| Thu 24 Jun 2010, 15:37 | | IFC - IFCA Technologies Limited - General issue of shares for cash |
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IFC
IFC
IFC - IFCA Technologies Limited - General issue of shares for cash
IFCA TECHNOLOGIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030759/06)
Share code: IFC ISIN: ZAE000088555
("IFCA Tech" or "the company")
GENERAL ISSUE OF SHARES FOR CASH
1 Issue of shares for cash
The Board of directors of IFCA Tech ("the Board") is pleased to announce that a
Singapore based fund ("the Fund") has subscribed for 15 000 000 ordinary shares
at 4 cents per share introducing new capital in the amount of R600 000 to IFCA.
At the annual general meeting of the Company held on Wednesday 15 July 2009,
shareholders unanimously 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").
* 15 000 000 Shares, equivalent to 15% of IFCA Tech`s current issued share
capital will be issued to the Fund at 4 cents per share which price is
equal to the current market price.
* The Fund to whom the Shares will be issued is a public shareholder as
defined by the Listings Requirements.
2 Pro forma financial effects
The pro forma financial effects below 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 IFCA for the historical financial period indicated on a
pro forma basis. Accordingly, such effects may not fairly present the Company`s
financial position, changes in equity, results of operations or cashflows.
Before the After the Change
issue of issue of (%)
shares for shares for
cash cash
Basic loss per share (cents per -1.84 -1.60 13.04%
share)
Headline loss per share (cents -1.75 -1.52 13.04%
per share)
Net asset value per share 8.21 7.66 -6.69%
(cents per share)
Net tangible asset value per -2.62 -1.76 32.95%
share (cents per share)
Number of shares in issue at 100,000,000 115,000,000 15.00%
period end
Weighted average number of 100,000,000 115,000,000 15.00%
shares in issue
Notes:
1. The "before" column has been extracted from the financial results of IFCA
Tech for the year ended 31 December 2009.
2. The figures in the "after" column assume that the 15 000 000 shares were
issued and the R600 000 cash was received on 31 December 2010.
3. The "after" net asset value and net tangible asset value per share have not
been adjusted to include any transaction costs as no material costs in this
regard have been incurred.
4. The "after" earnings per share and fully diluted earnings per share have
not been adjusted for interest as it has been assumed that the funds would
have been applied to reduce trade and other payables.
5 The weighted average shares in issue has been adjusted as though the 15 000
000 new shares were issued on 1 January 2009.
J Christopher
Johannesburg
24 June 2010
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 24/06/2010 15:37:01 Produced by the JSE SENS Department.
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