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KIR - Kairos Industrial Holdings Limited - Financial effects of the Brokrew

Release Date: 22/12/2011 12:08
Code(s): KIR
Wrap Text

KIR - Kairos Industrial Holdings Limited - Financial effects of the Brokrew Liquidation and withdrawal of cautionary announcement Kairos Industrial Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1987/002927/06) Share code: KIR ISIN: ZAE000011284 ("the company" or "the Group") FINANCIAL EFFECTS OF THE BROKREW LIQUIDATION AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT The cautionary announcements published on 19th August 2011, 14th November 2011 and Trading Statement published on 15th December 2011 relating to the liquidation of Brokrew Industrial (Pty) Ltd refer. FINANCIAL EFFECTS OF THE BROKREW LIQUIDATION The unaudited pro forma financial effects resulting from the liquidation of Brokrew are based on the reviewed unaudited results of Kairos for the six months ended 31 August 2011. The unaudited financial effects are presented for illustrative purposes only, to provide information on how the liquidation may have impacted on the results and financial position of Kairos. The unaudited pro forma financial effects are the responsibility of the Kairos` directors. It has been assumed for the purpose of determining the financial effects that the liquidation was effected on 31 August 2011. The financial effects do not purport to be indicative of what the financial results would have been, had the liquidation not taken place. The unaudited pro forma financial information has been presented in a manner consistent in all respects with IFRS and Kairos` accounting policies applied consistently throughout the period. The financial effects of the liquidation are set out below: After the Before the % change liquidation liquidation
Basic earnings/(loss) per (2.93) (118.29) share (EPS) (cents) 16.02 Headline loss per share (30.24) (5.45) 81.98 (HEPS) (cents) Net asset value per share (9.37) (28.32) (202.24) (NAV) (cents) Tangible net asset value (9.37) (29.43) (214.09) (TNAV) (cents) Shares in issue (000`s) 224,554 224,554 Weighted average number 224,554 224,554 of shares in issue(000`s) Notes: 1 The EPS and HEPS in the "After" column of the table are based on the reviewed, unaudited statement of comprehensive income of Kairos for the interim period ended 31 August 2011 and 224,554,000 Kairos ordinary shares in issue (being the weighted number of ordinary shares in issue for the period ended 31 August 2011). 2 The EPS and HEPS in the "Before" column of the table are based on 224,554,000 Kairos ordinary shares in issue and the assumptions that the liquidation became effective on 31 August 2011. 3 The NAV per share and TNAV per share in the "After" column of the table are based on the unaudited statement of financial position of Kairos at 31 August 2011 and 224,554,000 Kairos ordinary shares in issue. 4 The NAV per share and TNAV per share in the "Before" column of the table are based on the assumptions that the liquidation only took place on 31 August 2011. 5 The pro forma financial effects have not been reviewed by Kairos` auditors. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Following the disclosure of financial effects of the Brokrew liquidation, the cautionary announcement relating to the liquidation of Brokrew is hereby withdrawn.Shareholders are also referred to the reviewed, unaudited, interim results of Kairos for the period ended 31 August 2011, published on SENS on 22 December for a more detailed discussion of the impact of the Brokrew liquidation on the financial position of Kairos. 22 December 2011 Pretoria Sponsor: Bridge Capital Advisors (Pty) Limited Date: 22/12/2011 12:08:36 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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