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VIL
VIL
VIL - Village - General Issue Of Shares For Cash
Village Main Reef Gold Mining Company (1934) Limited
("Village")
(Incorporated in the Republic of South Africa)
(Registration Number 1934/005703/06)
JSE Code VIL & ISIN: ZAE000007720
GENERAL ISSUE OF SHARES FOR CASH
1. Introduction
At the annual general meeting of the Company held on 11 November 2008, the
requisite majority of Village shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with
paragraph 5.52 of the Listings Requirements of the JSE Limited ("JSE")
("general authority"). In accordance with the general authority the board
of directors has resolved to issue 910 000 ordinary shares, equating to 15%
of Village`s issued share capital, to Umbono Capital Partners, a broad-
based black economic empowerment (BBBEE) investment company.
The shares will be issued for cash at 120 cents per share, being a 2%
premium to the 30 day value weighted average price ("VWAP") to 14 October
2009, resulting in a cash injection of R1 092 000 for Village. The shares
will be listed on the JSE on Wednesday, 21 October 2009 and will rank pari
passu with the existing ordinary shares of Village.
The proceeds from the placed shares will be used to fund working costs and
the evaluation of acquisition opportunities by Village.
2. Financial effects
The table below reflects the unaudited pro forma financial effects of the
above mentioned general issue of shares for cash. The pro forma financial
effects have been prepared for illustrative purposes only and in terms of
the Listings Requirements of the JSE and therefore due to their nature, may
not truly reflect Village`s financial position or results. The directors of
Village are responsible for the preparation of the pro forma financial
effects.
Before the Pro forma Change
issue (cents) after the (%)
issue (cents)
Basic loss (25) (21) 16
per share
Headline loss (24) (20) 17
per share
Net asset (19) (1) 95
value ("NAV")
Net tangible (19) (1) 95
asset value
("NTAV")
Notes:
1. The `Before the issue` figures are based on the audited annual
financial statements for the year ended 30 June 2009.
2. The `Pro forma after the issue` figures have been adjusted to include
the increase in cash as a result of the above proceeds from the issued
shares.
3. The `Pro forma after the issue` column is based on the assumption that
the issue was effective from 1 July 2008 for basic loss per share and
headline loss per share and on 30 June 2009 for NAV and NTAV.
Johannesburg
21 October 2009
Investment Bank and Sponsor
(Investec Bank Limited logo)
Date: 21/10/2009 10:00:19 Produced by the JSE SENS Department.
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