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Sallies - Additional Sallies Rights Offer Shares Offered/Placed In Accordance
With The Right Granted To Directors
SALLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
JSE share code: SAL
ISIN: ZAE000022588
("Sallies")
ADDITIONAL SALLIES RIGHTS OFFER SHARES OFFERED/PLACED IN ACCORDANCE WITH THE
RIGHT GRANTED TO DIRECTORS
At the general meeting held on Wednesday, 10 December 2003, Sallies shareholders
approved an ordinary resolution authorising the directors to offer/place
(restricted for up to a period of three months post the closing of the rights
offer) with interested parties, all unallocated shares on terms no different to
those upon which the rights offer was made.
In accordance with the above authority, Ernst & Young Sponsors (Proprietary)
Limited is authorised to announce that the directors have placed a total of 54
869 260 shares, representing approximately 60% of the unallocated shares arising
from the rights issue, increasing the issued share capital to 194 861 946
shares. These shares are being issued to institutions and private individuals.
Furthermore the directors will continue with Sallies capital raising exercise
which aims to place the remaining unallocated balance of the rights offer
shares, comprising 35 874 189 shares (or approximately 40% of the unallocated
shares), through the book building exercise currently being conducted which
process will need to be concluded prior to 23 April 2004.
The pro-forma financial effects before and after the allotment and issue of the
above placing of 54 869 260 Sallies shares is disclosed in the table below:
Before(1) After(2) Change
(cents) (cents) (%)
Earnings per share (15.8) (5.3) 66
Headline earnings per
share (13.4) (4.3) 68
Net asset value per
share 51.8 35.2 32
Tangible net asset value
per share 39.9 29.7 26
Number of shares in
issue (`000) 92 294 194 862 211
Notes:
1. The figures in the "Before" column have been extracted from Sallies" audited
consolidated financial statements for the year ended 30 June 2003.
2. The "After" the rights issue headline earnings and earnings, net asset value
and tangible net asset value per share were calculated using a weighted average
of 194 861 946 Sallies" shares in issue. It is assumed that the proceeds
raised, net of the related listing expenses of R1 million, were used to purchase
plant of R10 million to expand the plant"s milling capacity to increase
production, and to settle debt of approximately R11.6 million (both medium and
longer-term facilities made available by RMB and First National Bank Limited,
respectively).
3. The rights offer costs incurred have been offset against share premium in
calculating the "After" the allotment and issue of the aforesaid Sallies shares
net and tangible net asset value per share figures.
4. The adjustments have been made in accordance with Sallies" accounting
policies at 30 June 2003.
5. The above pro forma financial effects have been prepared for illustrative
purposes only and to provide information as to how the subsequent placing (of
the unallocated rights offer shares) might have impacted the consolidated
financial position and financial results presented, which because of its nature,
may not give a true reflection of the actual financial position of Sallies.
Application was made to the JSE Securities Exchange South Africa to adjust the
number of shares to be listed. The listing of the additional shares was granted
on Tuesday, 17 February 2004.
Johannesburg
17 February 2004
Sponsor
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
Incorporated in the Republic of South Africa
Date: 17/02/2004 03:08:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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