Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE Share code: MTX ISIN: ZAE000022745
("the company")
GENERAL ISSUE OF SHARES FOR CASH
The majority shareholder, Crew Development Corporation, and the board of
directors, recognising the need to broaden the shareholder base and
tradability of the company's shares through an increased free float, have
offered selected Institutions a participation in the equity of the company
by means of a private placing of shares.
Shareholders are advised that, in terms of the general authority granted
to the directors to issue shares for cash, the company has raised R57,92
million by the issue of 18 100 000 new shares at an issue price of 320 cents
per share ("the cash issue") to these selected financial institutions. The
issue price represents a 10% discount to the weighted average traded price
of the company's shares on the JSE Securities Exchange South Africa ("the
JSE") over the 30 business days prior to the date the pricing of the cash
issue was approved by the directors.
Listing of new shares on the JSE
Application has been made to the JSE for the listing of the new shares on
Wednesday, 24 April 2002.
Financial effects of the cash issue
Had the cash issue been effective from 1 July 2001, the pro forma financial
effects on the company's earnings per share and headline earnings per share
for the six months ended 31 December 2001 and the net asset and net tangible
asset values per share at 31 December 2001, would have been as follows:
Unaudited Pro forma Change
Before After %
Net asset value per share (cents) 208,04 222,36 7
Net tangible asset value per share (cents) 193,75 209,93 8
Headline earnings per share (cents) 10,76 11,23 4
Earnings per share (cents) (83,21) (70,48) 15
Weighted number of shares in issue (000's) 120 805 138 905 15
Number of shares in issue (000's) 120 844 138 944 15
Notes:
The pro forma financial effects of the cash issue have been calculated
having regard to the following assumptions:
* the "Before" the cash issue figures are based on the unaudited results for
the six months to 31 December 2001;
* the R57,92 million received, net of costs, in terms of the cash issue was
assumed to repay interest charged at an after-tax rate of 9,5% for the six
months to 31 December 2001;
* the headline earnings per share and earnings per share calculations are
based on the weighted number of shares in issue;
* the net asset value per share and net tangible asset value per share
calculations are based on the actual number of shares in issue.
Johannesburg
24 April 2002
Sponsor and corporate adviser
Barnard Jacobs Mellet
Corporate Finance
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