| Fri 12 Dec 2003, 17:40 | | Renounceable rights offer to Sekunjalo |
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SEKUNJALO INVESTMENTS LIMITED - Renounceable rights offer to Sekunjalo
shareholders
SEKUNJALO INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ
ISIN: ZAE000017893
("Sekunjalo" or "the company")
Renounceable rights offer to Sekunjalo shareholders
Introduction
Further to the announcements dated 27 November 2003 and 9 December 2003,
shareholders of Sekunjalo are advised that the terms of the offer of 145 454 545
B ordinary shares with a par value of 0.002 cents each ("B shares") at a
subscription price of 55 cents per new B share, in the ratio of 168 new B shares
for every 100 B shares held at the close of business of Friday, 2 January 2004
("the rights offer"), have now been finalised and the details thereof are set
out below.
Salient dates and times
The salient dates and times of the rights offer are as follows:
2003
Last day to trade in B shares in order Tuesday, 23 December
to participate in the rights offer
Listing of letters of allocation on the Wednesday, 24 December
JSE
B shares commence trading ex-rights on Wednesday, 24 December
the JSE
2004
Record date for participation in the Friday, 2 January
rights offer
Rights offer opens at 09:00 Monday, 5 January
Circular posted to shareholders and Monday, 5 January
form of instruction posted to
certificated shareholders
Last day to trade in letters of Friday, 16 January
allocation on the JSE
Maximum number of new B shares listed
and trading therein on the JSE Monday, 19 January
commences
Rights offer closes at 14:30 (see note Friday, 23 January
1)
Record date for letters of allocation Friday, 23 January
New B shares issued Monday, 26 January
Dematerialised B shareholders" safe
custody accounts updated and accounts
debited by CSDP or broker, and Monday, 26 January
certificates posted to certificated B
shareholders
Results of Rights Offer announced on
SENS on Monday, 26 January
Results of Rights Offer announced in
the press on Tuesday, 27 January
Notes:
Dematerialised B shareholders are required to inform their CSDP or broker of
their instructions in terms of the rights offer in the manner and time
stipulated in the agreement governing the relationship between the shareholder
and its CSDP or broker.
B share certificates may not be dematerialised or rematerialised between
Wednesday, 24 December 2003 and Friday, 2 January 2004, both days inclusive.
CSDP"s effect payment in respect of dematerialised shareholders on a delivery
versus payment method.
Pro forma financial effects
Based on the audited financial information of Sekunjalo for the twelve months
ended 31 August 2003, the pro forma financial effects of the rights offer on
Sekunjalo"s earnings, headline earnings, net asset value and tangible net asset
value per share are set out below. These pro forma financial effects have been
prepared for illustrative purposes only and because of their nature, may not
give a true picture of Sekunjalo"s financial position or results of operations.
Before (1) After (2) % change
Net asset value per share 8.85 41.11 364.52
(cents) (40.29) 22.49 155.82
Tangible net asset value per 13.85 8.833 (36.25)
share (cents) 18.09 10.443 (42.29)
Earnings per share (cents) 2 000 000 2 000 000
Headline earnings per share 86 688 848 232 143
(cents) 393
Number of A shares in issue
Number of B shares in issue
Notes:
Based on the published audited results of the group for the year ended 31 August
2003.
Based on the assumption that the rights offer was effective on 1 September 2002
for income statement purposes and 31 August 2003 for balance sheet purposes.
Assuming a before tax interest charge of 15%, being the average before tax prime
rate for the twelve month period from 31 August 2003.
Conditions precedent to the rights offer
The rights offer is conditional upon the Registrar of Companies registering the
rights offer documents. If registration does not take place, a further
announcement will be published.
Documentation
A circular to shareholders, incorporating revised listing particulars of
Sekunjalo and giving full details of the rights offer ("the circular") is being
finalised and will be mailed to Sekunjalo shareholders on or about 5 January
2004. A form of instruction in respect of a letter of allocation will be
enclosed with the circular for use by Sekunjalo shareholders who have not
dematerialised their shares.
Johannesburg
12 December 2003
Investment bank, corporate advisor Reporting accountants
and sponsor
Nedbank Corporate Fisher Hoffman PKF (Newlands) Inc
Date: 12/12/2003 05:34:04 PM Produced by the JSE SENS Department
