for cash
East Daggafontein Mines Limited
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
Share Code: EDG
ISIN: ZAE 000010666
("East Dagga")
East Dagga has raised R128.1 million through a general issue of linked units
for cash
East Dagga has raised R128.1 million from institutional investors by means
of a general issue of 6.1 million linked units for cash. The linked units
were issued at an issue price of 2100 cents each. The issue price represents
an approximate 0.7% premium to the weighted average traded linked unit price
on the JSE Securities Exchange South Africa over the 30 business days prior
to the date that the price of the issue was determined. The company has
applied to the JSE Securities Exchange South Africa for the listing of the
new linked units to be issued on or about 11 March 2002.
The pro forma financial effects of this issue are as follows:
Per linked unit Before the After the Change
issue issue (%)
Earnings per ordinary share (cents) 240 230 (4.2
Earnings per linked unit before
debenture interest (cents) 255 243 (4.5)
Headline earnings per ordinary
share (cents) 235 225 (4.1)
Headline earnings per linked unit
before debenture interest (cents) 250 239 (4.4)
Net asset value per linked
unit (cents) 492 637 29.6
Net tangible asset value per linked
unit (cents) 237 406 71.6
Notes:
The "before" column represents the unaudited pro forma income statement of
the enlarged East Dagga group for the period ended 31 August 2001 as
presented in the circular to East Dagga linked unit holders dated 30 October
2001.
The "after" column takes into account interest received at 6.3%, after tax
on the proceeds raised from the linked unit issue for the period 1 September
2000 to 31 August 2001 which were assumed to be placed on call until such
time as the directors take a decision as to how the proceeds will be
applied. Share issue expenses of R3 million have been taken into account in
the "after" column.
Johannesburg
7 March 2002
Sponsor to East Dagga
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Corporate advisers to East Dagga
RMB Resources Barnard Jacobs Mellet Corporate Finance
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