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ADW
ADW
ADW - African Dawn Capital Limited - General Issue Of Shares For Cash
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE Share code: ADW & ISIN: ZAE000060703
("African Dawn")
GENERAL ISSUE OF SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that African Dawn has raised R98 000 000 in
capital by the general issue of ordinary shares for cash at 490 cents per
ordinary share ("issue for cash").
2. ISSUE OF SHARES FOR CASH
At the annual general meeting of the company held on 2 October 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 10% 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:
- 20 000 000 new ordinary shares in the company has been issued at an
issue price of 490 cents per ordinary share;
- the issue price of 490 cents per ordinary share represent a discount
of 4% to the share price on 27 May 2008, being the date that the price
was agreed by the directors of African Dawn; 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 African Dawn`s share:
Before After Change
(cents) (cents) (%)
(1)
Basic earnings per share 57.00 72.38 26.98
(2)
Diluted earnings per share 51.67 66.23 28.17
Headline earnings per 57.00 26.98
share (2) 72.38
Diluted headline earnings 51.67 66.23 28.17
per share (2)
Net asset value per share 145.11 195.74 34.89
(3)
Net tangible asset value 89.53 145.22 62.20
per share (3)
Notes:
1. The "before" column are extracted from the audited results of African
Dawn for the year ended 29 February 2008.
2. The basic, headline and diluted earnings per share reflected in the
"after" column assume that the 20 000 000 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 for cash
will be extended in terms of normal short term secured finance
activities, at yields averaging 60% per annum.
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 29
February 2008. The transaction costs relating to the issue of shares
for cash, amounting to R54 086.16 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 African Dawn 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 African Dawn`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, 17 June 2008.
27 June 2008
Johannesburg
Designated Adviser
Vunani Corporate Finance
Date: 27/06/2008 15:12:02 Produced by the JSE SENS Department.
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