EXPLORER CORPORATION HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010950/06)
Share code EPL ISIN ZAE000017489
("the company")
SPECIFIC ISSUE OF SHARES FOR CASH
At the Annual General Meeting of the company held on 18 June 2001, 94.7% of
the independent shareholders entitled to vote approved the resolution in
terms of which Loita Capital Partners ("Loita"), or its nominee, would
inject R2 000 000 in working capital into the company in return for the
issue of 50 000 000 ordinary shares of 1 cent each at an issue price of 4
cents each.
The issue price of 4 cents per share represented a premium of 87 % to the
weighted average price at which the shares traded over the 30 days prior to
the determination of the price.
Sasfin Bank Limited prepared a fair and reasonable statement on the issue of
these shares and their report is available for inspection at the company's
offices, 2nd Floor, East Wing, 11 Alice Lane, Sandton.
Resolutions relating to the issue of 120 000 000 ordinary shares to Loita at
an issue price of 2,5 cents per share in order to convert debt to equity
were also approved at the Annual General Meeting and these shares were
issued, allotted and listed on the JSE Securities Exchange South Africa on
11 July 2001.
The proforma financial effects of the issue of all the above 170 000 000
ordinary shares on the interim results for the period ended 30 June 2001 are
as follows:
Before After % change
Loss per share (cents) 2.93 0.91 68.9
Headline loss per share (cents) 2.93 0.91 68.9
Net asset value per share 13.75 6.72 (51.1)
(cents)
Tangible net asset value per (2.04) 1.33 100+
share (cents)
Notes:
The figures in the "before" column are extracted from the unaudited interim
results published on 12 October 2001.
The figures in the "after'"column have been calculated on the assumption
that the cash was received, and the shares issued, on 1 January 2001.
The JSE Securities Exchange South Africa has agreed to list the shares with
effect from Monday 31 December 2001.
Sandton
28 December 2001
SPONSOR
SASFIN BANK LIMITED
(Registration Number 1951/002280/06)
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
