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Metorex Limited - General Issue Of Shares For Cash
Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
("the company")
GENERAL ISSUE OF SHARES FOR CASH
Shareholders are advised that, in terms of the general authority granted to the
directors, at the annual general meeting held on 5 November 2003, to issue
shares for cash, the company has raised R27,6 million by the issue of 11 799 145
new shares at an issue price of 234 cents per share ("the cash issue") to
selected financial institutions. The issue price represents a 10% discount to
the weighted average traded price of the company"s shares on the JSE Securities
Exchange South Africa ("the JSE") over the 30 business days prior to 13 February
2003, the date that the cash issue was approved by the directors.
Listing of new shares on the JSE
The new shares were listed on the JSE on 5 March 2004.
Financial effects of the cash issue
Had the cash issue been effective from 1 July 2003, the pro forma financial
effects on the company"s earnings per share, headline earnings per share, net
asset and net tangible asset values per share at 31 December 2003, would have
been as follows:
Unaudited Pro forma %
Before After Change
Net asset value per share (cents) 215,21 216.40 0.6
Net tangible asset value per share 203.70 205.62 0.9
(cents)
Headline earnings (diluted) per (12.18) (10.81) 11.2
share (cents)
Earnings (diluted) per share (12.36) (10.99) 11.1
(cents)
Weighted number of shares in issue 175 019 186 818 6.7
(000"s)
Notes:
The pro forma financial effects of the cash issue have been calculated having
regard to the following assumptions:
* the Before figures are based on the unaudited results for the six months to
31 December 2003;
* the R27,6 million received in terms of the cash issue was utilised to
reduce the company"s overdraft, bearing interest at the prime rate for the
six months to 31 December 2003;
* the headline earnings per share and earnings per share calculations are
based on the weighted number of shares in issue;
* the net asset value per share and net tangible asset value per share
calculations are based on the actual number of shares in issue.
Johannesburg
5 March 2004
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 05/03/2004 04:09:03 PM Produced by the JSE SENS Department
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