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FWX
FWX
FWX - FoneWorx - Black Economic Empowerment Transaction - Revised Financial
Effects And Notice Of General Meeting
FoneWorx Holdings Limited
(formerly Interconnective Solutions Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1997/010640/06)
Share code: FWX & ISIN: ZAE000086237
("FoneWorx" or "the company")
BLACK ECONOMIC EMPOWERMENT TRANSACTION - REVISED FINANCIAL EFFECTS AND NOTICE OF
GENERAL MEETING
Introduction
Shareholders are referred to the SENS announcement on 5 November 2007, regarding
the introduction of a Black Economic Empowerment partner through the proposed
specific issue of 20 330 612 FoneWorx shares for cash at 106 cents per share to
Kabo Capital (Proprietary) Limited ("Kabo") ("the issue of shares for cash") and
simultaneous acquisition of 20 470 000 shares by Kabo from certain FoneWorx
directors at 106 cents per share.
Shareholders are advised of revised financial effects relating to the issue of
shares for cash, which include transaction costs. This notice advises
shareholders of the transaction costs which are now included in the unaudited
pro forma financials.
Revised financial effects
The table below sets out the unaudited pro forma financial effects of the issue
of shares for cash for the year ended 30 June 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 for cash.
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) (%)
Earnings 1 7.89 7.45 (5.6)
Headline earnings 1 8.20 7.71 (6.0)
Net asset value 2 15.07 28.68 90.3
Net tangible asset value 2 15.03 28.65 90.6
Notes:
1. The amounts in the "Before" column represent the audited earnings per share
and headline earnings per share as disclosed in the financial results for
the year ended 30 June 2007. The amounts in the "After" column represent
the unaudited basic earnings per share and headline earnings per share
after the issue of shares for cash based on the assumption that the issue
of shares for cash was effective 1 July 2006 and that the cash proceeds
have been invested at an after tax return of 5.5% 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 year ended 30 June 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 year ended 30 June 2007 adjusted for the
issue of shares for cash, had it been effected on 30 June 2007.
3. Transaction costs of R183 828 have been accounted for in the above pro
forma financial effects.
The above pro forma financial effects have been reviewed by the reporting
accountants and their unqualified report is included in the circular to
shareholders.
Documentation
Shareholders are advised that a circular containing full details of the proposed
issue of shares for cash, including a notice of general meeting of shareholders
to be held at 9:00 on Friday, 14 December 2007 at 1st Floor Corner Bram Fischer
Drive and Will Scarlet Road (entrance in Will Scarlet Road), Ferndale, Randburg,
has been dispatched on Thursday, 29 November 2007.
Randburg
29 November 2007
Designated advisor
Deloitte & Touche Sponsor Services (Pty) Ltd
Reporting accountants
Deloitte & Touche
Date: 29/11/2007 16:59:52 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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