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STA
STA
STA - StratCorp - General issue of shares for cash
STRATCORP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/031842/06)
JSE code: STA
ISIN: ZAE 000034294
("StratCorp" or "the company")
GENERAL ISSUE OF SHARES FOR CASH
1. Introduction
Shareholders are advised that, in terms of a general authority to issue
shares for cash granted to the directors at the annual general meeting held
on 20 June 2008, StratCorp has raised R27.5 million in terms of that
general authority. StratCorp will accordingly issue 57 291 667 shares at
48 cents per share (at no discount to the 30 day weighted average traded
price of the securities as at 23 February 2009, the date the issue was
agreed between the parties)) to a public shareholder as defined in terms of
the JSE Listings Requirements ("the cash issue").
2. Financial effects of the cash issue
The unaudited pro forma financial effects of the cash issue, for which the
directors are responsible, are provided for illustrative purposes only to
show the effect thereof on earnings, headline earnings, diluted earnings
and diluted headline earnings per share as if the cash issue had taken
effect on 1 March 2008 and on net asset value and net tangible asset value
per share as if the cash issue had taken effect on 31 August 2008. Because
of their nature, the unaudited pro forma financial effects may not give a
fair presentation of the group`s financial position and performance. The
unaudited pro forma financial effects have been compiled from the reviewed
interim results for the six months ended 31 August 2008 and are presented
in a manner consistent with the format and accounting policies adopted by
StratCorp and have been adjusted as described in the notes below:
Reviewed Pro
Before forma
Notes the cash After Percentage
issue the cash change
issue
Basic loss per share 2 (7.12) (4.77) 33.06%
(cents)
Headline loss per share 2 (5.77) (3.86) 33.06%
(cents)
Net asset value per
share (cents) 3 37.0 40.6 9.83%
Tangible net asset value
per share (cents) 3 34.6 39.0 12.81%
Weighted average number
of shares in issue 4 116 017 173
(`000) 309
Shares in issue at end
of period (`000) 5 116 006 173
298
Notes:
1. The "Reviewed Before the cash issue" column information has been
extracted from StratCorp`s reviewed interim results for the six months
ended 31 August 2008.
2. The effects relating to basic loss and headline loss are based on the
following assumptions and information:
- the cash issue was effective 1 March 2008;
- the R27.5 million was received in terms of the 57 291 667 shares
issued;
- no adjustments have been made to reflect any benefit (income or
interest earned / saved) to be derived from the proceeds of the
share issue, in terms of the "Guide on Pro Forma Financial
Information" issued by the South African Institute of Chartered
Accountants dated September 2005. Management is nevertheless of
the opinion that the proceeds of the shares will be used in a
manner which will be to the benefit of shareholders; and
- the expenses relating to the cash issue are insignificant but
will be accounted for in the income statement.
3. The effects relating to the balance sheet are based on the following
assumptions and information:
- the cash issue was effective 31 August 2008;
- the actual number of shares in issue will increase by 57 291 667
as a result of the cash issue;
4. The weighted average number of shares in issue is based on 180 296 330
ordinary shares (123 004 663 ordinary shares before this issue) less 6
987 435 treasury shares.
5. The actual number of shares in issue at period end is based on 180 296
330 ordinary shares (123 004 663 ordinary shares before this
issue)less 6 998 531 treasury shares.
CENTURION
27 February 2009
Designated Adviser
Vunani Corporate Finance
Date: 27/02/2009 14:43:01 Produced by the JSE SENS Department.
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