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Corwil - ISSUE OF SHARES FOR CASH
Corwil Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/000732/06)
Share code: CRW ISIN: ZAE000001806
("Corwil" or "the company")
ISSUE OF SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 31 October 2002, the
requisite majority of shareholders approved a resolution authorising the
directors to issue 285 840 new ordinary shares for cash at a price of 226 cents
per share ("the new shares") to a public shareholder (as defined in the Listings
Requirements of the JSE Securities Exchange South Africa ("the Listings
Requirements"), thereby raising R 646 000.
The price represents a discount of 9.6% to the weighted average price at which
Corwil ordinary shares have traded on the JSE since 1 November 2002.
As the issue of the new shares represents an 8.1% increase in the issued
ordinary share capital of the company, the following disclosure is made in terms
of clause 5.75 of the Listings Requirements.
AUTHORISED AND ISSUED CAPITAL
Authorised
20 000 000 ordinary shares of 1 cent each
100 168 redeemable convertible participating preference shares of 1 cent each
Issued before this issue of shares for cash
3 527 159 ordinary shares of 1 cent each R 35 272
100 168 redeemable convertible participating
preference shares of 1 cent each 1 001
Share premium 9 170 729
Issued after this issue of shares for cash
3 812 999 ordinary shares of 1 cent each R 38 130
100 168 redeemable convertible participating
preference shares of 1 cent each 1 001
Share premium 9 813 869
FINANCIAL EFFECTS
The financial effects of the issue, based on the published, reviewed interim
results of Corwil for the six months ended 30 September 2002 are set out below:
Before After % change
(Loss) / earnings per share (0.5) 0.4 180
(cents)
Headline (loss) / earnings (0.5) 0.4 180
per share (cents)
Net asset value per share 381 369 (3.2)
(cents)
Notes:
1. The figures in the "before" column are extracted from the reviewed interim
results;
2. The figures in the "after" column assume that the shares were issued, and
the cash received, on 1 April 2002 and the cash invested for 6 months at a net
after tax return of 10% per annum for earnings purposes and that the shares were
issued, and the cash received, on 30 September 2002 for asset value purposes;
3. The % change column reflects the change between the before and after
situations.
LISTING OF THE NEW SHARES
The JSE has granted a listing of the new shares with effect from the
commencement of business on 22 May 2003.
JOHANNESBURG
22 MAY 2003
SPONSOR
Sasfin Bank Limited
Date: 22/05/2003 07:30:04 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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