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SIM
SIIF
SIM - Simmer & Jack Mines, Limited - Apportionment ratio for tax purposes
Simmer & Jack Mines, Limited
(Registration number 1924/007778/06)
Share Code: SIM
ISIN: ZAE0000067220
("Simmers" or the "company")
APPORTIONMENT RATIO FOR TAX PURPOSES
Simmers shareholders are referred to the circular dated 2 March 2011 (the
"circular") and the subsequent announcements released on the Securities
Exchange News Service relating to:
the disposal by Simmers of the majority of its assets to Village Main Reef
Limited ("Village") in consideration of the issue by Village of Village
shares to Simmers (the "Village consideration shares") and the assumption by
Village of certain liabilities of Simmers; and
the subsequent unbundling of the Village consideration shares to Simmers
shareholders.
The purpose of this announcement is to notify Simmers shareholders of the
apportionment ratio in which the expenditure incurred and/or the valuation of
their Simmers shares ("Tax Expenditure") must be allocated between their
unbundled Village consideration shares and their retained Simmers shares for
purposes of section 46 of the Income Tax Act (the "apportionment ratio").
The apportionment ratio for a Simmers shareholder is 5.2176% in respect of
its retained Simmers shares and 94.7824% in respect of its unbundled Village
consideration shares, based on the closing share prices of Simmers and
Village on Monday, 27 June 2011 (being the date of the unbundling of the
Village consideration shares) of R0.03 and R1.15, respectively. The
apportionment ratio is to be used, after the unbundling, to apportion the Tax
Expenditure between the Simmers shares held after the unbundling and the
Village consideration shares received in terms of the unbundling. The
potential South African taxation considerations for Simmers shareholders are
set out in Annexure 5 of the circular. Simmers shareholders are, however,
advised in all circumstances to seek their own advice regarding taxation.
Johannesburg
29 June 2011
Legal advisor
Bowman Gilfillan Inc
Transaction sponsor
Java Capital
Sponsor to Simmers
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 29/06/2011 17:44:01 Produced by the JSE SENS Department.
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