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THE AFRIKANDER LEASE LIMITED - 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)
("Aflease")
(ISIN Number : ZAE000000253 Share Code : AFL)
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 11 300 000 new Aflease ordinary shares of 2 cents per share ("new Aflease
shares") were issued at an issue price of R5,35 per share, which equates to a
4.3% discount to the weighted average traded price of Aflease shares on the JSE
Securities Exchange South Africa ("JSE") for the 30 business days to 6 November
2003, being the date on which the agreement was reached. The cash issue
constitutes 5,7% 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 13 November 2003.
2. Rationale
The purpose of the issue of shares for cash is to fund:
* the further development of Aflease"s Bonanza South and Bonanza South Central
operations near Klerksdorp; and
* to fund the further development of Aflease"s Modder East project on the East
Rand.
3. Pro forma financial effects for the quarter ended 30 September 2003.
Per Aflease share Actual before Pro-Forma Percentage
the cash after the Change
issue(1) cash issue
(2)
Earnings (25,29) (22,66) 10,39
Headline earnings (25,29) (22,66) 10,39
NAV 198,30 213,80 9,95
Tangible NAV 198,30 213,80 9,95
Notes
1. 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.
2. The "Pro Forma after the cash issue" column is based on the assumption that
R60,455 million in cash in respect of the cash issue was received on 1 January
2003 and earned interest at an after tax rate of 7,50% for the six months to 30
June 2003.
3. The pro forma financial information is the responsibility of the directors of
Aflease.
Johannesburg
20 November 2003
Investment bank and sponsor
Nedbank Corporate
Date: 20/11/2003 11:55:03 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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