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SBL
SBL
SBL - Sable - Correction To Claw-Back Rights Offer To Raise R35 Million
SABLE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1968/010636/06)
("SABLE" OR "THE COMPANY")
SHARE CODE: SBL ISIN: ZAE000006383
CORRECTION TO CLAW-BACK RIGHTS OFFER TO RAISE R35 MILLION
Shareholders are referred to the SENS announcement dated 11 November 2008
wherein the terms of a claw-back rights offer by the company was announced.
The correct number of rights offer shares being offered is 1 797 400, and
not 1 830 000 as previously stated, resulting in a ratio of 22 rights offer
shares for every 100 Sable shares held on the record date. The rights offer
shares will be issued at a price of R19.47 per rights offer share, which is
at a premium of 14.53% to the closing price of ordinary Sable shares on 10
November 2008 of R17.00. The amount to be raised remains at R35 million
(before expenses).
The revised financial effects are presented below:
Financial effects
The pro forma financial effects of the rights offer are set out below. The
pro forma financial effects have been prepared for illustrative purposes
only to provide information on how the rights offer may have impacted on the
results and financial position of Sable. 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 Sable`s
financial position after the rights offer or the effects on future earnings:
Before the After the Percentage
rights offer rights change
30 June 2008 offer
Earnings per share 376.1 327.41 -12.96 %
(cents)
Headline earnings per 219.4 201.41 -8.20%
share (cents)
Net asset value (cents 4 337 3 8943 -10.21%
per share)
Net tangible asset 4 337 3 8943 -10.21%
value (cents per
share)
Number of shares in 8 170 000 9 967 400 22.00%
issue (including
treasury shares)
Weighted average 7 378 000 9 175 24.36%
number of 400
shares in issue
Notes and assumptions:
(1) Pro forma earnings and headline earnings are based on Sable`s published
year end results ended 30 June 2008 after taking into account the
following adjustments:
- R17,500,000 of interest bearing debt bearing interest at a average
of 12.49% being repaid;
- R17,500,000 equity invested in associate company;
- R 400 000 transaction costs were included; and
a company tax rate of 28%.
(2) The pro forma earnings figures illustrate the possible financial
effects if the rights offer had been implemented on 1 July 2007.
(3) The net asset value and net tangible asset figures are based on the
assumption that the rights offer happened on 30 June 2008.
Johannesburg
13 November 2008
Sponsor: Sasfin Capital
A division of Sasfin Bank Limited
Date: 13/11/2008 14:35:04 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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