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GLOBAL ASSET MANAGEMENT LTD - Change statement and notice of annual general meeting

Release Date: 27/03/2013 15:17
Code(s): GAM     PDF:  
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Change statement and notice of annual general meeting

GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM   ISIN: ZAE000173498
("Global" or “the company”)



CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING


Shareholders are advised that the audited results for Global for
the year ended 30 November 2012, have been finalised and contains
the following modifications to the comparative results for the
year ended 30 November 2011 and the headline earnings
reconciliation for the year ended 30 November 2012 as contained
in the reviewed results which were published on 1 March 2013.

In computing the estimated tax loss as at 30 November 2012, it
was noted that the deferred tax asset and the deferred tax
liability for the 2011 financial year were incorrectly disclosed.
This was due to a calculation error in the timing difference
between the accounting charge and the taxation charge. The change
results in a decrease in the deferred tax asset by R7 395 600,
and a decrease in the deferred tax liability by R7 395 600. The
correction does not change net asset value nor profit for the
year. Consequently there is no impact on net asset value,
earnings, headline earnings, creditors or shareholders.
Accordingly extracts of the amended results, compared to
previously published reviewed results are set out below:

Condensed consolidated statement of financial position (prior
year)

                                           Audited        Audited
                                         30-Nov-11      30-Nov-11
                                             R’000          R’000
Assets
Non-current assets
Deferred tax                                16 389         23 785
Total assets                               386 774        394 170

Non-current liabilities
Deferred tax                                38 821         46 217
Total equity and liabilities               386 774        394 170

In computing the headline earnings reconciliation as at
30 November 2012, it was noted that the headline earnings for the
2012 financial year were incorrectly disclosed. This was due to
the capital gain on the sale of investment being included gross
instead of net of tax. The change results in an increase in
headline earnings. The correction does not change net asset value
nor attributable earnings for the year. Accordingly extracts of
the amended results, compared to previously published reviewed
results are set out below:

Headline earnings reconciliation
                                                 2012        2012
                                              Audited   Published
                                                R’000       R’000
 Attributable earnings                         10 751      10 751
 Other comprehensive income – fair value
 adjustment                                    (799)         (799)
 Capital gain on the sale of investment      (1 751)       (2 554)

 Headline earnings                             8 201         7 398

 Per share information
 Headline earnings per share (cents)          327.56       295.49
 Weighted average shares in issue          2 503 660    2 503 660
 Fully diluted headline earnings per
 share (cents)                                 23.43         21.14
 Fully diluted shares (assumed in
 prospectus)                               35 000 000   35 000 000

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting of the
Company will be held at 09:00 on Thursday, 23 May 2013 at IOM
House, 6 St Giles Street, Kensington, Randburg. The board of
directors of the Company has determined that the record date for
the purpose of determining which shareholders of the Company are
entitled to receive notice of this annual general meeting is
Thursday, 28 March 2013 and the Annual Report will be posted to
shareholders on Friday, 5 April 2013. The record date for
purposes of determining which shareholders of the Company are
entitled to participate in and vote at the annual general meeting
is Friday, 17 May 2013. Accordingly, only shareholders who are
registered in the register of members of the Company on Friday,
17 May 2013 will be entitled to participate in and vote at the
annual general meeting.

Johannesburg
27 March 2013

Sponsor
Arcay Moela Sponsors (Pty) Limited

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