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SNU
SNU
SNU - Sentula (previously Scharrig Mining) - General issue of shares for cash
SENTULA MINING (previously Scharrig Mining)
(Registration number 1992/001973/06)
(Incorporated in the Republic of South Africa)
Share code: SNU ISIN code: ZAE00000107223
("Sentula" or "the Company")
GENERAL ISSUE OF SHARES FOR CASH
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd has been authorised to
announce that the Company has issued a total of 17 million shares to selected
financial institutions raising a total of R374 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 12 October 2007.
The shares have been placed at 2200 cents, which represents a 5% discount to the
30 day volume weighted average price of R23.21 as at 24 December 2007.
APPLICATION OF PROCEEDS
The proceeds of the issue will be utilised to acquire a 49.9% shareholding in
the Koornfontein mine and a 16.7% stake in the Southern African Energy Joint
Venture with Aquila Resources in Botswana in partnership with Jonah Coal as well
as for the development of the Nkomati Anthracite and Merafe Portfolio of coal
projects.
PRO FORMA FINANCIAL EFFECTS OF THE ISSUE
The table below sets out the unaudited pro forma financial effects on Sentula
based on the stated assumptions. The unaudited pro forma financial effects have
been prepared by the board of Sentula for illustrative purposes only, in order
to provide information about how the share issue may have affected the results,
changes in equity and financial position of Sentula, had the transaction been
implemented on 1 April 2007 for income statement purposes and 30 September 2007
for balance sheet purposes. Due to their nature, the unaudited pro forma
financial effects may not give a true reflection of the results, changes in
equity and financial position of Sentula the proposed transaction. The directors
of Sentula are responsible for the unaudited pro forma financial effects.
Before the issue After the issue
(cents per share) (cents per % Change
share)
Core earnings per share 74.3 64.3 -14%
("Core EPS") 1
Earnings per share/
Headline earnings per 67.5 58.1 -14%
share ("EPS")/("HEPS") 2,3
Net asset value per share 701.7 814.1 16%
("NAV") 4
Net tangible asset value 565.7 688.6 22%
per share ("NTAV") 5
Number of ordinary shares 203 430 220 430 8%
in issue (`000) 6
Weighted average number of 177 599 194,599 10%
ordinary shares in issue
(`000) 7
Notes:
1 Core earnings per share are computed by dividing core earnings by the
weighted average number of shares in issue.
2 Earnings per share are computed by dividing earnings by the weighted
average number of shares in issue.
3 Headline earnings per share are computed by dividing headline earnings by
the weighted average number of shares in issue.
4 Net asset value per share is computed by dividing total equity by the
number of shares in issue.
5 Net tangible asset value per share is computed by dividing total equity
excluding intangible assets by the number of shares in issue.
6 The number of shares in issue as at 30 September 2007 was 203 430 000 and
as a result of the issue, the number of shares in issue as at that date
would have been 220 830 000.
7 The weighted average number of shares in issue was 177 599 000 for the six
month period ended 30 September 2007 and as a result of the issuance of 17
000 000 shares, the weighted average number of shares in issue for that
period would have been 194 599 000
By order of the board
Janet Salmon
Company Secretary
8 January 2008
Johannesburg
Sponsor and Placement Agent:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 08/01/2008 10:05:02 Produced by the JSE SENS Department.
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