| Mon 17 Nov 2008, 16:20 | | BSR - Basil Read - Issues of ordinary shares for cash |
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BSR
BSR
BSR - Basil Read - Issues of ordinary shares for cash
BASIL READ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1984/007758/06
Share Code: BSR ISIN: ZAE000029781
("Basil Read" or "the company")
ISSUES OF ORDINARY SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 9 May 2008, 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 Listings Requirements").
As the issue of the new shares to the Industrial Development Corporation of
South Africa Limited ("IDC") represents an 11.7% increase in the issued ordinary
share capital of the company, the following disclosure is made in terms of
Section 11.22 of the Listings Requirements.
In the current financial year the directors issued 1,762,700 ordinary shares
with a par value of 2695 cents per share to the shareholders of Roadcrete Africa
(Pty) Limited ("Roadcrete") in terms of the acquisition of Roadcrete.
Shareholders are referred to the SENS announcement dated 26 May 2008 for details
of the transaction.
Further to the above issue, the directors issued 9,090,909 shares with a par
value of 1976 cents per share to the IDC for a cash consideration of
R179,636,361.84.
The ordinary shares referred to above were issued to public shareholders as
defined by the Listings Requirements.
FINANCIAL EFFECTS
The financial effects of the issue of shares to the IDC, based on the published,
unaudited results of Basil Read for the six month period ended 30 June 2008 are
set out below:
Before After %
change
Earnings per share (cents) 113.14 116.40 2.9
Headline earnings per share 113.98 117.20 2.8
(cents)
Net asset value per share 557.34 749.82 34.5
(cents)
Tangible net asset value per 502.78 698.36 38.9
share (cents)
Number of shares in issue 75,619 84,710 12.0
(000`s)
Notes:
1. The figures in the "before" column are extracted from the unaudited results
of Basil Read for the six month period ended 30 June 2008;
2. The figures in the "after" column assume that the shares were issued, and
the cash received, on 1 January 2008 and the cash invested for six months
at a net after tax return of 8.64% per annum for earnings purposes and that
the shares were issued, and the cash received, on 30 June 2008 for asset
value purposes;
3. The % change column reflects the change between the before and after
situations.
Johannesburg
17 November 2008
Sponsor:
SASFIN CAPITAL
(A division of Sasfin Bank Limited)
Date: 17/11/2008 16:20:19 Produced by the JSE SENS Department.
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