Wrap Text
Update to the Disposal of the Megacube Assets and withdrawal of cautionary announcement
SENTULA MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
(“Sentula” or “the Company”)
UPDATE TO THE DISPOSAL OF THE MEGACUBE ASSETS AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
1. DISPOSAL OF THE MEGACUBE ASSETS
Shareholders are referred to the announcements released on SENS on 8 January 2013 and 18 January
2013 and using the terms defined therein unless otherwise stated, are advised that the Circular is
currently being finalised. It is intended that the Circular will be distributed to shareholders on or about
18 February 2013.
Furthermore, shareholders are advised that the commencement date of the Auction which was initially
Wednesday, 20 March 2013, has since been postponed, in terms of clause 4.11.2 of the Addendum, to
Wednesday, 27 March 2013.
2. PRO FORMA FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the Disposal on Sentula’s basic
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 Disposal on
the reported financial information of Sentula for the six months ended 30 September 2012, had the
Disposal occurred on 1 April 2012 for statement of comprehensive income purposes and on
30 September 2012 for statement of financial position purposes.
The unaudited pro forma financial effects have been prepared using accounting policies that comply
with IFRS and that are consistent with those applied in the audited results of Sentula for the 12 months
ended 31 March 2012 as well as the reviewed results for the six months ended 30 September 2012.
The unaudited pro forma financial effects which are the responsibility of the directors are provided for
illustrative purposes only and, because of their pro forma nature may not fairly present Sentula’s
financial position, changes in equity, results of operations or cash flow. The full financial effects will be
included as Annexure 1 to the Circular.
Unaudited
pro forma
Before the After the %
1 2
Disposal Disposal Change
3
Basic earnings per share (cents) 7.3 0.1 (99)
3
Headline earnings per share (cents) 8.5 1.3 (85)
4
Net asset value per share (cents) 431 423 (2)
4
Tangible net asset value per share (cents) 354 346 (2)
Weighted average number of shares in issue
581 005 581 005 -
(000’s)
Total number of shares in issue (000’s) 581 005 581 005 -
Notes:
1. Extracted from the reviewed condensed consolidated interim results of Sentula for the six months ended
30 September 2012.
2. The “After the Disposal” column reflects the unaudited pro forma effects after the Disposal.
3. Basic earnings and headline earnings per share effects are based on the following principal assumptions:
• The Disposal was effective 1 April 2012.
• The proceeds from the Disposal are assumed to equal the book value of the assets after the capitalisation
of refurbishment costs.
• Auctioneer costs of R46.4 million, which are once off, are based on the assumed proceeds or the agreed
fixed US dollar fee, converted at an assumed exchange rate of USD1 = R8.85.
• Interest is earned on the proceeds from the Disposal, net of Auctioneer and Transaction costs, at an
average rate of 4.4% per annum.
• Transaction costs, which are once off, of R1.3 million.
4. Net asset and tangible net asset value per share effects are based on the following principal assumptions:
• The Disposal was effective 30 September 2012.
• Refurbishment costs, of a maximum of US$3.85 million, are assumed to represent improvements to the
assets and are capitalised to the carrying book value.
• The proceeds from the Disposal are assumed to equal the book value of the assets, after the capitalisation
of the refurbishment costs.
• Auctioneer costs of R46.4 million, which are once off, are based on the assumed proceeds or the agreed
fixed US dollar fee, converted at an assumed exchange rate of USD1 = R8.85.
• Transaction costs, which are once off, of R1.3 million.
3. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released on SENS on 8 January 2013, shareholders are
advised that as the pro forma financial effects of the Disposal have been disclosed in paragraph 2
above, caution is no longer required to be exercised when dealing in the Company’s securities.
Johannesburg
15 February 2013
Sponsor
Merchantec Capital
Legal advisors
Cliffe Dekker Hofmeyr Inc.
Auditors and reporting accountants
PricewaterhouseCoopers Inc.
IR Advisors
College Hill
Date: 15/02/2013 03:00:00 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.