AUTHORITY
SASANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1955/000259/06)
("Sasani" or "the Company")
SASANI LIMITED - ISSUE OF SHARES FOR CASH UNDER A GENERAL
ISSUE OF SHARES FOR CASH UNDER A GENERAL AUTHORITY
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited is authorized
to announce that Sasani will issue 6,557,550 shares for cash, equivalent to
10% of its existing issued share capital, at 54 cents per share under the
general authority to issue shares for cash obtained at the general meeting
held on Wednesday, 8 November 2000 ("the general cash issue"). The shares
will be subscribed for by a public shareholder.
The issue price of 54 cents per share represents a discount of 10% to the
weighted average traded price in respect of the 30-day period prior to the
date on which the terms of the general cash issue were agreed on 31 May
2001. The proceeds of the general cash issue will amount to R3.6 million.
The general cash issue, had it been effective for the 6-month period ended
31 December 2000, would have had the following financial effects:
Before After Increase/
(Decrease)
cents cents %
Earnings per share (1.44) (1.06) 26.40
Headline earnings per share 7.92 7.45 (5.94)
Net asset value per share 224.02 208.81 (6.79)
Notes:
1. The calculations above are based on the unaudited interim results of
Sasani for the 6-month period ended 31 December 2000.
2. The earnings per share and the headline earnings per share, after the
share issue, have been calculated on the assumption that the cash received
would be used to settle debt funding at an after-tax rate of 10.15% per
annum for the 6-month period.
Sandton
1 June 2001
Sponsor & Corporate adviser
Pricewaterhouse Coopers Corporate Finance (Pty) Ltd
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