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Update on the Pro Forma Financial Effects of the Disposal of the Megacube Assets
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 ON THE PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL OF THE MEGACUBE ASSETS
Shareholders are referred to the announcements released on SENS on 8 January 2013, 18 January 2013,
15 February 2013, 19 March 2013 and 2 April 2013 and using the terms defined therein unless otherwise
stated, are advised that the Gross Proceeds (being the actual sale price (excluding VAT) in respect of the
Equipment (or part thereof)) achieved at the Auction amounted to R118.7 million.
Shareholders are reminded that the Auction was conducted on an unreserved price basis and, as most of
the Equipment is of a specialised mining nature, reference prices were not readily available against which to
benchmark anticipated sale proceeds. Furthermore, the magnitude and nature of the Auction was
unprecedented in South Africa and, as set out in the Circular, it was anticipated that a number of factors
could impact the price that the Equipment would fetch at the Auction, which included, but were not limited to:
- prevailing exchange rates;
- market supply and demand for equipment of this nature;
- prevailing operating conditions in the local mining sector;
- the condition and appearance of the Equipment; and
- the location of the Equipment relative to the proposed buyers thereof.
Shareholders are further advised that the costs of the Auction have been finalised and accordingly, are
referred to the following update on the pro forma financial effects of the Disposal on the reported financial
information of Sentula released on SENS on 15 February 2013 and incorporated in the Circular dated 18
February 2013.
1. 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.
Unaudited
pro forma
Before the After the %
1 2
Disposal Disposal Change
3
Basic earnings per share (cents) 7.3 (34.8) (579)
3
Headline earnings per share (cents) 8.5 5.4 (36)
4
Net asset value per share (cents) 423 380 (10)
4
Tangible net asset value per share (cents) 346 303 (12)
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 amounted to R118.7 million.
- Auctioneer and related costs of R19.9 million, which are once off.
- Loss on disposal of R226.8 million after capitalisation of refurbishment costs of R48.2 million.
- Interest is earned on the proceeds from the Disposal, net of refurbishment, Transaction, Auctioneer and
related 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 R48.2 million, are assumed to represent improvements to the
assets and are capitalised to the carrying book value.
- Loss on the sale of the assets of R226.8 million, after capitalisation of refurbishment costs of R48.2 million.
- Auctioneer and related costs of R19.9 million.
- Transaction costs, which are once off, of R1.3 million.
5. Net asset and tangible net asset values per share in the “Before the Disposal” column have been restated to
reflect the equity attributable to equity holders of the Company whereas it previously reflected the total equity of
the group, including non-controlling interests.
Johannesburg
10 April 2013
Sponsor
Merchantec Capital
Legal advisors
Cliffe Dekker Hofmeyr Inc.
Auditors and reporting accountants
PricewaterhouseCoopers Inc.
IR Advisors
College Hill
Date: 10/04/2013 05:10:00 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.
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