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Sub Nigel - Issue Of Shares For Cash
SUB NIGEL GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share code: SBN ISIN: ZAE000006391
("Sub Nigel" or "the company")
ISSUE OF SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 30 September 2003, the requisite majority of shareholders approved an ordinary resolution authorising the directors to issue shares for cash in accordance with the Listings Requirements of the JSE Securities Exchange South Africa ("the Listings Requirements").
The directors have now resolved to issue 8 700 000 ordinary shares of no par value in the capital of the company at 50 cents per ordinary share, thereby raising R4 350 000. The price represents a premium of 75% to the 30 day weighted average price at which Sub Nigel ordinary shares have traded on the JSE since 17 December 2003.
As the issue of the new shares represents a 14.96% increase in the issued ordinary share capital of the company, the following disclosure is made in terms of section 11.22 of the Listings Requirements.
AUTHORISED AND ISSUED CAPITAL
Authorised Rand 000"s
200 000 000 ordinary shares of no par value
Issued before this issue of shares for cash
58 131 492 ordinary shares of no par value
Stated capital 26 268
Issued after this issue of shares for cash
66 831 492 ordinary shares of no par value
Stated capital 30 618
FINANCIAL EFFECTS
The financial effects of the issue, based on the published, audited financial
results of Sub Nigel for the year ended 30 June 2003 are set out below:
Before After % change
Loss and headline loss per share (cents) 1.12 0.56 100
Net asset value per share (cents) 55.68 54.85 (1.5)
Weighted average number of shares in issue 47 798 56 498 18.2
(000"s)
Number of shares in issue (000"s) 50 631 59 331 17.2
Notes:
- The figures in the "before" column are extracted from the audited financial
results;
- The figures in the "after" column assume that the shares were issued, and
the cash received, on 1 July 2002 and the cash invested for 12 months at a
net after tax return of 5% per annum for earnings purposes and that the
shares were issued, and the cash received, on 30 June 2003 for asset value
purposes;
- The % change column reflects the change between the before and after
situations;
- No adjustment has been made for the issue of 7 500 000 ordinary shares of
no par value at 35 cents per ordinary shares for the acquisition of mineral
rights as announced on 19 August 2003.
LISTING OF THE NEW SHARES
The JSE has granted a listing of the new shares with effect from the
commencement of business on Monday, 16 February 2004.
Cape Town
13 February 2004
Sponsor
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 13/02/2004 12:00:05 PM Produced by the JSE SENS Department
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