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SBL - Sable - Correction To Claw-Back Rights Offer To Raise R35 Million SABLE HOLDINGS LIMITED (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) (REGISTRATION NUMBER 1968/010636/06) ("SABLE" OR "THE COMPANY") SHARE CODE: SBL ISIN: ZAE000006383 CORRECTION TO CLAW-BACK RIGHTS OFFER TO RAISE R35 MILLION Shareholders are referred to the SENS announcement dated 11 November 2008 wherein the terms of a claw-back rights offer by the company was announced. The correct number of rights offer shares being offered is 1 797 400, and not 1 830 000 as previously stated, resulting in a ratio of 22 rights offer shares for every 100 Sable shares held on the record date. The rights offer shares will be issued at a price of R19.47 per rights offer share, which is at a premium of 14.53% to the closing price of ordinary Sable shares on 10 November 2008 of R17.00. The amount to be raised remains at R35 million (before expenses). The revised financial effects are presented below: Financial effects The pro forma financial effects of the rights offer are set out below. The pro forma financial effects have been prepared for illustrative purposes only to provide information on how the rights offer may have impacted on the results and financial position of Sable. Preparation of the pro forma financial effects is the responsibility of the directors. Because of their nature, the pro forma financial effects may not fairly present Sable`s financial position after the rights offer or the effects on future earnings: Before the After the Percentage rights offer rights change 30 June 2008 offer
Earnings per share 376.1 327.41 -12.96 % (cents) Headline earnings per 219.4 201.41 -8.20% share (cents) Net asset value (cents 4 337 3 8943 -10.21% per share) Net tangible asset 4 337 3 8943 -10.21% value (cents per share) Number of shares in 8 170 000 9 967 400 22.00% issue (including treasury shares) Weighted average 7 378 000 9 175 24.36% number of 400 shares in issue Notes and assumptions: (1) Pro forma earnings and headline earnings are based on Sable`s published year end results ended 30 June 2008 after taking into account the following adjustments: - R17,500,000 of interest bearing debt bearing interest at a average of 12.49% being repaid; - R17,500,000 equity invested in associate company; - R 400 000 transaction costs were included; and a company tax rate of 28%. (2) The pro forma earnings figures illustrate the possible financial effects if the rights offer had been implemented on 1 July 2007. (3) The net asset value and net tangible asset figures are based on the assumption that the rights offer happened on 30 June 2008. Johannesburg 13 November 2008 Sponsor: Sasfin Capital A division of Sasfin Bank Limited Date: 13/11/2008 14:35:04 Supplied by www.sharenet.co.za 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 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
