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SCN
SCN
SCN - Schamin - General issue of shares for cash and cautionary announcement
SCHARRIG MINING LIMITED
(Registration number 1992/001973/06)
Share code: SCN & ISIN: ZAE000006474)
("Schamin" or "the Company")
GENERAL ISSUE OF SHARES FOR CASH AND CAUTIONARY ANNOUNCEMENT
PLACEMENT OF SHARES
Schamin shareholders are advised that the Company has issued a total of 15
million shares to selected financial institutions raising a total of R330
million ("the issue") in terms of the general authority to issue shares for cash
granted to the directors at the Annual General Meeting of the company held on
Friday, 25 August 2006. The shares have been placed at 2200 cents, which is at
an average discount of 2% to the 30 day weighted average traded price.
APPLICATION OF PROCEEDS AND CAUTIONARY
The proceeds of the issue will be utilised to satisfy certain projects that will
be announced in due course. In this regard shareholders are advised to exercise
caution in dealing in their Schamin shares until a detailed announcement is
published.
PRO FORMA FINANCIAL EFFECTS OF THE ISSUE
The table below sets out the pro forma effect on core earnings per share ("CORE
EPS"), headline earnings/earnings per share ("EPS/HEPS"), net asset value
("NAV") and net tangible asset value ("NTAV") per share. The pro forma
financial effects have been prepared for illustrative purposes only, for the
purposes of this announcement and in terms of the Listings Requirements of the
JSE Limited, and therefore, due to their nature, may not truly reflect Schamin`s
financial position, changes in equity, results of operations or cash flows. The
pro forma financial information is the responsibility of the directors of
Schamin.
Audited Pro Forma
Before the After the
issue (cents) issue (cents) Change (%)
CORE EPS 103.9 109.4 5.29
EPS/HEPS 98.6 104.6 6.08
NAV 468 595 27.1
NTAV 344 481 39.8
Notes:
1. The "before" figures are based on the audited results for the year ended 31
March 2007.
2. The EPS and HEPS figures are based on the weighted number of shares in
issue at 31 March 2007.
3. The NAV and NTAV per share calculations are based on the actual number of
shares in issue at 31 March 2007.
4. The "after" column is based on the assumption that the issue was effective
from 1 April 2006 for EPS and HEPS and on 31 March 2007 for NAV and NTAV
purposes, and that the proceeds were utilised to repay borrowings.
Assuming borrowings incurred interest at an average rate of 7.5% after
taxation.
LISTING OF NEW SHARES
An application has been made to the JSE for listing of the new shares.
Boksburg
7 August 2007
Corporate Advisor
Manhattan Equity Corporate Finance (Pty) Limited
Sponsor
Arcay Moela Sponsors (Pty) Limited
Date: 07/08/2007 17:32:51 Produced by the JSE SENS Department.
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