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SEP - Sephaku Holdings - General issue of shares for cash
Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
("Sephaku Holdings" or "the Company")
GENERAL ISSUE OF SHARES FOR CASH
At the annual general meeting of the Company held on 11 November 2010, the
requisite majority of Shareholders approved a resolution authorising the
directors of Sephaku Holdings (the "Directors") to issue shares for cash in
accordance with paragraph 5.52 of the JSE Limited`s ("JSE") Listings
Requirements ("the General Authority").
In accordance with the General Authority, the Directors entered into a
Subscription Agreement with Sanlam Private Investments (Proprietary) Limited
("Sanlam") on 10 May 2011, to subscribe for 2 500 000 Sephaku Holdings shares
at a price of R3.50 ("the Issue"), being a 12.5 per cent premium to the 30-
day VWAP of Sephaku Holdings` shares. This brings the total number of shares
issued under the General Authority, in the current financial year, to 12 586
936.
The JSE has granted approval to list the 2 500 000 new Sephaku Holdings
shares on Monday, 16 May 2011. Following the listing and the issue of the new
Sephaku Holdings shares to Sanlam, the Company will have 168 392 298 total
shares in issue and the Issue to Sanlam will equate to 1.48 per cent of the
issued share capital of the Company.
The 2 500 000 new Sephaku Holdings shares will rank pari passu with the
existing Sephaku Holdings shares in issue. Sanlam qualifies as a "public"
shareholder within the meaning of paragraphs 4.25 and 4.26 of the JSE
Listings Requirements.
Pro forma financial effects of the Issue
The table below sets out the unaudited pro forma financial effects of the
issue on Sephaku Holding`s basic earnings, headline earnings, net asset value
and net tangible asset value per Sephaku Holdings share.
The unaudited pro forma financial effects are presented for illustrative
purposes only to provide information o how the Issue may have impacted on the
reported financial information of the Company if it had been implemented in
the six months period ended 31 December 2010. Because of its nature, the pro
forma financial effects may not give a fair indication of the Company`s
financial position as at 31 December 2010 or its future earnings.
Earnings per share, Net asset value per share Before(i) After(ii)
Net asset value per share (cents)(iii) 466,65 464,92
Tangible net asset value per share (cents) 434,03 432,78
(iii)
Ordinary shares in issue 165,892,298 168,392,298
Attributable profit / (loss) per share (iv):
- basic earnings / (loss) from continuing 250,21 246,29
operations (cents)
- basic earnings / (loss) from discontinued (12,06) (11,87)
operations (cents)
- basic earnings / (loss) from total 238,16 234,43
operations (cents)
- diluted earnings / (loss) from continuing 241,05 237,41
operations (cents)
- diluted (loss) from discontinued (11,61) (11,44)
operations (cents)
- diluted earnings / (loss) from total 229,43 225,97
operations (cents)
- headline (loss) (cents) (24,18) (23,80)
- diluted headline (loss) (cents) (23,30) (22,94)
(i) The figures in this column were extracted from the unaudited interim
results of the Company for the six month period ended 31 December
2010.
(ii) The figures in this column were based on the figures set out in the
previous column, having adjusted for the effects of the Issue.
(iii) For the purposes of the pro forma financial effects on net asset
value and the net tangible asset value per ordinary share, it was
assumed that the share Issue was implemented on 31 December 2010.
(iv) For the purposes of the pro forma financial effects on attributable
and headline earnings per ordinary share it was assumed that the
Issue was implemented on 1 July 2010.
16 May 2011
Pretoria
Sponsor to Sephaku Holdings
QuestCo
Date: 16/05/2011 12:30:01 Supplied by www.sharenet.co.za
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