| Tue 24 Nov 2009, 15:01 | | IMU - Imuniti Holdings Limited - General Issue Of Shares For Cash |
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IMU
IMU
IMU - Imuniti Holdings Limited - 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 R4 500 000 in
capital through the issue of 150 000 000 ordinary shares at 3,0 cents per
share. In addition to the recent announcements regarding the outsourcing of
the pharmaceutical manufacturing, and the report on the first phase of the
Medical Research Council`s trials on the Imuniti Wellness Pack, this capital
injection will enable Imuniti to take further advantage of the market
opportunities that exist for its products. As can be seen from the pro forma
financial effects below, this cash injection is expected to increase the Net
Asset Value of the company by 18%.
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 these shares represents an increase of more than 5% of the
issued ordinary share capital of the Company, the following disclosure is
required in terms of section 11.22 of the Listings Requirements:
- 150 000 000 ordinary shares in the Company have been issued at a price
of 3,0 cents per ordinary share;
- The issue price of 3,0 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 of these shares 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) (5.25) 16.93
Headline earnings per share (cents) (1.10) (0.88) 20.00
Net asset value per share (cents) 2.66 2.69 1.10
Tangible net asset value per share 1.34 1.55 16.09
(cents)
Notes:
1. The figures in the "before" column have been extracted from the
audited results of Imuniti for the year ended 28 February 2009.
2. The figures in the "after" column demonstrate the impact of the
issue of the 150 000 000 shares and the receipt of the R4 500 000
cash.
3. The net asset value and net tangible asset value per share in the
"after" column have been adjusted to include the estimated
transaction costs which have been written off against the share
premium.
4. The earnings per share and fully diluted earnings per share in the
"after" column have been adjusted to reflect a saving in interest
payments of R597 188. Taxation has been calculated at 28%.
The schedule of pro forma financial effects above is the responsibility of
the Company`s directors and has 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. From a timing point of view,
the effects have been reflected as though the funds were received on 1 March
2009 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.
4. Listing of the new shares
The JSE Limited has granted approval for this transaction, and the shares
will be issued on the 8 December 2009.
By order of the board
Durban North
P Fouche
24 November 2009
Sponsor:
Arcay Moela Sponsors (Pty) Ltd
Date: 24/11/2009 15:01:01 Produced by the JSE SENS Department.
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