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Disposals Update
THE DON GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1946/023123/06)
Share code: DON ISIN: ZAE000008462
(“The Don”)
DISPOSALS UPDATE
DISPOSALS UPDATE
Shareholders are referred to the announcements released on SENS on 11 July 2012, 8 August 2012,
22 August 2012 and 5 September 2012 and using the terms defined therein unless otherwise stated,
are advised that the circular containing full details of the disposals of the Sandton 3 and Sandton 1
Properties, the Beach Road Property and the Sandton 4 Property (“the Disposals”) is currently being
finalised. It is intended that the circular will be distributed to shareholders on or about 25 September
2012.
PRO FORMA FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the Disposals on The Don’s
earnings per share, headline earnings per share, net asset value per share and tangible net asset
value per share.
The unaudited pro forma financial effects have been prepared to illustrate the impact of the Disposals
on the reported financial information of The Don for the six months ended 31 December 2011, had
the Disposals occurred on 1 July 2011 for statement of comprehensive income purposes and on
31 December 2011 for statement of financial position purposes.
The unaudited pro forma financial effects have been prepared using accounting policies that comply
with IFRS and that are consistent with those applied in the audited results of The Don for the twelve
months ended 30 June 2011 as well as the unaudited results for the six months ended 31 December
2011.
The unaudited pro forma financial effects which are the responsibility of the directors are provided for
illustrative purposes only and, because of their pro forma nature may not fairly present The Don’s
financial position, changes in equity, results of operations or cash flow.
After
Sandton 3
and Sandton
1 Properties
Disposal and After
Sandton 4 Beach Road
Before the Property % Property % After all %
Disposals Disposal Change Disposal Change Disposals Change
Basic earnings per share
(cents) (6.89) (5.98) (13.17) (5.62) (18.40) (4.44) (35.35)
Headline earnings per
share (cents) (5.99) (4.80) (19.90) (6.78) 13.15 (4.46) (25.57)
Net asset value per share
(cents) 38.92 37.54 (3.53) 39.38 1.18 38.00 (2.35)
Tangible net asset value
per share (cents) 38.92 37.54 (3.53) 39.38 1.18 38.00 (2.35)
Weighted average
number of shares in issue
(000’s) 294 485 294 485 294 485 294 485
Total number of shares in
issue (000’s) 294 485 294 485 294 485 294 485
Notes:
1. The amounts in the "Before the Disposals" column have been extracted from the interim consolidated
financial results of The Don at 31 December 2011. The Company's financial year end is 30 June.
2. The "After Sandton 3 and Sandton 1 Properties Disposal and Sandton 4 Property Disposal" column reflects
the effects of the disposal of the Sandton 3 and Sandton 1 Properties for a total consideration of
R54.5 million and the Sandton 4 Property for a total consideration of R12.9 million.
Interest paid has been reduced on the assumption that the liabilities within the group will be settled upon
receipt of the cash proceeds from disposal.
3. The "After Beach Road Property Disposal" column reflects the effects of the disposal of the Beach Road
Property for a total consideration of R23.0 million.
Interest paid has been reduced on the assumption that the liabilities within the group will be settled upon
receipt of the cash proceeds from disposal.
4. The effects on basic earnings per share and headline earnings per share are calculated based on the
assumption that the Disposals were effected on 1 July 2011.
5. The effects on net asset value per share and tangible net asset value per share are calculated based on the
assumption that the Disposals were effected on 31 December 2011.
6. The "After Sandton 3 and Sandton 1 Properties Disposal and Sandton 4 Property Disposal" column
represents the financial effects on the “Before the Disposals” column.
7. The "After Beach Road Property Disposal" column represents the financial effects on the “Before the
Disposals” column.
8. The “After all Disposals” column represents the financial effects, after the "After Sandton 3 and Sandton 1
Properties Disposal and Sandton 4 Property Disposal" column and the "After Beach Road Property
Disposal" column on the “Before the Disposals” column.
Johannesburg
19 September 2012
Sponsor
Merchantec Capital
Date: 19/09/2012 05:15:00 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
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information disseminated through SENS.
