| Tue 3 Nov 2009, 13:37 | | IMU - Imuniti Holdings - General Issue Of Shares For Cash |
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IMU
IMU
IMU - Imuniti Holdings - General Issue Of Shares For Cash
IMUNITI HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2004/002282/06)
(JSE Code: IMU & ISIN: ZAE000089199)
("Imuniti" or "the Company")
GENERAL ISSUE OF SHARES FOR CASH
1. Introduction
Imuniti shareholders are advised that the Company has raised R2 098 372 in
capital through the issue of 61 123 182 ordinary shares at 3,5 cents per share.
Imuniti previously reported that 171 428 571 ordinary shares were going to be
issued to a BEE company. However, due a building accident at the BEE company`s
factory, only 55 044 200 shares were issued to this company. The accident
resulted in the need to invest additional capital directly into the Impilo Drugs
factory to significantly upgrade this facility. Imuniti has formed a strategic
alliance with this company which is a long established, reputable manufacturer
of personal and home care branded products with a factory that is ISO 9000:2000
rated.
In addition Impilo has entered into a manufacturing subcontract agreement with
this party to manufacture the full range of Impilo products. This has led to a
significant increase in the sales volumes of these products.
2. Issue for cash
At the annual general meeting of the Company held on 23 September 2009, the
requisite majority of shareholders approved an ordinary resolution authorising
the directors to issue shares for cash in accordance with the Listings
Requirements of the JSE Limited ("the Listings Requirements").
As the issue of new shares represents more than a 5% increase in the issued
ordinary share capital of the Company, the following disclosure is required in
terms of section 11.22 of the Listings Requirements:
- 61 123 182 ordinary shares in the Company have been issued at a price of
3,5 cents per ordinary share;
- The issue price of 3,5 cents per share represents the volume weighted
average price (less 10%) at which Imuniti shares traded during the 30 day
period up to the date the agreement was entered into.; and
- The shares have been issued to public shareholders as defined by the
Listings Requirements.
3. Financial effects
The table below sets out the unaudited pro forma financial effects of the issue
for cash on the earnings, headline earnings, net asset value and tangible net
asset value per Imuniti share:
Before After Change
(cents) (cents) (%)
Earnings per share (cents) (6.32) (5.76) 8.86
Headline earnings per share
(cents) (1.10) (0.99) 10.00
Net asset value per share 2.66 2.71 1.88
(cents)
Tangible net asset value per
share (cents) 1.34 1.47 9.70
Notes:
1. The "before" column has been extracted from the audited results of Imuniti
for the year ended 28 February 2009.
2. The figures in the "after" column shows that the 61 123 182 shares were
issued and the cash was received.
3. The "after" column net asset value and net tangible asset value per share
have been adjusted to include the estimated transaction costs which have
been written off against share premium.
4. The "after" column earnings per share and fully diluted earnings per share
have been adjusted for interest saving of R293 772. Taxation has been
calculated at 28%.
The pro forma financial effects above are the responsibility of the Company`s
directors and have been prepared for the purposes of illustrating how the
general issue of shares for cash would have affected the relevant financial
results and position of Imuniti for the historical financial period indicated on
a pro forma basis as though the funds were received on 1 March 2008 for income
statement purposes and as at 28 February 2009 for balance sheet purposes.
Accordingly, such effects do not necessarily represent a true reflection of the
financial effects of the general issue of shares for cash on Imuniti`s balance
sheet, results of operations, cash flow and statement of changes in equity.
By order of the board
Durban North
P Fouche
3 November 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 03/11/2009 13:37:01 Produced by the JSE SENS Department.
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