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WSL
WSL
WSL - Wescoal Holdings Limited - Issue Of 35 Million Ordinary Shares For Cash
WESCOAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE Share code: WSL ISIN: ZAE000069639
("Wescoal" or "the company")
ISSUE OF 35 MILLION ORDINARY SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that Wescoal has raised R 80 500 000 in capital by the
issue of shares for cash at 230 cents per ordinary share.
2. ISSUE FOR CASH
At the annual general meeting of the company held on 25 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 33.04% increase in the issued
ordinary share capital of the company this disclosure is made in terms of
section 11.22 of the Listing Requirements:
- 35 000 000 ordinary shares in the company has been issued at an issue price
of 230 cents per ordinary share;
- the issue price of 230 cents per share represent a discount of 8% to the 30
day weighted average price ended 6 June 2008, being the date the issue price was
agreed upon by the directors; and
- the shares have been issued to public shareholders as defined by the
Listings Requirements.
3. FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the issue
for cash on the earnings, headline earnings and the net asset value and tangible
net asset value per Wescoal share:
Before After Change (%)
(cents) (1) (cents)
Earnings per share (cents) 11.2 9.05 -19.18%
Headline earnings per share 11.5 9.30 -19.12%
(cents)
Fully diluted earnings per 11.2 9.05 -19.18%
share (cents)
Fully diluted headline 11.5 9.30 -19.12%
earnings per share (cents)
Net asset value per share 55.32 97.51 76.27%
(cents)
Tangible net asset value per 20.49 71.45 248.72%
share (cents)
Notes:
1. The "before" column are extracted from the audited results of Wescoal for
the year ended 31 March 2008.
2. The figures in the "after" column assume that the 35 000 000 shares were
issued and the cash was received on 1 April 2007.
3. The "after" column net asset value and net tangible asset value per share
have been adjusted to include the estimated transaction costs which have been
written off against share premium.
4. The "after" column earnings per share and fully diluted earnings per share
have been adjusted for interest saving of R1,2 million. Taxation has been
calculated at 29%.
The pro forma financial effects above are the responsibility of the company`s
directors and have been prepared for the purposes of illustrating how the
transaction would have affected the relevant financial results and position of
Wescoal 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 Wescoal`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 Friday, 4 July 2008.
3 July 2008
Johannesburg
Exchange Sponsors
Date: 03/07/2008 09:28:50 Produced by the JSE SENS Department.
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