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Pro forma financial effects of the transaction to acquire the diamond dump of Blain
SABLE METALS AND MINERALS LIMITED
(formerly Sable Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2001/006539/06)
(JSE code: SMM ISIN: ZAE000185674)
(“Sable” or the “Company”)
PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTION TO ACQUIRE THE DIAMOND DUMP PROCESSING
OPERATION OF BLAIN CAPITAL SOLUTIONS (PTY) LTD
1) PRO FORMA FINACIAL EFFECTS OF THE ACQUISITION
Shareholders are referred to the circular issued to shareholders on 21 December 2015 (“the circular”) which
indicated that the pro forma financial effects of the Blain Capital Solutions (Pty) Ltd (“Blain”) acquisition will
be released in due course. Shareholders are also referred to the SENS announcement dated 8 December
2015 regarding the acquisition by Sable Platinum Holdings (Pty) Ltd, a wholly owned subsidiary of Sable of
the sale assets of Blain.
Below are the financial effects of the acquisition.
1.1 Pro forma financial effects based on Sable as at 31 August 2015
The pro forma financial effects of the acquisition on Sable shareholders set out below are based on the
published interim unaudited results of Sable for the six months ended 31 August 2015. The pro forma
financial effects are the responsibility of the board of directors of Sable and have been prepared for
illustrative purposes only and because of their pro forma nature may not fairly present Sable’s financial
position or results of operations after the acquisition. The directors of Sable are responsible for the
preparation of the pro forma financial effects.
Pro forma
“Sable before the “After the
acquisition” acquisition”
unaudited 31 31 August
August 2015 2015 Change
Loss per share (cents) (1.81) (0.45) 75%
Headline loss per share (cents) (1.81) (0.45) 75%
Net asset value per share (cents) (4.86) 1.09 122%
Tangible net asset value per share
(cents) (5.38) 0.65 112%
Weighted average
number of shares in
issue (‘000) 227 911 808 267 911 808
Total shares in issue (‘000) 227 911 808 267 911 808
Notes:
1) The ‘before the acquisition’ has been extracted from the published unaudited results of Sable for the six
months ended 31 August 2015.
2) The basic earnings and headline earnings per share were calculated as if the acquisition took place on 1
March 2015.
3) The net asset value and net tangible asset value per share were calculated as if the acquisition took
place on 31 August 2015.
4) The "After the acquisition" net asset value and net tangible asset value per share have been adjusted to
include the following:
- the acquired sale assets of Blain to the value of R14 000 000 ;
- estimated transaction costs of R50 000; and
- the issue of 40 000 000 Sable shares at 35 cents per share.
5) The "After the acquisition" basic earnings per share and headline earnings per share have been
adjusted to include the following:
- the after tax profits of Blain based on its unaudited results for the six months ended 31 August
2015; and
- transaction costs of R50 000 written off to expenses.
1.2 Pro forma financial effects based on Sable 31 August 2015 after the disposal, specific issue,
vesting of share rights and scheme as per the circular
The pro forma financial effects of the acquisition on Sable shareholders set out below are based on the
published unaudited interim results of Sable for the six months ended 31 August 2015 after the disposal,
specific issue, vesting of share rights and scheme as per the circular. The pro forma financial effects are the
responsibility of the board of directors of Sable and have been prepared for illustrative purposes only and
because of their pro forma nature may not fairly present Sable’s financial position or results of operations
after the acquisition. The directors of Sable are responsible for the preparation of the pro forma financial
effects.
“Sable after the
disposal, specific
issue, vesting of
share rights and
scheme but Pro forma
before the “After the
acquisition” acquisition”
unaudited 31 31 August
August 2015 2015 Change
Loss per share (cents) (0.64) 0.54 184%
Headline loss per share (cents) (2.24) (0.93) 58%
Net asset value per share (cents) 0.35 3.27 834%
Tangible net asset value per share
(cents) 0.07 3.01 4200%
Weighted average
number of shares in
issue (‘000) 435 126 517 475 126 517
Total shares in issue (‘000) 435 126 517 475 126 517
Notes:
1) The “Sable after the disposal, specific issue, vesting of share rights and scheme but before the
acquisition” has been extracted from the published pro forma financial effects of Sable for the six months
ended 31 August 2015 per the circular.
2) The basic earnings and headline earnings per share were calculated as if the acquisition took place on 1
March 2015.
3) The net asset value and net tangible asset value per share were calculated as if the acquisition took
place on 31 August 2015.
4) The "After the acquisition" net asset value and net tangible asset value per share have been adjusted to
include the following:
- the acquired sale assets of Blain to the value of R14 000 000 ;
- estimated transaction costs of R50 000; and
- the issue of 40 000 000 Sable shares at 35 cents per share.
5) The "After the acquisition" basic earnings per share and headline earnings per share have been
adjusted to include the following:
- the after tax profits of Blain based on its unaudited results for the six months ended 31 August
2015; and
- transaction costs of R50 000 written off to expenses.
2) UPDATE ON THE BLAIN ACQUISITION
Shareholders will be updated in due course regarding the progress of the outstanding conditions precedent of
the Blain acquisition.
Sponsor
Exchange Sponsors
18 January 2016
Johannesburg
Date: 18/01/2016 07:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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