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MIRANDA MINERAL HOLDINGS LIMITED - Issue of shares for cash to Stefanutti Stocks Mining Services, a division of Stefanutti Stocks (Pty) Ltd

Release Date: 27/03/2013 17:15
Code(s): MMH     PDF:  
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Issue of shares for cash to Stefanutti Stocks Mining Services, a division of Stefanutti Stocks (Pty) Ltd

Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH       ISIN: ZAE000074019
(“Miranda” or “the Company”)

Issue of shares for cash to Stefanutti Stocks Mining Services, a division of Stefanutti Stocks (Pty) Ltd


Shareholders are advised that pursuant to an agreement dated 15 March 2013, Miranda will issue 28 951 940
new Miranda ordinary shares (“shares”) to Stefanutti Stocks Mining Services, a division of Stefanutti Stocks (Pty)
Ltd (“Stefanutti Stocks”), at an issue price of 17.27 cents per share (“the Issue Price”) amounting to R5 000
000.

The Issue Price will be at a discount of 10% to the weighted average traded price of the equity securities for the
30 days prior to the effective date of the agreements mentioned above, being 15 March 2013. The authority for
the general issue of shares for cash was approved by shareholders on 2 April 2012.

Application has been made to the JSE Limited (“the JSE”) to grant a listing of the shares on or about 28 March
2013, which will rank pari passu in all respects with Miranda’s ordinary shares currently in issue.

The shares are being issued as part of a settlement agreement reached between Stefanutti Stocks Mining
Services and the Company (as announced on SENS on 26 March 2013).

Financial effects

The pro forma financial effects of the general issue on Miranda’s historical Loss per share (“LPS”) and headline
loss per share (“HLPS”) for the year ended 31 August 2012 and net asset value (“NAV”) and net tangible asset
value (“NTAV’) per share at 31 August 2012, are set out in the table below.

The unaudited pro forma financial effects of the general issue are provided for illustrative purposes only to
illustrate the effects of the general issue on Miranda’s Reviewed results for the year ended 31 August 2012. The
unaudited pro forma financial effects are the responsibility of Miranda’s directors. Due to the nature of the
unaudited pro forma financial information, it may not give a fair picture of Miranda’s financial results and position
after the general issue.
                                      Before       General           After 1           Issue          After 2        %
                                                      Issue                       of shares:                     change
                                                  of shares                       Stefanutti
Net asset value per                      6.84                           7.03                             7.49       n/a
share
 (cents)
Net tangible asset value                 2.68                           2.95                             3.59       n/a
per
share (cents)
Number of shares in                605,196,405      12,500,000   617,696,405      28,951,940      646,648,345
issue
 (000)
Loss per share (cents)                 (4.95)                         (4.85)                           (4.62)     (6.83)
Headline earns per                     (4.57)                         (4.47)                           (4.26)     (6.83)
share
Weighted average                   565,325,952                   577,825,952                      606,777,892
number of shares in
issue
1.         The "Before" column is extracted without adjustment from the unaudited pro forma financial information
           after effects column of the company's most recent circular to Miranda shareholders, issued on
           3 December 2012 regarding a series of interconnected Specific Issues.
2.         The “After 1” column reflects the pro forma financial position after the general issue for cash based on
           the issue of 12 500 000 ordinary shares at 16 cents per share, resulting in a net cash inflow of
           R2,000,000. No interest received benefit is assumed for purposes of adjusting earnings as it is
           assumed that cash proceeds will be used to settle outstanding creditor claims that existed at the
           beginning of the reporting period. The effects on net asset value per share and tangible net asset value
           per share are calculated based on the assumption that the general issue for cash was effected on
           31 August 2012.
3.         The “After 2” column reflects the pro forma financial position after the issue of 28 951 940 ordinary
           shares at 17.27 cents per share, and a cash payment of R1.5 million in full settlement of the R6.5 million
           debt owing to Stefanutti Stocks Mining Services, a division of Stefanutti Stocks (Pty) Ltd. No interest
           received benefit is assumed during the reporting period. The effects on net asset value per share and
           tangible net asset value per share are calculated based on the assumption that the issue of shares was
           effected on 31 August 2012.


Centurion
27 March 2013

Sponsor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited

Date: 27/03/2013 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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