| Wed 19 Mar 2008, 12:21 | | PSV - PSV Holdings - General Issue Of Shares For Cash |
|
PSV
PSV
PSV - PSV Holdings - General Issue Of Shares For Cash
PSV Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/004365/06)
(JSE code: PSV ISIN: ZAE000078705)
("PSV Holdings" or "the company")
GENERAL ISSUE OF SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that PSV Holdings has raised R8 000 000 in
capital by the general issue of ordinary shares for cash at 54
cents per ordinary share ("issue for cash").
2. ISSUE OF SHARES FOR CASH
At the annual general meeting of the company held on Friday, 31
August 2007, 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 6.69% increase in the
issued ordinary share capital of the company the following
disclosure is made in terms of section 11.22 of the Listing
Requirements:
- 10 058 751 new ordinary shares in the company and 4 756 065
ordinary shares held in treasury by a subsidiary of the company has
been issued at an issue price of 54 cents per ordinary share;
- the issue price of 54 cents per ordinary share represent a
discount of 9 % to the 30 day volume weighted average price per
share prior to Monday, 3 March 2008, being the date that the price
was agreed by the directors of PSV Holdings; and
- the shares have been issued to public shareholders as defined
in terms of the Listings Requirements.
3. FINANCIAL EFFECTS
3.1 The table below sets out the unaudited pro forma financial
effects of the issue for cash on the basic earnings, headline
earnings, diluted earnings and headline earnings and the net asset
value and net tangible asset value per PSV Holdings` share:
Before After Change
(cents) (1) (cents) (%)
Basic earnings per share 4.27 4.00 (6.42)
(2)
Diluted earnings per share 4.17 3.91 (6.28)
Headline earnings per share 4.26 3.99 (6.42)
(2)
Diluted headline earnings 4.16 3.90 (6.28)
per share (2)
Net asset value per share 83.04 81.18 (2.25)
(3)
Net tangible asset value 29.79 31.34 5.22
per share (3)
Notes:
1. The "before" column are extracted from the unaudited interim
results of PSV Holdings for the six months ended 31 August 2007.
2. The basic, headline and diluted earnings per share reflected
in the "after" column assume that the 14 814 816 new ordinary
shares were issued on 1 March 2007. No interest benefit has been
included in the income statement as the proceeds from the issue of
the shares of cash will be used to settle a portion of the
liability arising on the acquisition of Engineered Lining Solutions
(Proprietary) Limited, refer to announcement dated 31 October 2007.
3. The net asset value and net tangible asset value reflected in
the "after" column assume that the issue of shares for cash
occurred on 31 August 2008. The transaction costs relating to the
issue of shares for cash, amounting to R26 393.28 have been offset
against the share proceeds and stated capital.
3.2 The financial effects contained in table 3.1 above have been
prepared for the purposes of illustrating how the transaction would
have affected the relevant financial results and position of PSV
Holdings 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
PSV Holding`s current and future earnings.
4. LISTING OF THE NEW SHARES
The JSE Limited has granted a listing of the new shares with effect
from the commencement of business on Tuesday, 18 March 2008.
19 March 2008
Johannesburg
Designated Adviser
Vunani Corporate Finance
Date: 19/03/2008 12:21:15 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.
