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SKJ
SKJ
SKJ - Sekunjalo - General Issue of ordinary shares for cash and withdrawal of
cautionary announcement
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo" or "the company")
GENERAL ISSUE OF ORDINARY SHARES FOR CASH AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Introduction
Shareholders are advised that Sekunjalo has issued a total of 53 929 000
ordinary shares for cash, in terms of the general authority to issue shares for
cash granted by Sekunjalo shareholders at the annual general meeting held on 27
February 2007 ("the cash issues").
Details of the cash issues undertaken during the current financial year are set
out below.
Date Number of shares Issue price Cash value Detailsissued
(cents) (R)
20 December
2006 6 329 000 79 4 999 910 Issued at
a discount of
10% to the 30
day weighted
average traded
price prior to
12 December
2006
16 February
2007 10 000 000 75 7 500 000 Issued at a
discount of 10%
to the 30 day
weighted
average traded
price prior to
14 February
2007
14 March
2007 1 600 000 73 1 168 000 Issued at a
discount of 10%
to the 30 day
weighted
average traded
price prior to
7 March 2007
7 May
2007 10 000 000 80 8 000 000 Issued at a
discount of
2.4% to the 30
day weighted
average traded
price prior to
15 May 2007
21 May
2007 26 000 000 82 21 320 000 Issued at a
discount of 3%
to the 30 day
weighted
average traded
price prior to
15 May 2007
A total cash amount of R42 987 910 has been raised in terms of the cash issues
since 31 August 2006 with R30 488 000 being raised since 28 February 2007 and
the new Sekunjalo ordinary shares issued in terms of the cash issues rank pari
passu with the existing issued ordinary shares. The cash issues were undertaken
in order to reduce borrowings incurred to fund Sekunjalo acquisitions and to
facilitate investment in subsidiaries for expansion purposes. The last 2 issues
for cash totalling R29 320 000 are currently being held in cash and will be
utilised to reduce borrowings.
Absa Corporate and Business Bank ("ACBB"), a division of Absa Bank Limited, has
acquired 5 million of the shares issued on 7 May 2007 and the 26 million shares
most recently issued, representing approximately 7% of the issued share capital
of the company. Furthermore, ACBB has an option to acquire up to 9.9% of the
issued share capital of the company within a 180 day period, subject to the
company, in general meeting, approving such further acquisition.
ACBB will act as a strategic partner to assist Sekunjalo with their funding
requirements as they embark on their new strategy to invest in large scale broad
based black economic empowerment opportunities in quality businesses.
Financial effects of the cash issues
The pro forma financial effects of the cash issues on earnings ("EPS"), headline
earnings ("HEPS"), net asset value ("NAV") and tangible net asset value ("NTAV")
per share are set out below. This unaudited pro forma financial information has
been prepared for illustrative purposes only and because of its nature may not
give a fair reflection of Sekunjalo`s financial position and results of
operations, nor the effect and impact of the cash issues going forward and is
the responsibility of Sekunjalo`s directors.
Before After (2) Change (%)
EPS (cents) 2.91 2.97 2.01%
HEPS (cents) 2.91 2.97 2.01%
NAV for the group
(consolidated) (cents) 101.62 99.85 -1.75%
NTAV for the group
(consolidated) (cents) 69.59 70.59 1.43%
Number of shares for EPS and
HEPS purposes (`000) 370 829 408 429
Number of shares for NAV and
NTAV (`000) 396 795 434 395
Notes:
Based on Sekunjalo`s unaudited results for the 6 month period ended 28 February
2007.
Based on the assumption that the cash issues took place on 1 September 2006 for
income statement purposes and on 28 February 2007 for balance sheet purposes.
After taking into account the adjustment for a reduced interest expense as a
result of R30.488 million of the total cash amount raised in terms of the cash
issues being used to reduce Sekunjalo`s borrowings.
The reduced interest expense was arrived at by using 12.11%, being the average
interest rate incurred by Sekunjalo on its borrowings for the 6 month period
ended 28 February 2007.
All calculations have been reviewed by the company auditors.
The cautionary announcement released on SENS on Friday, 11 May 2007, and in the
press on Monday, 14 May 2007, is hereby withdrawn and shareholders no longer
need to exercise caution when dealing in the securities of the company.
Cape Town
23 May 2007
Investment bank and sponsor
ABSA Capital
Date: 23/05/2007 07:00:06 Produced by the JSE SENS Department.
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