PSV - PSV Holdings Limited - Financial effects of the disposal of Group Line

Release Date: 14/07/2011 14:20
Code(s): PSV
 
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PSV - PSV Holdings Limited - Financial effects of the disposal of Group Line Projects (Proprietary) Limited and further cautionary announcement PSV HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/004365/06) JSE code: PSV ISIN: ZAE000078705 ("PSV" or "the company") FINANCIAL EFFECTS OF THE DISPOSAL OF GROUP LINE PROJECTS (PROPRIETARY) LIMITED AND FURTHER CAUTIONARY ANNOUNCEMENT INTRODUCTION Shareholders are referred to the announcement, dated 10 June 2011, regarding the disposal by PSV in terms of the Sale and Purchase of Shares Agreement with Group Line Projects (Proprietary) Limited ("Group Line") a wholly owned subsidiary of PSV, and Wonderstone Limited ("Wonderstone")a wholly owned subsidiary of Assore Limited ("Assore") in terms of which PSV will dispose of the entire issued share capital of Group Line and assign all its rights, title and interest in and to the Intellectual Property owned by PSV in respect of Group Line, to Wonderstone, for R35 million ("the transaction"). UNAUDITED FINANCIAL EFFECTS OF THE TRANSACTION The unaudited pro forma financial effects of the transaction, for which the directors are responsible, are provided for illustrative purposes only to show the effect of the transaction on loss/profit per share ("L/PPS"), fully diluted loss/profit per share ("FDL/PPS"), headline loss/profit per share ("HL/PPS") and fully diluted headline loss/profit per share ("FDHL/PPS")as if the transaction had taken effect on 1 March 2010 and on net asset value per share ("NAVPS") and net tangible asset value per share ("NTAVPS") as if the transaction had taken effect on 28 February 2011. Because of their nature, the unaudited pro forma financial effects may not give a fair presentation of the group`s financial position and performance. The unaudited pro forma financial effects have been compiled from the unaudited consolidated financial results for the year ended 28 February 2011 and are presented in a manner consistent with the format and accounting policies adopted by PSV and have been adjusted as described in the notes below: % Before After change
L/PPS (cents) (3.36) 5.15 253.27 HL/PPS (cents) (3.17) (3.37) (6.31) FDL/PPS (3.30) 5.06 253.33 FDHL/PPS (3.11) (3.31) (6.43) NAVPS (cents) 0.58 0.64 10.34 NTAVPS (cents) 0.35 0.43 22.86 Shares in issue at period end 247 210 247 210 (`000) Fully diluted weighted average number of shares in issue (`000) 251 740 251 740 Notes: 1. The "Before" column has been extracted from the reviewed results of PSV for the year ended 28 February 2011.
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