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BFS
BFS
BFS - Blue - Financial effects relating to the issue of shares for cash to the
International Finance Corporation and withdrawal of cautionary
BLUE FINANCIAL SERVICES LIMITED
(Registration number 1996/006595/06)
(JSE Code: BFS & ISIN: ZAE000083655)
("Blue" or "the Company")
FINANCIAL EFFECTS RELATING TO THE ISSUE OF SHARES FOR CASH TO THE INTERNATIONAL
FINANCE CORPORATION AND WITHDRAWAL OF CAUTIONARY
1. Introduction
Shareholders were advised in a SENS announcement dated 21 June 2007 that Blue
has signed agreements in terms of which the International Finance Corporation
("IFC") (a division of the World Bank) is to subscribe for ordinary shares in
and provide a loan to Blue.
2. Pro forma financial effects of the share issue
The unaudited pro forma financial information, which is the responsibility of
the directors of Blue, have been prepared for illustrative purposes only and,
because of its nature, may not give a true reflection of Blue`s financial
position, changes in equity, results of operations or cash flows. The unaudited
pro forma financial information is merely intended to illustrate how the share
issue, based on certain assumptions, might have affected the audited results of
Blue for the year ended 28 February 2007.
The table below sets out the unaudited pro forma financial effects of the share
issue:
Before Pro forma
the issue after the
issue
Cents per Cents per %
share share change
Earnings per share (cents) 12.28 16.75 36.4%
Headline earnings per 13.62 18.00 32.2%
share (cents)
Diluted earnings per share 9.69 13.40 38.3%
(cents)
Diluted headline earnings 10.74 14.40 34.1%
per share (cents)
Net asset value per share 127.59 138.52 8.6%
(cents)
Tangible net asset value 30.83 48.00 55.7%
per share (cents)
Weighted average shares in 330 530 354 369
issue (`000)
Fully diluted weighted 419 081 442 919
average shares in issue
(`000)
Shares in issue at the end 345 632 369 470
of the year (`000)
Notes:
1. The unaudited pro forma financial effects were prepared on the basis that the
share issue was completed on 1 March 2006.
2. The "Before the issue" column has been extracted without adjustment from the
audited results of Blue for the year ended 28 February 2007.
3. The "Pro forma after the issue" earnings per share, diluted earnings per
share, headline earnings per share and diluted headline earnings per share have
been adjusted to include an estimated reduction in pre taxation finance costs of
R25.0 million and additional pre taxation finance income of R1.3 million.
3. Circular to shareholders
A circular containing details of the share issue as well as a notice of general
meeting will be posted to shareholders in due course.
4. Withdrawal of cautionary
Shareholders are referred to the announcements dated 22 December 2006, 15
February 2007, 30 March 2007, 10 May 2007 and 20 June 2007 and are advised that
as the negotiations referred to therein have now been finalised and the
financial effects have been announced, shareholders are no longer advised to
exercise caution when dealing in Blue securities.
Pretoria
25 June 2007
Designated Advisor
Ernst & Young Sponsors (Pty) Limited
Date: 25/06/2007 15:51:16 Produced by the JSE SENS Department.
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