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SEKUNJALO INVESTMENTS LIMITED - Renounceable rights offer to Sekunjalo

Release Date: 12/12/2003 17:34
Code(s): SKJ
Wrap Text

SEKUNJALO INVESTMENTS LIMITED - Renounceable rights offer to Sekunjalo shareholders SEKUNJALO INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1996/006093/06) Share code: SKJ ISIN: ZAE000017893 ("Sekunjalo" or "the company") Renounceable rights offer to Sekunjalo shareholders Introduction Further to the announcements dated 27 November 2003 and 9 December 2003, shareholders of Sekunjalo are advised that the terms of the offer of 145 454 545 B ordinary shares with a par value of 0.002 cents each ("B shares") at a subscription price of 55 cents per new B share, in the ratio of 168 new B shares for every 100 B shares held at the close of business of Friday, 2 January 2004 ("the rights offer"), have now been finalised and the details thereof are set out below. Salient dates and times The salient dates and times of the rights offer are as follows: 2003
Last day to trade in B shares in order Tuesday, 23 December to participate in the rights offer Listing of letters of allocation on the Wednesday, 24 December JSE B shares commence trading ex-rights on Wednesday, 24 December the JSE 2004 Record date for participation in the Friday, 2 January rights offer Rights offer opens at 09:00 Monday, 5 January Circular posted to shareholders and Monday, 5 January form of instruction posted to certificated shareholders Last day to trade in letters of Friday, 16 January allocation on the JSE Maximum number of new B shares listed and trading therein on the JSE Monday, 19 January commences Rights offer closes at 14:30 (see note Friday, 23 January 1) Record date for letters of allocation Friday, 23 January New B shares issued Monday, 26 January Dematerialised B shareholders" safe custody accounts updated and accounts debited by CSDP or broker, and Monday, 26 January certificates posted to certificated B shareholders Results of Rights Offer announced on SENS on Monday, 26 January Results of Rights Offer announced in the press on Tuesday, 27 January Notes: Dematerialised B shareholders are required to inform their CSDP or broker of their instructions in terms of the rights offer in the manner and time stipulated in the agreement governing the relationship between the shareholder and its CSDP or broker. B share certificates may not be dematerialised or rematerialised between Wednesday, 24 December 2003 and Friday, 2 January 2004, both days inclusive. CSDP"s effect payment in respect of dematerialised shareholders on a delivery versus payment method. Pro forma financial effects Based on the audited financial information of Sekunjalo for the twelve months ended 31 August 2003, the pro forma financial effects of the rights offer on Sekunjalo"s earnings, headline earnings, net asset value and tangible net asset value per share are set out below. These pro forma financial effects have been prepared for illustrative purposes only and because of their nature, may not give a true picture of Sekunjalo"s financial position or results of operations. Before (1) After (2) % change
Net asset value per share 8.85 41.11 364.52 (cents) (40.29) 22.49 155.82 Tangible net asset value per 13.85 8.833 (36.25) share (cents) 18.09 10.443 (42.29) Earnings per share (cents) 2 000 000 2 000 000 Headline earnings per share 86 688 848 232 143 (cents) 393 Number of A shares in issue Number of B shares in issue Notes: Based on the published audited results of the group for the year ended 31 August 2003. Based on the assumption that the rights offer was effective on 1 September 2002 for income statement purposes and 31 August 2003 for balance sheet purposes. Assuming a before tax interest charge of 15%, being the average before tax prime rate for the twelve month period from 31 August 2003. Conditions precedent to the rights offer The rights offer is conditional upon the Registrar of Companies registering the rights offer documents. If registration does not take place, a further announcement will be published. Documentation A circular to shareholders, incorporating revised listing particulars of Sekunjalo and giving full details of the rights offer ("the circular") is being finalised and will be mailed to Sekunjalo shareholders on or about 5 January 2004. A form of instruction in respect of a letter of allocation will be enclosed with the circular for use by Sekunjalo shareholders who have not dematerialised their shares. Johannesburg 12 December 2003 Investment bank, corporate advisor Reporting accountants and sponsor Nedbank Corporate Fisher Hoffman PKF (Newlands) Inc Date: 12/12/2003 05:34:04 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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