| Mon 10 Jun 2002, 0:00 | | Sa Mineral Rsources Corporation Limited - General |
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SA MINERAL RSOURCES CORPORATION LIMITED - GENERAL ISSUE OF SHARES FOR CASH
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
Share code SAM ISIN ZAE000012019
("Samroc")
GENERAL AND SPECIFIC ISSUES OF SHARES FOR CASH
General issue of shares for cash
The directors of Samroc have resolved to issue 34 500 000 new ordinary
shares of 1 cent each in Samroc at a price of 8 cents per share to raise
R2,76 million before expenses. The issue is in terms of a general authority
approved by shareholders at the last annual general meeting of Samroc, in
terms of the Listings Requirements of the JSE Securities Exchange South
Africa ("JSE").
The purpose of the issue is to raise capital for the expansion of and
improvements to Samroc`s Greenhills manganese sulphate plant near Graskop,
Mpumalanga.
The issue price of 8 cents per share represents a premium of 0,61 cents, or
8,3%, to the weighted average price of 7,39 cents at which Samroc shares
traded over the 30 business days prior to the date on which the directors
resolved to issue the shares. Combined with the issue of 8 million shares
at 5 cents per share on 2 April 2002 previously announced, a total of 42 500
000 shares have been issued, representing 14,9% of the existing issued
shares.
The JSE has granted a listing of the 34 500 000 new ordinary shares with
effect from the commencement of business on Tuesday, 11 June 2002.
Proposed specific issue of shares for cash
In addition to the general issue referred to above, the directors of Samroc
propose to implement a specific issue of 47 417 100 new ordinary shares of 1
cent each in Samroc at a price of 8 cents per share. These shares will be
issued to certain major shareholders of Samroc who have advanced working
capital loans to Samroc, in order to retire their debt, amounting to R3 793
368.
The issue is subject to JSE and other requirements, inter alia, that it
receives a fair and reasonable statement from an independent expert, and
that it receives a 75% favourable majority of the votes of all shareholders
present or represented by proxy at a general meeting to be convened to
approve the issue.
Pro forma effects of the issues.
The pro forma financial effects of the "general" issue of all the above 42
500 000 ordinary shares and of the "specific" issue of the above 47 417 100
ordinary shares on the preliminary reviewed financial results of Samroc for
the year ended 31 December 2001 are as follows:
Before After % After the % Combined %
the change "specific change effects of change
"general " issue the general
" issue and
specific
issues
Loss per 1.44 1.16 20% 1.06 26% 0,86 22%
share
(cents)
Headline
loss per 1.44 1.16 20% 1.06 26% 0,86 22%
share
(cents)
Tangible
net asset 2.40 3.05 27% 3.20 33% 3,68 53%
value per
share
(cents)
Notes:
1. The figures in the "before" column are extracted from the preliminary
reviewed annual financial results of Samroc published on 17 April 2002.
2. The figures in the "after the general issue" column have been
calculated on the assumption that the cash was received, and the shares
issued, on 1 January 2001.
3. The figures in the "after the specific issue" column have been
calculated on the assumption that the shareholder loans were converted, and
the shares issued, on 1 January 2001.
DOCUMENTATION
A circular to shareholders, containing full details of the specific issue of
shares and incorporating an independent fair and reasonable statement and a
notice of a general meeting of shareholders, will, subject to JSE approval,
be posted to shareholders within 28 days from the date of this announcement.
Irene
10 June 2002
SPONSOR
SASFIN BANK LIMITED
(Registration Number 1951/002280/06)
Date: 10/06/2002 05:15:00 PM Produced by the SENS Department
