| Thu 14 May 2009, 16:39 | | FRT - Faritec - Financial Effects Results Of General Meeting And |
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FRT
FRT
FRT - Faritec - Financial Effects, Results Of General Meeting And
Withdrawal Of Cautionary
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec" or the "company")
FINANCIAL EFFECTS, RESULTS OF GENERAL MEETING AND WITHDRAWAL OF CAUTIONARY
FINANCIAL EFFECTS
Shareholders are referred to the announcement dated 15 April 2009 regarding
the raising of a working capital facility to be repaid by a specific issue of
shares (the "specific issue of shares")and the revised terms of the rights
offer (the "rights offer")(collectively, the "transactions")and the notice of
general meeting issued on 21 April 2009.
The pro forma financial information set out below has been prepared for
illustrative purposes only, to provide information on how the transactions may
have impacted on the historical results and financial position of Faritec.
Because of the nature, pro forma financial information may not give a fair
reflection of Faritec`s financial position after the transactions, or the
effect of the transaction on Faritec`s future earnings.
The calculation of the pro forma financial information is the responsibility
of the directors.
Before After After the
(cents) the rights
rights % offer and %
offer change specific change
issue
(cents)
Earnings and (8.3) (2.3) 72 (1.1) 88
headline earnings
per share
Diluted earnings (8.2) (2.3) 72 (1.1) 88
and headline
earnings per share
Net asset value per 63 20 (69) 11 (82)
share
Tangible net asset (0.9) 1.8 311 2.4 374
value per share
Notes and assumptions:
- The figures set out in the "Before" column above have been extracted from
the unaudited interim results for the six months ended 31 December 2008.
- The rights offer is assumed to have been implemented on 1 July 2008 for
earnings, headline earnings and diluted earnings per share purposes and
on 31 December 2008 for net asset and net tangible asset value per share
purposes.
- 666 666 667 rights offer shares are assumed to be issued pursuant to the
rights offer, thereby raising capital of R20 million.
- The proceeds of the rights offer are assumed to have been utilised to pay
the costs of the rights offer. The net proceeds of the rights offer
(after deduction of estimated costs) have increased cash resources to be
utilised for working capital requirements.
- The costs of the rights offer are assumed to be approximately R1 000 000.
- The specific issue of shares is assumed to have been implemented on 1
July 2008 for earnings, headline earnings and diluted earnings per share
purposes and on 31 December 2008 for net asset and net tangible asset
value per share purposes.
- 966 666 667 shares are assumed to be issued pursuant to the specific
issue of shares at 3 cents per share, thereby issuing shares to the value
of R29 million.
- The net proceeds of the specific issue of shares (after deduction of
estimated costs) have increased cash resources to be utilised for working
capital requirements.
- The costs of the specific issue of shares are assumed to be approximately
R1 260 000.
RESULTS OF GENERAL MEETING
Shareholders are advised that the resolutions in respect of the increase of
the authorised share capital of the company and the placing of the authorised
and unissued ordinary share capital under the control of the directors for the
purposes of undertaking the rights offer, have been approved by the requisite
majority of shareholders at the general meeting held on Wednesday, 13 May
2009.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that caution is no longer required to be exercised
when dealing in their Faritec shares.
14 May 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 14/05/2009 16:39:34 Produced by the JSE SENS Department.
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