23 December 2005
	Leisure & hotels MORIBO By Michael Coulson

A heady assessment of Zimbali Ord price: 34c Sector PE: 13,9 Market cap R18,8m 12-month high 70c; low 7c Six months to Turnover R000 Operating profit R000 Pretax profit R000 Headline earnings per share (c) NAV per share (c) Jun 03 1 011 262 262 0,5 22 Dec 03 1 158 (1 508) (1 508) (2,6) 21 Jun 04 1 212 (2 615) (2 615) (4,7) 16 Dec 04 293 (2 255) (3 257) (5,9) 10 Jun 05 254 (3 006) (3 007) (5,4) 5 % chge (79) 15 15 15 (7)) Trading vol 12-month average: 1,88m/month © Financial Mail Shareholders took a risk when they bravely rejected last year's 13c offer, but it seems to have paid off, with the news that Kuwaiti-owned IFA Hotels plans to list Zimbali Lodge and associated assets through Moribo. The idea is to distribute all present assets, consolidate the 55m shares one-for-10, and issue 215m new shares to pay the R105m consideration, at a nominal 51c/share. Notional post-consolidation price is about 270c-290c, a huge premium to the issue price; NAV will be 47c and pro forma 2004 EPS 7,9c. 23December2005