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Aflease - General Issue Of Shares For Cash
THE AFRIKANDER LEASE LIMITED
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration Number 1921/006955/06)
Share Code: AFL ISIN: ZAE000000253
("Aflease")
GENERAL ISSUE OF SHARES FOR CASH
1. Introduction
Shareholders are advised that Aflease has concluded an issue of shares for
cash, which was made in terms of the general authority to issue shares for cash
granted by shareholders at the annual general meeting held on 15 July 2003.
In total 10 000 000 new Aflease ordinary shares of 2 cents per share ("new
Aflease shares") were issued at an issue price of R5,00 per share, which equates
to a 0,8% discount to the weighted average traded price of Aflease shares on the
JSE Securities Exchange South Africa ("JSE") for the 30 business days to 15 July
2003, being the date on which the agreement was reached. The cash issue
constitutes 5,3% of the issued share capital of Aflease prior to such issue.
All the new Aflease shares have been placed with existing Aflease shareholders.
The new Aflease shares will rank pari passu with the existing issued shares of
Aflease. Application has been made to the JSE for the listing of the new Aflease
shares with effect from 25 August 2003.
2. Rationale
The purpose of the issue of shares for cash is primarily to:
* comply with the terms of Aflease"s R75 million Nedcor debt facility by
redeeming at least R25 million of the facility before the end of Decembner 2003;
and
* fund the continuation of Aflease"s exploration programme currently underway at
its Modder East property on the East Rand as well as at its Bonanza expansion
project in Klerksdorp.
3. Pro forma financial effects
The table below sets out the financial effects of the cash issue:
Cents per share Actual before Pro Forma after
the cash issue the cash issue %
Headline earnings per share (25,29) (23,03) 8,91
Fully diluted headline earnings per share (23,94) (21,87) 8,66
Net asset value per share 193,72 209,15 (7,96)
* The "Actual before the cash issue" column is based on the unaudited financial
results of Aflease for the six months ended 30 June 2003 as published in the
press.
* The "Pro Forma after the cash issue" column is based on the assumption that
R50 million in cash in respect of the cash issue was received on 1 January 2003
and earned interest at an after tax rate of 8% for the six months to 30 June
2003.
* The pro forma financial information is the responsibility of the directors of
Aflease.
25 August 2003
Sponsor
Gensec Bank Limited
(Registration number 1996/004744/06)
Corporate Finance Advisory
Date: 25/08/2003 03:16:11 PM
Produced by the JSE SENS Department
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