| Tue 11 Mar 2008, 13:19 | | SNU - Sentula Mining - Directors` Dealings And Sig |
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SNU
SNU
SNU - Sentula Mining - Directors` Dealings And Significant Change
In Shareholding
SENTULA MINING LIMITED
(previously Scharrig Mining Limited)
(Registration number 1992/001973/06)
(Incorporated in the Republic of South Africa)
Share code: SNU & ISIN code: ZAE000107223
("Sentula")
DIRECTORS` DEALINGS AND SIGNIFICANT CHANGE IN SHAREHOLDING
1. Introduction
Two of Sentula`s significant shareholders, Jonah Capital (Proprietary) Limited
("Jonah Capital") and Coronation Capital Limited ("Coronation Capital") have
decided to realign their investment portfolios, as more fully set out in this
announcement. Section 1 of this announcement represents a voluntary disclosure
by the parties mentioned herein.
1.1 Jonah Capital
Prior to this announcement, Jonah Capital held 33 238 440 shares in the issued
share capital of Sentula, representing 14.38% of Sentula`s issued shares.
Jonah Capital is represented on the board of directors of Sentula ("the Board")
by Sir Sam Jonah, KBE, and by Mr RK Jonah.
Jonah Capital is strongly supportive of Sentula`s management and believes that
the company will continue to deliver value growth to its shareholders.
Nevertheless, Jonah Capital and its affiliates are involved in numerous projects
that require significant capital outlays. These projects include Jonah Capital`s
interest in Jonah Coal (a 50/50 joint venture between Jonah Capital and
Sentula), which holds an interest in Asenjo Energy (previously known as the
African Energy JV), a joint venture between Jonah Coal and Aquila Resources.
Jonah Capital has reassessed its capital funding requirements and, inter alia,
its sources and cost of capital. Jonah Capital has concluded that a reallocation
of its capital is required and has therefore decided to reduce its holding in
Sentula in order to fund its future commitments to other mining projects.
1.2 Coronation Capital
Prior to this announcement, Coronation Capital held 20 958 511 shares in the
issued share capital of Sentula, representing 9.07% of Sentula`s issued shares.
Coronation Capital is represented on the Board by Mr Allan Joffe.
Coronation Capital acquired its Sentula shares as a proprietary investment.
Since it made its investment in Sentula, the size of the investment, relative to
Coronation Capital`s general portfolio investment parameters, has grown
considerably.
As such, Coronation Capital has decided to partially reduce its holding in
Sentula to align its investment in Sentula with its portfolio parameters.
1.3 Bookbuild
Jonah Capital and Coronation Capital ("the Shareholders") gave due consideration
to the proposed realignment of their investment portfolios, specifically with a
view to maintain market stability and to optimise Sentula`s shareholder spread
and market liquidity.
The Shareholders therefore agreed that the best practice to dispose of their
Sentula shares would be in an orderly fashion through a formal book-building
exercise ("the Bookbuild") and to thereby enhance the institutional shareholding
and shareholder spread of Sentula.
The Shareholders appointed Barnard Jacobs Mellet Corporate Finance (Proprietary)
Limited ("BJM Corporate Finance") as sole agents to conduct the Bookbuild.
1.4 Results of the Bookbuild
BJM Corporate Finance is authorised to announce that the Bookbuild was completed
on Monday, 10 March 2008 and that 31.25 million Sentula shares were placed with
institutional investors at a price of 2175 cents per Sentula share, realising
approximately R680m for the Shareholders.
The Bookbuild was oversubscribed in terms of the initial offering of 25 million
shares and the Shareholders allowed an additional placement of 6.25 million
shares to satisfy institutional demand for Sentula shares.
The Bookbuild was conducted exclusively for existing shares held by Jonah
Capital and Coronation Capital and did not involve the issue of any new Sentula
shares.
1.5 Shareholding of Jonah Capital and Coronation Capital in Sentula following
the Bookbuild
Following completion of the Bookbuild, the Shareholders` respective
shareholdings in Sentula are as follows:
Shareholder Number of % of Sentula`s
Sentula issued share
Shares capital
Jonah Capital 13 988 440 6.05%
Coronation 8 958 511 3.88%
Capital
1.6 Board representation by Shareholders
Both Sir Sam Jonah and Mr RK Jonah (representing Jonah Capital), as well as Mr
Allan Joffe (representing Coronation Capital), will remain on the Board. Sir Sam
Jonah will remain Chairman of the Board.
2. DIRECTORS` DEALINGS
In compliance with paragraphs 3.63 to 3.65 of the Listings Requirements of the
JSE Limited, the following dealings by directors in Sentula securities are
advised:
Names of directors: Sir Sam Jonah
Mr RK Jonah
Category of director DIRECTORS OF SENTULA
Date of transaction 10 March 2008
Nature of transaction DISPOSAL
Number of securities 19 250 000
Price of securities 2175c
Total value of securities R418 687 500
Class of securities ORDINARY SHARES
Interest INDIRECT BENEFICIAL
Clearance in terms of paragraph 3.66
of the Listings Requirements of the YES
JSE
Johannesburg
11 March 2008
Sponsor and Bookbuild Agent:
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 11/03/2008 13:19:00 Produced by the JSE SENS Department.
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