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Durban Roodepoort Deep, Limited - Issue of Shares for Cash
DURBAN ROODEPOORT DEEP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
(Share code : DUR)
(ISIN Code : ZAE000015079)
(ARBN number: 086 277 616)
(NASDAQ Trading Symbol: DROOY)
("DRD" or "the company")
ISSUE OF SHARES FOR CASH
Standard Corporate and Merchant Bank is authorised to announce that DRD has
issued 10 000 000 DRD ordinary shares of no par value at a price of R41.21
("the new DRD shares") to approximately twenty institutions ("the issue"),
most of which are new holders of DRD ordinary shares. 50% of the new DRD
shares were placed in Canada, 43% in the United States and 7% in Europe and
the United Kingdom.
The proceeds of the issue will be used primarily to accelerate the close out
of the company`s hedge book positions and to fund DRD`s exploration
programmes in Papua New Guinea and Australia, including the new Saki
project. This will result in the close out of approximately 50% of DRD`s
remaining revenue hedge book.
The issue price of R41.21 represents a 6.5% discount to the 30-day volume
weighted average share price prior to the date that the issue was approved
by the directors of DRD.
The financial effects of the issue are set out in the table below.
Before After the
the issue Change
issue (cents) (%)
(cents)
Basic earnings per DRD ordinary 46.0 55.3 20.2
share(1)
Headline earnings per DRD 49.7 58.8 18.3
ordinary share(1)
Net asset value per DRD ordinary 382.8 595.0 55.4
share(2)
Notes:
1. The basic earnings and headline earnings per DRD ordinary share, as set
out in the "Before the issue" column of the table, are based upon the
unaudited financial results of DRD for the nine months ended 31 March 2002
and 162 351 951 weighted average DRD ordinary shares in issue. The basic
earnings and headline earnings per DRD ordinary share, as set out in the
"After the issue" column of the table, are based upon the assumptions that
the issue was effective on 1 July 2001 and that the new DRD shares were
issued on that date resulting in a weighted average of 172 351 951 DRD
ordinary shares in issue. It has been assumed that the proceeds of the
issue earned interest at a rate of 9.5%, which interest was taxed at a rate
of 30%.
2. The net asset value per DRD ordinary share, as set out in the "Before the
issue" column of the table, is based upon the unaudited balance sheet of DRD
at 31 March 2002. The net asset value per DRD ordinary share, as set out in
the "After the issue" column of the table, has been based on the assumption
that the issue was effected on 31 March 2002 and that the new DRD shares
were issued on that date at an issue price of R41.21 per new DRD share,
resulting in a total of 176 157 746 DRD ordinary shares in issue at 31 March
2002.
An application will be made to the JSE Securities Exchange South Africa to
list the new DRD shares.
Johannesburg
23 May 2002
Sponsor
Standard Corporate and Merchant Bank
A division of the Standard Bank of South Africa Limited
(Registration number 1962/000738/06)
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