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ASCENDIS HEALTH LIMITED - Correction to published NAV as well as additional disclosure of revenues

Release Date: 06/05/2019 16:20
Code(s): ASC     PDF:  
 
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Correction to published NAV as well as additional disclosure of revenues

Ascendis Health Limited
(Registration number 2008/005856/06)
(Incorporated in the Republic of South Africa)
Share code: ASC ISIN: ZAE000185005
(“Ascendis Health” or “the Company” or “the
Group”)

Correction to published NAV as well as additional disclosure of revenues relating to the disposal
of the Afrikelp, Efekto, Agro-Serve and Marltons businesses within the Ascendis Biosciences
division

1.   Correction to published NAV

Shareholders are referred to the announcement released on the Stock Exchange News Service of the
JSE on 2 May 2019 (“the Announcement”), in terms of which shareholders were advised that
Ascendis Health had entered into agreements with a consortium, in respect of which certain
businesses within the Ascendis Biosciences division would be disposed of.

Further to the Announcement, shareholders are advised that the net asset values (“NAV”) disclosed
in the Announcement were incorrect, and the corrected figures are set out below:

                                                                                           NAV
 Name of entity                                                                          (Rand)
 Efekto Zambia Limited                                                                        0
 Agro-Serve1                                                                         11 529 719
 Afrikelp Holdings2                                                                  85 146 346
 Marltons Assets and Liabilities                                                     73 796 085
 Efekto Assets and Liabilities                                                      191 538 185
 Total                                                                              362 010 335
 Notes:
 1. Comprises the consolidated NAV of Agro-Serve and its wholly owned subsidiary, being Agro-
    Serve Namibia.
 2. This comprises the consolidated NAV of Afrikelp Holdings Proprietary Limited and its wholly
    owned subsidiaries, being Afrikelp Investments Proprietary Limited (including its subsidiaries,
    being Taurus Chemical Namibia, Rotaq, Akusa (USA) and Taurus Chemicals Cape Kelp) and
    Afrikelp Proprietary Limited. The consolidated NAV however includes an investment in
    subsidiary book value of R160 056 202 into Ascendis Animal Health Proprietary Limited and
    related liabilities with a book value of R151 323 863, which will not form part of the Disposal
    Businesses (as defined in the Announcement), and will accordingly be transferred into another
    Ascendis Group company prior to completion of the Transaction (as defined in the
    Announcement).

The financial information in this announcement has been extracted from each entities’ respective
unaudited consolidated interim financial results for the six-month period ended 31 December 2018
which were prepared in accordance with International Financial Reporting Standards.

2.   Additional disclosure of revenue

Shareholders are further advised that the total revenue for the Disposal Businesses for the six-month
period ended 31 December 2018 was an amount of R309 160 198, net of indirect taxes, estimated
returns and trade discounts and rebates.


Johannesburg
6 May 2019

Sponsor
Questco Corporate Advisory Proprietary Limited

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