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Private placement of AVASA Holding shares Avasa Holdings Limited
Avasa Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/013637/06)
Share Code: AVA ISIN: ZAE000040622
("AVASA Holdings or the Company")
Private placement of AVASA Holding shares Avasa Holdings Limited
1. Introduction
AVASA Holdings is pleased to announce that several high profile individuals
representing complementary networks and influences in the current South African
business environment have, subject to approval by shareholders in general
meeting, subscribed for 150 million of its shares ("the private placement"). The
private placement will result in a R13 million cash injection into the Company.
This will establish a working relationship with these individuals and AVASA
Holdings believes that these interactions will be mutually beneficial.
Rationale for the private placement
The private placement will have numerous benefits for AVASA Holdings, including:
Involvement of high profile South African businessmen in the shareholder base;
Securing a strategic advisor;
Increasing the cash resources of AVASA Holdings;
Raising the profile of AVASA Holdings as a value unlocking entity; and
Strengthened AVASA Holdings deal flow.
Pro Forma financial effects of the private placement
The financial effects of the private placement based on the interim unaudited
results for the six months ending 28 February 2002 are shown below.
Description Before After the Change (%)
the private
private placement
placement
Earnings per ordinary 3,48 1,52 (56,31)
share (cents)
Net asset value per 0,04 0,06 40,70
ordinary share (cents)
Number of ordinary 78 020 228 020 192,26
shares used to
calculate net asset
value per share (`000)
Notes
The calculations assume a compound annual interest rate of 10% and no tax effect
because AVASA Holdings has an assessed loss.
The calculations assume that the private placement took place on 1 September
2001 for the earnings per share calculation and on 28 February 2002 for the net
asset value per share calculation.
The issue price is at a discount of 6,9% to the 30 day volume weighted average
price prior to the determination of the private placement price.
General
Shareholders will be advised in due course of the dates of the general meeting
to approve the issue of shares in respect of the private placement and
thereafter application will be made to the JSE to list these shares.
Johannesburg
28 November 2002
Sponsor Corporate Advisor
Exchange Sponsors Merchantec
Date: 29/11/2002 07:35:00 AM Produced by the JSE SENS Department
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