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ELD
ELD
ELD - Eland Platinum - Financial effects for the issue of 5 Million new
Eland Platinum ordinary shares for cash
Eland Platinum Holdings Limited
Incorporated in South Africa
Registration number 2005/029957/06
JSE code: ELD & ISIN: ZAE000078655
("Eland Platinum" or "the Company")
Financial effects for the issue of 5 million new Eland Platinum ordinary
shares for cash ("the issue")
Further to the announcement released on SENS on 22 March 2007 setting out
details of the issue, shareholders are now advised of the financial effects
in respect of the issue.
Financial effects
The unaudited pro forma financial effects of the issue on Eland Platinum`s
loss per share, headline loss per share, net asset value per share ("NAV")
and net tangible asset value per share ("NTAV") are set out below. These
unaudited pro forma financial effects have been prepared for illustrative
purposes only and because of their nature may not give a fair reflection of
Eland Platinum`s financial position and results of operations, nor the
effect and impact of the issue going forward. These pro forma financial
effects are the responsibility of Eland Platinum`s directors.
Per Eland Platinum share Before the After the Change
(cents) issue1 issue2,3 (%)
Loss and headline loss per (35.5) (32.8) 7.8%
share4
NAV and NTAV 1 064.6 1 480.0 39.0%
Weighted average number of
shares in issue used to
calculate loss and headline 58 925 053 63 911 355 8.5%
loss per share
Number of shares used to
calculate NAV and NTAV 66 381 433 71 381 433 7.5%
Notes:
1. Based on the unaudited consolidated financial statements of Eland
Platinum for the financial period 1 January 2006 to 31 December 2006.
2. Based on the assumption that the issue took place on 1 January 2006
for income statement purposes and 31 December 2006 for balance sheet
purposes.
3. Based on the issue of 5 million shares at R70 per share after taking
into account share issue expenses of approximately R207 000. These
shares have a nominal value of R0.01 per share and a share premium of
R69.99 per share.
4. Based on the assumption that the proceeds from the issue will be used
for specific development projects other than the Elandsfontein
Project. In terms of The South African Institute of Chartered
Accountants` "Revised Audit and Accounting Guide on Pro Forma
Financial Information", no adjustment on earnings was made for the
interest income effects of holding the cash proceeds of the issue as
these proceeds are earmarked for specific development projects and
working capital purposes.
Johannesburg
2 April 2007
Sponsor
Nedbank Capital
Date: 02/04/2007 13:52:51 Produced by the JSE SENS Department.
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