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?)
FINANCIAL EFFECTS OF THE MUHANGA ACQUISITION AND WITHDRAWAL OF THE CAUTIONARY
Shareholders are referred to the SENS announcements dated 24 June 2014 regarding the Muhanga
2) Financial effects
Below are the financial effects of the Muhanga acquisition.
The pro forma financial effects of the Muhanga acquisition on Wescoal shareholders set out below are
based on the reviewed results of Wescoal for the year ended 31 March 2014. The pro forma financial
effects are the responsibility of the board of directors of Wescoal and have been prepared for
illustrative purposes only and because of their pro forma nature may not fairly present Wescoal?s
financial position or results of operations after the Muhanga acquisition. The directors of Wescoal are
responsible for the preparation of the pro forma financial effects.
Wescoal after the
results for the for the year
year ended 31 ended 31
March 2014 March 2014 % change
Earnings per share
(cents) 41.0 40.1 (2.2)
Diluted earnings per
share (cents) 40.2 39.3 (2.2)
Headline earnings per
share (cents) 15.7 14.8 (5.7)
earnings per share6 15.4 14.5 (5.8)
Net asset value per
share (cents) 147.87 147.81 -
Tangible net asset
value per share
(cents) 87.41 87.41 -
number of shares in
issue (?000) 170 067 170 067
average number of
shares in issue (?000) 173 484 173 484
Total shares in issue
(?000) 184 771 184 771
1. The ?Wescoal Before? column has been extracted without adjustment from the published reviewed
results of Wescoal Holdings Limited for the year ended 31 March 2014.
2. For the purpose of calculating the earnings and headline earnings per share, it is assumed that
the Muhanga acquisition was implemented on 1 April 2013 and for the purpose of calculating the
net asset value and the net tangible asset value per share, it is assumed that the Muhanga
acquisition was implemented on 31 March 2014.
3. The ?After the acquisition? net asset value per share and net tangible asset value per share
includes the asset acquired of R42.5 million and the cash payment of R42.5 million.
4. The ?After the acquisition? earnings and headline earnings per share includes the after tax
reduction in interest earned calculated at an interest rate of 5%.
3) Withdrawal of cautionary announcement
Shareholders are advised that caution is no longer required to be exercised by shareholders when
dealing in Wescoal?s securities.
Corporate adviser & Sponsor to Wescoal Legal Adviser to Wescoal
Exchange Sponsors KWA Attorneys
7 July 2014
Date: 07/07/2014 11:40:00 Supplied by www.sharenet.co.za
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