Tolux S.A. - Interim Results
June 24 1998 - 4:30AM
UK Regulatory
RNS No 2508t
TOLUX S.A
22nd June 1998
Interim Report to Shareholders
1998
The unaudited results of Tolux S.A. for the six months ended 31 March 1998 are
presented below together with the published comparative figures for the
corresponding previous period and the published audited figures for the
financial year ended 30 September 1997.
The company's activities - investment, including investment dealing - remained
unchanged during the period under review. The net profit, which includes only
realised profits on investments, amounted to US$749,000 for the first six months
of the current year (1997:US$234,400). At 31 March 1998 unrealised profits on
investments, being the excess of market value over book value of quoted
investments, amounted to US$2,497,000 (1997:US$1,301,000).
During the period under review the equity exposure of Tolux's diversified
investment portfolio was reduced to under 30% while the fixed interest
component was increased. The portfolio has remained US dollar based. The net
asset value of Tolux shares, taking market prices for its investment rose by 4%
from 30 September 1997 to US$6.92 at 31 March 1998
Six months ended Year ended 30
31 March September
1998 1997 1997
(U.S. Dollars thousands) Unaudited Unaudited Audited
Income statement
Interest income 475 317 707
Dividends received 29 28 108
--- --- ---
Income 504 345 815
Taxes and expenses (132) (125) (276)
---- --- ---
Income after expenses 372 220 539
Investment result after provisions 377 14 1,354
--- --- -----
Net profit 749 234 1,893
--- --- -----
Profit per share (US$) 0.19 0.06 0.48
Dividends declared per ordinary
share nil nil nil
(The company's activities do not
generate meaningful figures
for turnover).
Balance sheet
Current assets 24,730 22,612 24,426
Current liabilities (38) (340) (483)
------- ------- -------
Shareholders'funds 24,692 22,272 23,943
------ ------- ------
Analysis of quoted investments
- book value 16,234 22,058 23,425
- market value 18,731 23,359 25,611
Number of shares in issue 3,927,728 3,927,728 3,927,728
Net asset value per ordinary
share based on market prices (US$) 6.92 6.00 6.65
Change of control and offers to shareholders
Preparations for the completion of the proposed transactions which were the
subject of the announcement made on 20 May 1998 are well advanced. In that
announcement shareholders were advised that, subject to the fulfilment of
certain conditions precedent, including the approval of the shareholders of
Tolux:
* Tolux would acquire inerests in the South African and international
merchant banking, investment, private equiry, fund management and advisory
business operations of Capital Alliance Holdings Limited, Capital Partners
Limited and Capital partners Group Limited;
* an effective controlling interest in Tolux would be acquired from Standard
Bank Investment Corporation Limited by a consortium comprising the vendors
of those interest; and
* offers would be made to all shareholders of Tolux to acquire their
shareholdings on terms no less favourable than those agreed with Standard
Bank Investment Corporation Limited.
It is anticipated that documents detailing the proposed transactions, including
the offers to shareholders, will be posted to all shareholders of Tolux early in
July.
The board of directors 69, route d'Esch
23 June 1998 Luxembourg
Copies of this report are available to the public in the United Kingdom at IRG
plc, Bourne House, 34 Beckenham Road, Kent BR3 4TU.
END
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