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ADW
ADW
ADW- African Dawn Capital Limited - Issue of 25 Million Ordinary Shares for Cash
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE Share code: ADW & ISIN: ZAE000060703
("African Dawn" or "the Company")
ISSUE OF 25 MILLION ORDINARY SHARES FOR CASH
1 INTRODUCTION
Shareholders are advised that African Dawn has raised R 72 500 000 in
capital by the issue of shares for cash at 290 cents per ordinary share.
2 ISSUE FOR CASH
At the annual general meeting of the Company held on 3 October 2006, the
requisite majority of shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with the
Listings Requirements of JSE Limited ("`the Listing Requirement").
As the issue of the new shares represent a 14.30% increase in the issued
ordinary share capital of the Company this disclosure is made in terms of
section 11.22 of the Listing Requirements:
- 25 000 000 ordinary shares in the Company has been issued at an issue
price of 290 cents per ordinary share;
- the issue price of 290 cents per share represent a discount of 3 % to
the 30 day weighted average price ended 26 July 2007, being the date
the issue price was agreed by the directors of African Dawn;
- the shares have been issued to public shareholders as defined by the
Listings Requirements;
- The issue was oversubscribed.
3 FINANCIAL EFFECTS
3.1 The table below sets out the unaudited pro forma financial effects of the
issue for cash on the earnings, headline earnings and the net asset value
and tangible net asset value per African Dawn share:
Before After Change
(cents) (cents) (%)
(1)
Earnings per share (cents) 21.2 30.34 43%
Headline earnings per share (cents) 21.2 30.34 43%
Net asset value per share (cents) 70.34 102.45 46%
Tangible net asset value per share 62.87 96.08 53%
(cents)
Notes:
1 The "before" column are extracted from the audited results of African
Dawn for the year ended 28 February 2007.
2 The figures in the "after" column assume that the 25 000 000 shares
were issued and the cash was received on 1 March 2006, resulting in
additional advances of R 72 500 000 on which a net margin after
taxation of 35.7% is earned on the additional earnings. It is assumed
that 75% of the additional advances of R 72 500 000 will be used for
bridging finance.
2.1 The pro forma financial effects above are the responsibility of
the company`s directors and have been prepared for the purposes
of illustrating how the transaction would have affected the
relevant financial results and position of African Dawn for the
historical financial period indicated and on a pro forma basis.
Accordingly, such effects do not necessarily represent a true
reflection of the financial effects of the transaction on African
Dawn`s current and future earnings.
4 LISTING OF THE NEW SHARES
The JSE Limited has granted a listing of the new shares with effect from
the commencement of business on Thursday, 16 August 2007.
15 August 2007
Exchange Sponsors
Date: 15/08/2007 09:30:26 Produced by the JSE SENS Department.
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