ART - Argent Industrial Limited - General issue of shares for cash

    ART - Argent Industrial Limited - General issue of shares for cash          
                                                                                
                                                                                
ARGENT INDUSTRIAL LIMITED                                                   
    (Registration number 1993/002054/06)                                        
    Share code: ART      &      ISIN: ZAE000019188                              
    ("Argent" or "the company")                                                 


    GENERAL ISSUE OF SHARES FOR CASH                                            
    PLACEMENT OF SHARES                                                         
                                                                                
Argent shareholders are advised that the Company has issued a total of 8    
    million shares to selected financial institutions at a discount of 2% to    
    the 30 day weighted average raising a total of R140 million ("the issue")   
    in terms of the general authority granted to the directors to issue shares  
for cash at the annual general meeting held on 18 August 2006.              
    APPLICATION OF PROCEEDS                                                     
    The proceeds of the issue will be utilised to satisfy  two acquisitions     
    which are being finalised and still subject to Competition Commission       
approval. The two acquisitions will each constitute less than 5% of         
    Argent`s issued share capital. However, on aggregation the acquisitions     
    constitute more than 8% of Argent`s issued share capital, and therefore the 
    company will release an announcement on the acquisitions and financial      
effects thereto once the acquisitions have been finalised and Competition   
    Commission approval has been obtained.                                      
    PRO FORMA FINANCIAL EFFECTS OF THE ISSUE                                    
    The table below sets out the pro forma effect on earnings per share         
("EPS"), headline earnings per share ("HEPS"), net asset value ("NAV") and  
    net tangible asset value ("NTAV") per share.  The pro forma financial       
    effects are the responsibility of the directors and have been prepared for  
    illustrative purposes only, and in terms of the Listings Requirements of    
the JSE Limited, and therefore, due to their nature, may not truly reflect  
    Argent`s financial position or results.                                     
                    Unaudited      Pro Forma                                    
                    Before the     After the                                    
issue (cents)  issue (cents)  Change (%)                    

    EPS             83.2           80.6           (3.2)                         
    HEPS            88.2           80.0           (9.2)                         
    NAV             801.6          887.4          10.7                          
NTAV            660.6          759.1          14.9                          
                                                                                
    Notes:                                                                      
    1    The "before" figures are based on the interim results for the 6 months 
ended 30 September 2006.                                               
    2    The EPS and HEPS figures are based on the weighted number of shares in 
         issue at 30 September 2006.                                            
    3    The NAV and NTAV per share calculations are based on the actual number 
of shares in issue at 30 September 2006.                               
    4    The "after" column is based on the assumption that the issue was       
         effective from 1 April 2006 for EPS and HEPS and 30 September 2006 for 
         NAV and NTAV purposes, and that the proceeds were utilised to repay    
borrowings.  Borrowings incurred interest at an average rate of 8.8%   
         after taxation.                                                        
    LISTING OF NEW SHARES                                                       
    Application has been made to the JSE for the listing of the additional      
shares. The new shares are expected to be listed on the JSE Limited with    
    effect from Monday, 7 May 2007.                                             
    FURTHER CAUTIONARY                                                          
    Shareholders are advised to continue to exercise caution in their dealing   
of shares until the acquisitions announcement has been published            
                                                                                
    Maraisburg                                                                  
    30 April 2007                                                               


    Sponsor                                                                     
    VUNANI CORPORATE FINANCE                                                    
Date: 30/04/2007 17:00:01 Supplied by www.sharenet.co.za                     
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