Cautionary Announcement HUGE GROUP LIMITED (Registration number 2006/023587/06) Share code: HUG ISIN: ZAE000102042 ("Huge" or "the Group" or "the company") PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL OF TELEPASSPORT NAMIBIA AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement dated 29 March 2011, and the subsequent renewals thereof on 10 May 2011 and 7 July 2011 with regard to the disposal of a 49% interest in TelePassport Communications Proprietary Limited ("TelePassport" or "the associate") ("the sale transaction"). The unaudited pro forma financial effects have been prepared and are presented in the table below. The unaudited pro forma financial effects have been prepared to illustrate the impact of the sale transaction on the unaudited, published financial information of Huge for the year ended 28 February 2011, had the sale transaction occurred on 1 March 2010 for income statement purposes and on 28 February 2011 for balance sheet purposes. The unaudited pro forma financial effects set out below are the responsibility of the directors of the company and have been prepared in accordance with International Financial Reporting Standards and by applying the accounting policies of Huge. The unaudited pro forma financial effects have been prepared for illustrative purposes only and because of their nature may not fairly present the financial position, changes in equity, results of operations or cash flows of Huge after the sale transaction. The pro forma figures have been reviewed by the reporting accountants for the transaction, BDO Corporate Finance and their review report will be included in the circular to shareholders currently being prepared in this regard. Before the sale After the sale Percentage transaction transaction change Reviewed Pro-forma 28 February 2011
Basic (loss) / earnings (15.34) (14.68) 4.25 per share (cents) Headline (loss) / (15.41) (18.05) (17.07) earnings per share (cents)
Net asset value per 245.54 252.34 2.77 share (cents) Net tangible asset value 2.72 0.32 (88.21) per share (cents) Total number of shares 95,901 92,401 (3.65) in issue (`000) Weighted average number 97,663 94,163 (3.58) of shares in issue (`000) NOTES: 1. The "Before the sale transaction" basic and headline loss per share and the net asset value and net tangible asset value per share have been extracted without adjustment from the unaudited, published results of Huge for the year ended 28 February 2011. 2. The "After the sale transaction"" assumes: a. The sale of the associate with effect from 1 March 2010 for the purposes of earnings and headline earnings per share and with effect from 28 February 2011 for the purposes of net asset value and net tangible asset value per share; b. Recognition of the profit on sale of the associate, being the excess of the expected proceeds on the sale of the associate over the carrying value of the associate on 28 February 2011; c. Settlement of the expected proceeds of R4.9 million on the sale of the associate by the delivery of 3 500 000 Huge ordinary shares by the purchaser of TelePassport to Huge Telecom Proprietary Limited; and d. the payment of transaction costs in respect of the sale of the associate of a maximum of R 500 000. WITHDRAWAL OF CAUTIONARY Consequent to the publication of the above pro forma financial effects, shareholders are advised that the cautionary announcement is withdrawn. Woodmead 8 July 2011 Designated Advisor Arcay Moela Sponsors (Proprietary) Limited Date: 08/07/2011 17:45:01 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.
