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ART
ART
ART - Argent Industrial Limited - General issue of shares for cash
ARGENT INDUSTRIAL LIMITED
(Registration number 1993/002054/06)
Share code: ART & ISIN: ZAE000019188
("Argent" or "the company")
GENERAL ISSUE OF SHARES FOR CASH
PLACEMENT OF SHARES
Argent shareholders are advised that the Company has issued a total of 8
million shares to selected financial institutions at a discount of 2% to
the 30 day weighted average raising a total of R140 million ("the issue")
in terms of the general authority granted to the directors to issue shares
for cash at the annual general meeting held on 18 August 2006.
APPLICATION OF PROCEEDS
The proceeds of the issue will be utilised to satisfy two acquisitions
which are being finalised and still subject to Competition Commission
approval. The two acquisitions will each constitute less than 5% of
Argent`s issued share capital. However, on aggregation the acquisitions
constitute more than 8% of Argent`s issued share capital, and therefore the
company will release an announcement on the acquisitions and financial
effects thereto once the acquisitions have been finalised and Competition
Commission approval has been obtained.
PRO FORMA FINANCIAL EFFECTS OF THE ISSUE
The table below sets out the pro forma effect on earnings per share
("EPS"), headline earnings per share ("HEPS"), net asset value ("NAV") and
net tangible asset value ("NTAV") per share. The pro forma financial
effects are the responsibility of the directors and have been prepared for
illustrative purposes only, and in terms of the Listings Requirements of
the JSE Limited, and therefore, due to their nature, may not truly reflect
Argent`s financial position or results.
Unaudited Pro Forma
Before the After the
issue (cents) issue (cents) Change (%)
EPS 83.2 80.6 (3.2)
HEPS 88.2 80.0 (9.2)
NAV 801.6 887.4 10.7
NTAV 660.6 759.1 14.9
Notes:
1 The "before" figures are based on the interim results for the 6 months
ended 30 September 2006.
2 The EPS and HEPS figures are based on the weighted number of shares in
issue at 30 September 2006.
3 The NAV and NTAV per share calculations are based on the actual number
of shares in issue at 30 September 2006.
4 The "after" column is based on the assumption that the issue was
effective from 1 April 2006 for EPS and HEPS and 30 September 2006 for
NAV and NTAV purposes, and that the proceeds were utilised to repay
borrowings. Borrowings incurred interest at an average rate of 8.8%
after taxation.
LISTING OF NEW SHARES
Application has been made to the JSE for the listing of the additional
shares. The new shares are expected to be listed on the JSE Limited with
effect from Monday, 7 May 2007.
FURTHER CAUTIONARY
Shareholders are advised to continue to exercise caution in their dealing
of shares until the acquisitions announcement has been published
Maraisburg
30 April 2007
Sponsor
VUNANI CORPORATE FINANCE
Date: 30/04/2007 17:00:01 Produced by the JSE SENS Department.
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