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IFC - IFCA Technologies Limited - General issue of shares for cash IFCA TECHNOLOGIES LIMITED Incorporated in the Republic of South Africa (Registration number 2006/030759/06) Share code: IFC ISIN: ZAE000088555 ("IFCA" or "the Company") GENERAL ISSUE OF SHARES FOR CASH In compliance with paragraph 11.22 of the Listings Requirements of JSE Limited, shareholders are advised that IFCA has raised R1 409 844.75 by way of an issue of 21 321 871 ordinary shares for cash at an issue price of 6.6122 cents per share, effective 6 July 2011 ("the First Subscription"). The issue price was at no discount or premium to the 30 day volume weighted average price ("VWAP") of IFCA shares at the date prior to the date at which the First Subscription was agreed upon in writing. In addition, a further R8 050 000.00 was raised on 19 August 2011 by way of an issue of 100 625 000 ordinary shares for cash at an issue price of 8.00 cents per share, representing a premium of 13.1% to the VWAP ("the Second Subscription") of IFCA shares at the date prior to the date at which the Second Subscription was agreed upon in writing (collectively the "Subscriptions"). The capital was raised pursuant the general authority to issue shares for cash granted to the board of directors of IFCA ("the Board") at the Company`s annual general meetings held on 2 August 2010 and 21 July 2011, respectively. The proceeds will be used to fund future growth opportunities. The table below sets out the unaudited pro forma financial effects of the Subscriptions on IFCA`s earnings per share, headline earnings per share, net asset value per share and tangible net asset value per share. The unaudited pro forma financial effects have been prepared to illustrate the impact of the Subscriptions on the audited results for the year ended 31 December 2010, had the Subscriptions occurred on 1 January 2010 for statement of comprehensive income purposes and on 31 December 2010 for statement of financial position purposes. The unaudited pro forma financial effects have been prepared using accounting policies that comply with International Financial Reporting Standards and that are consistent with those applied in the annual financial statements for the year ended 31 December 2010. The unaudited pro forma financial effects, which are the responsibility of the Board, are provided for illustrative purposes only and, because of their pro forma nature may not fairly present IFCA`s financial position, changes in equity, results of operations or cash flow. Before Pro-forma Pro-forma Change the after the after the after the Subscript First Second Subscript ions Subscript Subscripti ions
(cents)1 ion on (%) (cents)2 (cents)3 (Loss)/Earnings (9.32) (7.79) (4.39) 53 per share ("EPS")4 Headline (1.43) (1.35) (0.77) 46 (loss)/earnings per share ("HEPS")4 Net asset value 2.61 0.33 3.59 (37) per share ("NAV")5 Tangible net 0.42 (1.52) 2.52 (500) asset value per share ("TNAV")5 Weighted average 107 890 129 212 229 837 113% number of shares in issue (`000) Total number of 115 000 136 322 236 947 106% shares in issue (`000) Notes: 1 The "Before the Subscriptions" EPS, HEPS, NAV and TNAV have been extracted without adjustment from the audited published results of IFCA for the year ended 31 December 2010. 2 The "Pro forma after the First Subscription" assumes: a 21 321 871 ordinary shares were issued for cash at a price of 6.6122 cents per share; and
b transaction costs of R5 114.82 have been expensed. 3 The "Pro forma after the Second Subscription" assumes: a 100 625 000 ordinary shares were issued for cash at a price of 8.00 cents per share; and
b transaction costs of R32 620.78 have been expensed. 4 The effects on EPS and HEPS are calculated based on the assumption that the Subscriptions were effected on 1 January 2010. 5 The effects on NAV and TNAV are calculated based on the assumption that the Subscriptions were effected on 31 December 2010. Johannesburg 25 August 2011 Designated Adviser Merchantec Capital Date: 25/08/2011 11:36:01 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.
