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JSE
JSE
JSE - JSE - Final Tranche of JSE Shares Issued to the JSE Empowerment Fund
JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
("JSE")
FINAL TRANCHE OF JSE SHARES ISSUED TO THE JSE EMPOWERMENT FUND ("JEF")
BACKGROUND
As part of the Broad-based Black Economic Empowerment Initiative ("Broad-based
BEE Initiative") implemented by the JSE when it listed on 5 June 2006, the JSE
created JEF.
JEF was established to provide financial assistance for education initiatives
targeted specifically at bringing black people into the financial sector by
enabling them to gain appropriate professional qualifications and a better
understanding of investment in financial markets. JEF`s assets are used for the
benefit of black people only. Full details of the Broad-based BEE Initiative are
contained in the circular to JSE shareholders dated 13 April 2006.
At the General Meeting of JSE shareholders held on 9 May 2006, shareholders
approved the issue to JEF of a total of 1 737 550 JSE shares (which represents
2% of the JSE`s issued share capital after the implementation of the Broad-based
BEE Initiative). Authority was given for the JSE shares to be issued at par
value within one year of the date of the General Meeting. 868 775 JSE shares and
434 388 JSE shares (which shares represent a total of 1.5% of the JSE`s issued
share capital after the implementation of the Broad-based BEE Initiative) were
issued and allocated to JEF on 7 June 2006 and 29 November 2006, respectively.
ISSUE OF JSE SHARES TO JEF
The final tranche of 434 387 JSE shares (which represents 0.5% of the JSE`s
issued share capital after the implementation of the Broad-based BEE Initiative)
have now been issued by the JSE ("the final issue"). These shares have been
issued at par value of 10 cents each, which represents a 99.8% discount to the
30-day volume weighted average trading price of JSE shares at 27 March 2007.
PRO FORMA FINANCIAL EFFECTS OF THE FINAL ISSUE
The pro forma effect of the final issue on the financial position of the JSE
Group is not significant and is included for information purposes only.
The table below sets out the pro forma financial effects of the final issue on
earnings per share ("EPS"), headline earnings per share ("HEPS"), net asset
value per share ("NAVPS") and net tangible asset value per share ("NTAVPS"). The
pro forma financial effects have been prepared for illustrative purposes only
and because of their nature, may not fairly present the JSE`s financial
position, changes in equity, results of operations or cash flows. The pro forma
financial information is the responsibility of the directors of the JSE.
Pro forma Pro forma Change
Before the issue After the (%)
(cents) issue (cents)
Earnings per share 168.0 167.2 (0.48)
Headline earnings per share 158.3 157.5 (0.51)
Net asset value per share 984.0 979.0 (0.51)
Net tangible asset value
per share 955.3 950.4 (0.51)
Notes:
1 The "Before the issue" figures are based on the annual results for the year
ended 31 December 2006.
2 The EPS and HEPS figures are based on the weighted average number of shares
in issue at 31 December 2006.
3 The NAVPS and NTAVPS figures are calculated based on the actual number of
shares in issue at 31 December 2006.
4 The "After the issue" column is based on the assumption that the issue was
effective from 1 January 2006 for EPS and HEPS and on 31 December 2006 for
NAVPS and NTAVPS purposes.
LISTING OF THE JSE SHARES
Application has been made to the Registrar of Securities Services for the
listing of the JSE shares issued pursuant to the final issue, which listing has
been granted with effect from Monday, 2 April 2007.
Sandton
5 April 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/04/2007 08:00:01 Produced by the JSE SENS Department.
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