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SBL - Sable Holdings Limited - Financial effects pertaining to the disposal of Fairlands Shopping Centre and continuation of cautionary announcement SABLE HOLDINGS LIMITED (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) (REGISTRATION NUMBER: 1968/010636/06) ("SABLE" OR "THE GROUP") SHARE CODE: SBL ISIN: ZAE000006383 FINANCIAL EFFECTS PERTAINING TO THE DISPOSAL OF FAIRLANDS SHOPPING CENTRE AND CONTINUATION OF CAUTIONARY ANNOUNCEMENT 1. Introduction and terms Shareholders are referred to the announcement released on SENS on 26 January 2012 wherein Sable advised that it has, through its wholly owned subsidiary, Sable Place Properties 106 Proprietary Limited ("the seller"), entered into a Sale of Letting Enterprise Agreement ("the Agreement") with Erf 712 Fairland Proprietary Limited ("the Purchaser") in terms of which the seller will dispose of Erf 712, Portion 1 of Erf 713 and the Remaining Extent of Erf 713 ("the Property") situated in Fairland Township for a consideration of R16,850,000 (the Consideration") to the Purchaser. ("the Disposal") 2. Financial effects The unaudited pro-forma financial effects of the Disposal, based on the published audited group results of Sable Holdings Limited "Sable" for the year-ended 30 June 2011 are set out below. The unaudited pro-forma financial effects have been prepared for illustrative purposes only to provide information on how the Disposal may have impacted on the results and financial position of Sable. Preparation of the unaudited pro-forma financial effects is the responsibility of the directors. Due to their nature, the pro-forma financial effects may not fairly present Sable`s financial position after the Disposal or the effect on future earnings: (1) (2)(4) Audited Adjustments
financial before the information Disposal 30 June 2011 Earnings/(loss) 221.7 (1.3) (cents per share) Headline earnings/(loss) 55.4 (7.1) (cents per share) Net asset value and net 4 363 (4)(1) tangible asset value (cents per share) Weighted average number 9 175 424 9 175 424 of shares in issue net of treasury shares Number of shares in 9 967 400 9 967 400 issue (3)(5)
After Change% disposals Earnings(cents per 219.9 (0.8%) share) Headline profit 54.9 (0.9%) (cents per share) Net asset value and net 4 361 (0.1%) tangible asset value (cents per share) Weighted average number 9 175 424 0% of shares in issue net of treasury shares Number of shares in 9 967 400 0% issue Notes: 1. The "audited financial information" earnings and headline earnings per share have been extracted without adjustment from the audited, published financial statements of Sable. The "audited financial information" net asset value and net tangible asset value per share have been calculated from the financial information presented in the published audited financial results of Sable. 2. The "adjustments before the disposal" earnings and headline earnings per share have been adjusted to exclude the income and expenditure relating to the Property which has been disposed of. These adjustments result in the "adjustments before the Disposal" financial information reflecting the financial position of Sable as if the disposal had taken place on 1 July 2010. 3. The earnings and headline earnings per share included in the "after disposals " column have been adjusted for the following: a. include the adjustments noted above in point two; b. to exclude the after tax income and expenditure relating to the Property for the year ended 30 June 2011; c. to include the loss on sale of R650,000 of the disposal of the Property; d. to include the commission on sale expense of the Property amounting to R250,000; and e. to include the interest saving due to the application of the proceeds of the disposal against debt at an average after-taxation interest rate of 5,29%. 4. The "adjustments before the disposal" net asset value and net tangible asset value per share have been adjusted to exclude the income and expenditure relating to the Property which has been disposed of. These adjustments result in the "adjustments before the Disposal" financial information reflecting the financial position of Sable as if the Disposal had taken place on 1 July 2010. 5. The net asset value and net tangible asset value per share included in the "after disposals " column have been adjusted for the following: a. include the adjustments noted above in point four; b. to exclude the assets and liabilities relating to the Disposal; c. to include the cash consideration received amounting to R5,929,556 net of debt; d. to reinvest the net proceeds as noted in point 6(b) in interest bearing borrowings net of tax; e. to include the loss on sale of the Disposal amounting to R650,000; f. to include the commission on sale expense of the Property amounting to R250,000; and g. to include the net capital gains taxation credit effect arising on the Disposal amounting to R541,970. 6. FURTHER ANNOUNCEMENT A further announcement providing outstanding information on the Disposal including the relevant valuation information will be published on fulfillment of the conditions precedent disclosed in paragraph three above. 7. CONTINUATION OF CAUTIONARY Shareholders are advised that as a all the information required in terms of the JSE Listings Requirements has not yet been announced, caution is still required when dealing in Sable shares until the outstanding information is published. 16 February 2012 Designated Advisor Sasfin Capital (A division of Sasfin Bank Limited) Date: 16/02/2012 17:05:59 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.
