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SAM
SAM
SAM - Samroc - Issue Of 40 864 120 Ordinary Shares For Cash
SA MINERAL RESOURCES CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
Share code: SAM & ISIN: ZAE000012019
("Samroc" or "the company")
ISSUE OF 40 864 120 ORDINARY SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 30 January 2008, 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 Listings Requirements").
As the issue of the new shares represents a 15% increase in the issued
ordinary share capital of the company the following disclosures are made in
terms of section 11.22 of the Listings Requirements:
During the current financial year, Samroc has not issued any ordinary shares
under the general authority.
The 40 864 120 ordinary shares referred to above were issued to Metropolitan
Asset Managers, a public shareholder as defined by the Listings Requirements.
The shares will be issued at an issue price of 75 cents per share which
represents a discount of less than 10% to the weighted average traded price
of 82 cents in respect of the 30 business days prior to the date on which the
terms of the general issue for cash were fixed, being 25 February 2008.
FINANCIAL EFFECTS
The financial effects of the issue, based on the published, audited results
of Samroc for the year ended 30 June 2007 and the restructure implemented on
31 December 2007 are set out below. The pro forma financial effects have been
prepared for illustrative purposes only to provide information of how the
issues for cash may have impacted on the results and financial position of
Samroc. Preparation of the pro forma financial effects is the responsibility
of the directors. Because of their nature, the pro forma financial effects
may not fairly present Samroc`s financial position after the issues for cash
or the effect on future earnings:
Before 1 After the After the % Improvement
capital general issue
restructure 3
and specific
issue 3
Published Pro forma Pro forma
Audited
(Loss) per (0.23) (0.08) (0.07) 13%
share (cents)
Headline (0.23) (0.08) (0.07) 13%
(loss) per
share (cents)
Net asset 0.30 8.764 17.40 99%
value per
share (cents)
Tangible net 0.30 8.764 17.40 99%
asset value
per share
(cents)
Number and 374 275 272 427 313 292 15%
weighted
number of
shares in
issue (000)
Notes:
1. The "Before" financial information is based on Samroc`s published
reviewed results for the twelve months ended 30 June 2007.
2. The "After the capital restructure" financial information is based
on the consolidation on a 1 for 10 basis of the issued share
capital of 374 274 923 ordinary shares of 1 cent each into 37 427
492 ordinary shares of no par value and the subsequent specific
issue of shares for cash implemented on 31 December 2007.
3. The "After the general issue" financial information is based on the
issue of 40 864 124 shares at 75 cents per share as set out in this
announcement. It is assumed that no interest income will flow from
the moneys received, which will be deployed in acquiring mineral
exploration interests, as announced on SENS on 26 February 2008.
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, 6 March 2008.
Johannesburg
6 March 2008
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Corporate Adviser
Lonsa
Date: 06/03/2008 11:45:03 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
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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