BCX sold the 70% stake in Destiny Electronic Commerce days after wrapping up a deal that saw it buy the unit, and four others, from UCS. In a statement, the company says headline earnings per share would be lower after the disposal, although earnings per share would gain from the sale.
The company says headline earnings per share would be 10.6% lower, based on the assumption that the sale was wrapped up in September 2009. Headline earnings per share are a key indicator of a company's performance and strip out once-off items.
BCX notes that earnings per share will gain by 9.7%, based on the assumption that the deal had been included in its 2010 figures. Its pro forma financial effects are based on its results for the year to August and include the UCS acquisition.
Last December, BCX said it was buying Accsys, CEB Maintenance Africa, Destiny Electronic Commerce, UCS Solutions and UCS Technology Services for R614 million from UCS. All of the subsidiaries - apart from Destiny, in which UCS has a 70% stake - were wholly-owned by the listed software company.
BCX's purchase of the UCS subsidiaries was the largest the group has ever made. It was mostly financed through shares, which were unbundled to UCS shareholders.
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