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WSL
WSL
WSL - Wescoal - Issue of 12 million ordinary shares for cash
WESCOAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
JSE Share code: WSL ISIN: ZAE000069639
("Wescoal" or "the company")
ISSUE OF 12 MILLION ORDINARY SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that Wescoal has raised R 13 560 000 in capital by
the issue of 12 000 000 shares for cash at 113 cents per ordinary share.
2. ISSUE FOR CASH
At the annual general meeting of the company held on 7 October 2010, the
requisite majority of shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with the
Listings Requirements of JSE Limited ("the Listings Requirements").
As the issue of the new shares represent a 7.2% increase in the issued
ordinary share capital of the company, this disclosure is made in terms of
section 11.22 of the Listings Requirements:
- 12 000 000 ordinary shares in the company have been issued at an issue
price of 113 cents per ordinary share;
- the issue price of 113 cents per share represents a discount of 10% to
the 30 day volume weighted average price for the period ended 21
October 2010, being the date the issue price was agreed upon by the
directors; 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 Wescoal share:
Before After Change
(cents) (cents) (%)
(1) (3) (5)
(6)
Earnings per share (cents) 4.57 4.60 0.65%
Fully diluted earnings per 4.56 4.58 0.44%
share (cents) (2)
Headline earnings per share 4.28 4.33 1.17%
(cents) (2)
Fully diluted headline 4.27 4.31 0.94%
earnings per share (cents)
Net asset value per share 114.20 113.92 (0.25)%
(cents) (4)
Tangible net asset value 63.32 66.90 5.65%
per share (cents) (4)
Weighted average number of 145 931 157 931
shares in issue (`000)
Diluted weighted average 146 315 158 315
number of shares in issue
(`000)
Total shares in issue 145 931 157 931
(`000)
Notes:
1. The "before" column is extracted from the audited results of
Wescoal for the year ended 31 March 2010.
2. The earnings, diluted earnings, headline earnings and diluted
headline earnings per share were calculated as if the issue took
place on 1 April 2009.
3. The figures in the "after" column assume that the 12 000 000
shares were issued and the cash was received on 1 April 2009.
4. The net asset value and net tangible asset value per share were
calculated as if the issue took place on 31 March 2010.
5. The "after" column net asset value and net tangible asset value
per share have been adjusted to include the estimated issue costs
which have been written off against share premium for an amount
of R305 200.
6. The "after" column earnings per share and fully diluted earnings
per share have been adjusted for interest saving of R814 000.
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 issue for cash would have affected the relevant financial results
and position of Wescoal for the historical financial period indicated and
on a pro forma basis. Accordingly, such effects do not necessarily
represent a true reflection of the financial effects of the transaction on
Wescoal`s current and future earnings.
4. LISTING OF THE NEW SHARES
The JSE has granted a listing of the new shares with effect from the
commencement of business on Friday, 19 November 2010.
19 November 2010
Johannesburg
Sole bookrunner and Sponsor
Exchange Sponsors
Date: 19/11/2010 09:32:01 Produced by the JSE SENS Department.
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