| Tue 14 Dec 2010, 16:45 | | WWR - White Water Resources Limited - General Issue of Shares for Cash |
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WWR
WWR
WWR - White Water Resources Limited - General Issue of Shares for Cash
WHITE WATER RESOURCES LIMITED
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: WWR ISIN: ZAE000130712
("White Water Resources" or "the company")
GENERAL ISSUE OF SHARES FOR CASH
Shareholders are advised that White Water Resources has raised a total amount of
R13 520 523.25 by way of an issue of an aggregate number of 54 082 093 ordinary
shares for cash to various subscribers ("general issue for cash"). The issue
price of R0.25 per share constitutes a premium of between 16.8% and 21.9% to the
volume weighted average traded price of White Water Resources ordinary shares
measured over the 30 business days prior to the signature dates of the
subscription agreements.
In terms of paragraphs 4.25 and 4.26 of the Listings Requirements of JSE Limited
("JSE Listings Requirements"), the subscribers are deemed to be `public
shareholders`, and are not `related parties` as defined in section 10 of the JSE
Listings Requirements.
The capital was raised pursuant to a general authority to issue up to 15% of the
issued share capital of the company for cash, granted to the directors at the
annual general meeting of company held on 30 July 2010 in accordance with the
South African Companies Act, 1973 (Act 61 of 1973), as amended, the articles of
association of the company and the JSE Listings Requirements. The funds will be
used to provide further working capital for the company. The general issue for
cash represents 14.5952% of the issued share capital of White Water Resources as
calculated in terms of section 5.52(c)(iii) of the JSE Listings Requirements.
Set out in the table below are the unaudited pro forma financial effects of the
general issue for cash on the audited results for the 12 months ended 31 March
2010.
The table below sets out the unaudited pro forma financial effects of the
general issue for cash on White Water Resources` earnings per share, headline
earnings per share, net asset value per share and tangible net asset value per
share.
The unaudited pro forma financial effects have been prepared to illustrate the
impact of the general issue for cash on the reported financial information of
White Water Resources for the 12 months ended 31 March 2010, had the general
issue for cash occurred on 1 April 2009 for income statement purposes and on 31
March 2010 for balance sheet purposes.
The unaudited pro forma financial effects have been prepared using accounting
policies that comply with International Financial Reporting Standards and that
are consistent with those applied in preparing the annual financial statements
of White Water Resources for the year ended 31 March 2010.
The unaudited pro forma financial effects, which are the responsibility of the
directors, are provided for illustrative purposes only and, because of their pro
forma nature, may not fairly present White Water Resources` financial position,
changes in equity, results of operations or cash flow.
Before the After Percentage change
general the (%)
issue for general
cash issue
for
cash
Loss per share (cents) (0.1) (0.1) -
Headline loss per share (cents) (0.1) (0.1) -
Net asset value per share (cents) 7.2 9.4 30.6
Tangible net asset value per share 6.4 8.7 35.9
(cents)
Weighted average number of shares 370 547 424 629
(`000)
Shares in issue (`000) 370 547 424 629
Notes:
1 The amounts in the "Before the general issue for cash" column are based on
the published audited financial results of White Water Resources for the
financial year ended 31 March 2010.
2 The "After the general issue for cash" column reflects the pro forma
financial position after the general issue for cash based on the issue of
54 082 093 ordinary shares at R0.25 per share, resulting in a net cash
inflow of R13.0 million after transaction costs of R0.5 million.
Transaction costs are set off against equity. No interest received benefit
is assumed for purposes of adjusting earnings as it is assumed that cash
proceeds will be used for operating purposes.
3 The effects on loss per share and headline loss per share are calculated
based on the assumption that the general issue for cash was effected on 1
April 2009.
4 The effects on net asset value per share and tangible net asset value per
share are calculated based on the assumption that the general issue for
cash was effected on 31 March 2010.
Cape Town
14 December 2010
Sponsor
Merchantec Capital
Date: 14/12/2010 16:45:01 Produced by the JSE SENS Department.
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