| Wed 10 Oct 2007, 17:06 | | MNY - Moneyweb - Introduction of a Black Economic |
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MNY
MNY
MNY - Moneyweb - Introduction of a Black Economic Empowerment shareholder
MONEYWEB HOLDINGS LIMITED
(Registration No:1998/025067/06)
Share code: MNY & ISIN: ZAE000025409
("Moneyweb" or "the Company")
INTRODUCTION OF A BLACK ECONOMIC EMPOWERMENT SHAREHOLDER
Introduction
Shareholders are advised that, further to the cautionary announcements which
were released on SENS on Wednesday, 8 August 2007 and Wednesday 19 September
2007, Moneyweb has entered into an agreement with Isingqi Investment Holdings
(Proprietary) Limited ("Isingqi"), whereby Isingqi subscribed for 11,8 million
new Moneyweb shares at a subscription price of 70 cents per share, in terms of a
general issue of shares for cash approved by Moneyweb shareholders at the annual
general meeting on 24 October 2006 ("the issue of shares"). Financing to Isingqi
is provided by Mvelaphanda Holdings Limited.
In addition, Isingqi acquired 1,9 million shares from Mr. Alec Hogg and 1,9
million shares from Mrs. Louise Hogg at 70 cents cash per share, directly from
them (`the sale of shares"). Permission to trade has been obtained by them from
the Chairman of Moneyweb.
The transactions are unconditional. Moneyweb and Mr. and Mrs. Hogg have given
standard warranties regarding the issue of shares and the sale of shares,
respectively, for transactions of this nature.
Isingqi undertakes to Moneyweb, that it shall remain the exclusive and
unencumbered owner of the total number of shares acquired for a period of three
years, calculated from the effective date, being 10 October 2007. Isingqi
undertakes further, that it shall for the three year period, remain controlled
by the same shareholders who control it at the effective date, and retain the
same Black Economic empowerment status as at the effective date.
The proceeds of the issue of shares will be used for working capital purposes.
The collective transactions above and purchases of shares by Isingqi on the open
market, will result in Isingqi beneficially holding an effective interest of
25,1% in Moneyweb and will ensure compliance by Moneyweb with The Broad-Based
Black Empowerment Codes of Good Practice on Black Empowerment.
Isingqi`s Lindikhaya Sipoyo will join the Moneyweb board of directors as a non-
executive director.
Financial effects
The table below sets out the unaudited pro forma financial effects of the issue
of shares for the six months ended 30 September 2007. The unaudited pro forma
financial effects are presented for illustrative purposes only and because of
their nature may not give a fair reflection of the company`s results, financial
position and changes in equity after the issue of shares.
It has been assumed for purposes of the unaudited pro forma financial effects
that the issue of shares took place with effect from 1 April 2007 for income
statement purposes and 30 September 2007 for balance sheet purposes.
The directors of the company are responsible for the preparation of the
unaudited pro forma financial effects.
Per ordinary share Notes Before After Change
(cents) (cents) (%)
Basic earnings 1 1,32 1,42 6,8
Fully diluted earnings 1 1,32 1,42 6,8
Headline earnings 1 1,32 1,42 6,8
Fully diluted headline earnings 1 1,32 1,42 6,8
Net asset value 2 10,6 19,6 85,0
Net tangible asset value 2 8.7 18,0 122,2
Notes:
1 The amounts in the "Before" column represent the audited basic earnings per
share, fully diluted earnings per share, headline earnings per share and
fully diluted headline earnings per share as disclosed in the financial
results for the six months ended 30 September 2007. The amounts in the
"After" column represent the unaudited basic earnings per share, fully
diluted earnings per share, headline earnings per share and fully diluted
headline earnings per share after the issue of shares based on the
assumption that the issue of shares was effective 1 April 2007 and that the
cash proceeds have been invested at an after tax return of 5,6% per annum.
2 The amounts in the "Before" column represent the audited net asset value
and net tangible asset value per share as disclosed in the financial
results for the six months ended 30 September 2007. The amounts in the
"After" column represent the unaudited net asset value and net tangible
asset value based on the financial results for the six months ended 30
September 2007 adjusted for the issue of shares, had it been effected on 30
September 2007.
Withdrawal of cautionary
The cautionary is hereby withdrawn and accordingly caution is no longer required
when dealing in the company`s shares.
Rosebank, Johannesburg
10 October 2007
Designated advisor
Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 10/10/2007 17:06:01 Produced by the JSE SENS Department.
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