Wrap Text
Unbundling and Listing Update, Subsequent Events and Trading Statement
MASTER PLASTICS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2016/323930/06)
Share code: MAP ISIN: ZAE000242921
(“Master Plastics” or “the Company”)
UNBUNDLING AND LISTING UPDATE, SUBSEQUENT EVENTS AND TRADING STATEMENT IN
RESPECT OF THE FINANCIAL RESULTS FOR PERIOD ENDED 28 FEBRUARY 2017
Shareholders are referred to the Pre-listing Statement to shareholders dated 5 May 2017, the Abridged Pre-
listing Statement released on SENS on 5 May 2017 and the Finalisation Announcement released on SENS
on 12 May 2017, regarding the Unbundling and Listing of Master Plastics. Terms defined therein shall, unless
otherwise stated, bear the same meaning in this announcement. All the relevant documents and
announcements referred to above are available on the Astrapak website: www.astrapak.com.
1. Master Plastics Listing and Unbundling update
Shareholders are advised that effective 24 May 2017, Master Plastics shares were listed on the JSE under
the share code: MAP and ISIN: ZAE000242921 and Astrapak Ordinary shares commenced trading “ex” their
entitlement to Master Plastics shares.
Shareholders are reminded of the remaining salient dates which were set out in the Pre-listing
Statement and Finalisation Announcement:
Unbundling Record Date Friday, 26 May
Accounts at CSDPs/Brokers updated on Monday, 29 May
General Meeting of Master Plastics Shareholders on Wednesday, 7 June
______________________________________________________________________________________
2. Events subsequent to issue of Pre-listing and Abridged Pre-listing Statements
The following events occurred subsequent to the issue of the Pre-listing and Abridged Pre-listing Statements
and are disclosed herewith:
- The amount due to the vendor of Coralline Investments Proprietary Limited was settled in full on
17 May 2017. The amount of R6.43 million, which included interest of R0.21 million, was settled out of
cash resources and in accordance with the relevant sale agreement; and
- Master Plastics declared and paid a dividend of R75.0 million to Astrapak Limited on Monday, 22 May
2017 from its cash resources. The relevant resolutions, including those pertaining to section 46 (solvency
and liquidity) and section 75 (financial interests) of the Companies Act of South Africa (Act 71 of 2008),
as amended, where applicable, were duly passed. The dividend will not impact on the ability of Master
Plastics to deliver on the profit forecast to 28 February 2018 provided in the Pre-listing Statement.
3. Trading Statement in respect of the financial results for the financial period ended
28 February 2017
Master Plastics is currently finalising its financial results for the financial period ended 28 February 2017 and
is expecting to publish such reviewed results by no later than Monday, 29 May 2017. Combined historical
financial information, pro-forma financial information, a profit estimate to 28 February 2017, an aggregated
profit estimate to 28 February 2017 and a profit forecast to 28 February 2018 were all presented in the Pre-
listing Statement and the basis of preparation and assumptions applicable to each of these were detailed in
the relevant annexures to the Pre-listing Statement.
Shareholders are advised that both the profit estimate and aggregated profit estimate, as presented in
Annexure 5 of the Pre-listing Statement, were achieved for the financial period ended 28 February 2017 when
applying the same basis of preparation and assumptions as detailed in the relevant annexures. An aggregated
earnings per share (“EPS”) of 36.0 cents and an aggregated headline earnings per share (“HEPS”) of 25.6
cents (compared to the aggregated EPS and HEPS of 36.01 cents and 24.04 cents respectively, per the
aggregated profit estimate set out in Annexure 5 of the Pre-listing Statement) would accordingly have been
reported for the financial year ended 28 February 2017 had the Restructure been affected on 1 March 2016
and the results of all the operations within Master Plastics been accounted for during the full 12 month period
being reported on.
In terms of the reporting of the financial results for the financial period ended 28 February 2017, Master
Plastics will, in accordance with International Financial Reporting Standards, only recognise and report the
trading results of the various operations acquired through the Restructure from the date of acquisition of such
operations. Accordingly, Master Plastics will only recognise the trading results of Micawber 430 Proprietary
Limited, Micawber 451 Proprietary Limited and Barrier Film Converters Proprietary Limited for one month,
whilst the trading results of Peninsula Packaging and Plusnet-Geotex, both material components of the
Company and acquired on 28 February 2017, will not be recognised in the trading results reported. All entities
will however be accounted for in the Statement of Financial Position as at 28 February 2017. Master Plastics
will, as a result of the reasons stated above, report a basic loss and headline loss of R0.6 million or 13.9 cents
per share given a weighted average number of shares of 4,186,939 (compared to an issued share capital of
135,131,250) for the reporting period. These amounts are therefore not representative of the actual
performance of the underlying Master Plastics businesses over the financial year and shareholders should
look to the aggregated profit estimate in the Pre-listing Statement and earnings metrics in the previous
paragraph for an accurate reflection of the actual financial performance of the businesses over the 12 month
period ended 28 February 2017.
The financial information on which this trading statement is based has not been reviewed or reported on by
Master Plastics’ auditors at the date of this announcement.
Johannesburg
25 May 2017
Corporate Adviser and Designated Adviser to Master Plastics
Merchantec Capital
Date: 25/05/2017 07:45:00 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
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.
Sharenet Sites 
