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WSL - Wescoal Holdings Limited - Issue Of 35 Million Ordinary Shares For Cash

Release Date: 03/07/2008 09:28:51      Code(s): WSL
WSL - Wescoal Holdings Limited - Issue Of 35 Million Ordinary Shares For Cash   
WESCOAL HOLDINGS LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
JSE Share code: WSL   ISIN: ZAE000069639                                        
("Wescoal" or "the company")                                                    
ISSUE OF 35 MILLION ORDINARY SHARES FOR CASH                                    
1.   INTRODUCTION                                                               
Shareholders are advised that Wescoal has raised R 80 500 000 in capital by the 
issue of shares for cash at 230 cents per ordinary share.                       
2.   ISSUE FOR CASH                                                             
At the annual general meeting of the company held on 25 October 2007, the       
requisite majority of shareholders approved an ordinary resolution authorising  
the directors to issue shares for cash in accordance with the Listings          
Requirements of JSE Limited ("`the Listing Requirement").                       
As the issue of the new shares represent a 33.04% increase in the issued        
ordinary share capital of the company this disclosure is made in terms of       
section 11.22 of the Listing Requirements:                                      
-    35 000 000 ordinary shares in the company has been issued at an issue price
of 230 cents per ordinary share;                                                
-    the issue price of 230 cents per share represent a discount of 8% to the 30
day weighted average price ended 6 June 2008, being the date the issue price was
agreed upon by the directors; and                                               
-    the shares have been issued to public shareholders as defined by the       
Listings Requirements.                                                          
3.   FINANCIAL EFFECTS                                                          
The table below sets out the unaudited pro forma financial effects of the issue 
for cash on the earnings, headline earnings and the net asset value and tangible
net asset value per Wescoal share:                                              
                                Before       After       Change (%)             
                                (cents) (1)  (cents)                            
Earnings per share (cents)    11.2         9.05        -19.18%                
  Headline earnings per share   11.5         9.30        -19.12%                
  Fully diluted earnings per    11.2         9.05        -19.18%                
share (cents)                                                                 
  Fully diluted headline        11.5         9.30        -19.12%                
  earnings per share (cents)                                                    
  Net asset value per share     55.32        97.51       76.27%                 
  Tangible net asset value per  20.49        71.45       248.72%                
  share (cents)                                                                 
1.   The "before" column are extracted from the audited results of Wescoal for  
the year ended 31 March 2008.                                                   
2.   The figures in the "after" column assume that the 35 000 000 shares were   
issued and the cash was received on 1 April 2007.                               
3.   The "after" column net asset value and net tangible asset value per share  
have been adjusted to include the estimated transaction costs which have been   
written off against share premium.                                              
4.   The "after" column earnings per share and fully diluted earnings per share 
have been adjusted for interest saving of R1,2 million. Taxation has been       
calculated at 29%.                                                              
The pro forma financial effects above are the responsibility of the company`s   
directors and have been prepared for the purposes of illustrating how the       
transaction would have affected the relevant financial results and position of  
Wescoal for the historical financial period indicated and on a pro forma basis. 
Accordingly, such effects do not necessarily represent a true reflection of the 
financial effects of the transaction on Wescoal`s current and future earnings.  
4.   LISTING OF THE NEW SHARES                                                  
The JSE Limited has granted a listing of the new shares with effect from the    
commencement of business on Friday, 4 July 2008.                                
3 July 2008                                                                     
Exchange Sponsors                                                               
Date: 03/07/2008 09:28:50 Supplied by www.sharenet.co.za                     
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