To view the PDF file, sign up for a MySharenet subscription.

CDZ - Cadiz Holdings Limited - Special dividend and trading statement

Release Date: 03/04/2012 16:00
Code(s): CDZ
Wrap Text

CDZ - Cadiz Holdings Limited - Special dividend and trading statement Cadiz Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1997/007258/06 ISIN: ZAE000017661 JSE Share code: CDZ ("Cadiz", "the group" or "the company") SPECIAL DIVIDEND Following the receipt of the proceeds of the BNP Paribas Cadiz Securities transaction, the group undertook a prudent review of the capital requirements of the group and its operating businesses. Cadiz is committed to returning excess funds to shareholders and following the completion of this capital review the directors have declared a special dividend of 50 cents per ordinary share. Shareholders should note that owing to the declaration of this special dividend the group will not be declaring a final dividend for the 2012 financial year. In compliance with the Listings Requirements of the JSE Limited the timetable and additional information for the special dividend is set out below: Last date to trade: Wednesday, 25 April 2012 Trading commences ex dividend: Thursday, 26 April 2012 Record date: Friday, 4 May 2012 Payment date: Monday, 7 May 2012 Share certificates may not be dematerialised or rematerialised between Thursday, 26 April 2012 and Friday, 4 May 2012, both dates inclusive. Gross dividend: 50 cents per share Local dividends tax rate: 15% Company tax reference number: 9398/002/71/8 Issued share capital at declaration date: 253 069 786 shares STC (Secondary tax on companies) credits utilised and the net local dividend amount in cents per share,as applicable, should be finalized and announced by 18 April 2012 TRADING STATEMENT Shareholders are advised that the basic and diluted earnings per share for the year ended 31 March 2012 are anticipated to be substantially more than the 20% threshold higher than last year. Basic and diluted headline earnings per share are anticipated to be substantially lower than last year and the group expects to break even for the year. Further earnings guidance will be provided as soon as management has reasonable certainty as to the 20% range by which headline earnings for the year have declined. The increase in earnings is attributable to the surplus on disposal of 60% of the Securities business and the mark-to-market valuation of the group`s 40% holding of the Securities business (now BNP Paribas Cadiz Securities). The decline in headline earnings is attributable mostly to disappointing performances from the main operating businesses. Asset management was impacted by difficult market conditions leading to a reduction in performance fees, lower average assets under management relative to last year (currently R42 billion) and a high infrastructure cost for the current asset base. Management is focusing on reducing costs, improving investment performance and increasing the asset base of Cadiz Asset Management to ensure the business is sustainably profitable and competitive. The performance of the securities segment for the seven months to October 2011 (prior to the 60% disposal) and for the months thereafter has been impacted by low trading volumes and increased competition as well the pressure placed on resources during the transaction discussions and implementation. Cadiz and BNP Paribas are committed to and focused on the integration, launch and success of BNP Paribas Cadiz Securities. The business will combine the respective strengths of Cadiz and BNP Paribas to market and sell South African equity products to institutional investors locally and abroad. The performance of the group`s investment and capital portfolio has improved over the past year due to solid returns from the majority of its investments and non-recurring losses of the previous year. The group`s results for the year ended 31 March 2012 will be announced on SENS on Monday 4 June 2012. The financial information on which this trading statement is based has not been reviewed or reported on by the group`s independent auditors. Cape Town 3 April 2012 Sponsor: Investec Bank Limited Date: 03/04/2012 16:00:20 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.

Share This Story