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SIC
SIC
SIC - Safic Holdings Limited - Issue of 6.5 million ordinary shares for cash
SAFIC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2004/029691/06)
JSE Share code: SIC ISIN: ZAE000088068
("Safic" or "the Company")
ISSUE OF 6.5 MILLION ORDINARY SHARES FOR CASH
ISSUE OF SHARES FOR CASH
1.1. Introduction
Shareholders are advised that Safic has raised R 12 675 000 in capital by the
issue of shares for cash at 195 cents per ordinary share. The cash raised will
be utilised to pay for the acquisition of Silver Falcon Trading 12 (Pty)
Limited, trading as Centurion Glass & Aluminium.
At the shareholder`s meeting of the Company held on 31 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 8.65% increase in the issued ordinary
share capital of the Company this disclosure is made in terms of section 11.22
of the Listing Requirements:
* 6 500 000 ordinary shares in the Company has been issued at an issue price
of 195 cents per ordinary share;
* the issue price of 195 cents per share represent a discount of 10 % to the
30 day weighted average price ended 13 September 2007, being the date the
issue price was agreed by the directors of Safic;
* the shares have been issued to public shareholders as defined by the
Listings Requirements;
1.2 Financial effects
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 Safic share:
Before After Change
(cents) (1) (cents) (2) (%)
Earnings per share (cents) 15.62 14.27 (9%)
Headline earnings per share (cents) 16.56 15.14 (9%)
Net asset value per share (cents) 116 122 5%
Tangible net asset value per share 73 82 12%
(cents)
Weighted average number of shares 69 186 521 75 686 521
Total number of shares in issue 75 186 521 81 686 521
Notes:
1 The "before" column are extracted from the audited results of Safic for the
year ended 30 June 2007.
2 The figures in the "after" column assume that the 6 500 000 shares were
issued and the cash was received on 1 July 2006.
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
Safic 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 Safic`s current and future earnings.
3 Listing of new shares
The JSE Limited has granted a listing of the new shares with effect from
Tuesday, 20 November 2007.
19 November 2007
Johannesburg
Designated Advisor
Exchange Sponsors
Date: 19/11/2007 14:58:12 Produced by the JSE SENS Department.
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