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Diamond Core - Issue of shares for cash, results of annual general meeting and
confirmation of the appointment of the Chairman of the board of directors
DIAMOND CORE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR ISIN Number: ZAE000045688
(`Diamond Core` or `the company`)
Issue of shares for cash, results of annual general meeting and confirmation of
the appointment of the Chairman of the board of directors
1. Issue of shares for cash in terms of a general authority
At the company`s annual general meeting held on 30 April 2004, shareholders
granted the directors a general authority to issue shares for cash in terms of
the Listings Requirements of the JSE Securities Exchange South Africa. Since the
start of this financial year, the company has issued:
- 5 037 800 shares at a price of 8.49 cents per share to QuestCo (Pty)
Limited on 4 July 2004 for part payment of advisory fees (`the QuestCo issue`);
and
- 79 476 020 shares at a price of 8.5 cents per share to various South
African financial institutions on 20 October 2004 in order to continue with the
company`s exploration programme as detailed in the announcement published on
SENS on 28 September 2004 (`the institutional issue`).
Both the institutional issue and the QuestCo issue (`the issues`) were
undertaken at a discount of 10% to the weighted average traded price of Diamond
Core shares over the 30 days prior to the relevant dates on which the directors
agreed the prices of the issues.
The financial effects presented below are the responsibility of the board of
directors of the company and are presented for illustrative purposes only. The
effects of the issues on the earnings per share, headline earnings per share,
net asset value per share and net tangible asset value per share are as follows:
Before the After the % change
issues1 issues2
Earnings per share 0.42 0.46 10.4
for the year ended
30 June 2004
Headline earnings (1.28) (1.05) 18.2
per share for the
year ended 30 June
2004
Net asset value per 4.35 4.77 9.7
share at 30 June
2004
Net tangible asset 1.95 2.74 40.4
value per share at
30 June 2004
Shares in issue 563 425 467 647 939 15.0
287
Assumptions
1. The figures in this column are extracted from the audited financial
statements of the company.
2. The figures in this column are based on the assumption that, for earnings
purposes, the shares in respect of the issues were issued on and the cash in
respect of the institutional issue, after settling expenses, was received on and
earned interest on a pre-tax basis of 8% per annum from 1 July 2003 and, for
asset value purposes, the shares in respect of the issues were issued and the
cash in respect of the institutional issue, after settling expenses, was
received on 30 June 2004. There were no cash effects in respect of the QuestCo
issue.
The JSE has granted a listing for the institutional issue with effect from
Thursday 21 October 2004.
2. Results of annual general meeting
Shareholders are advised that, at the annual general meeting held today, prior
to the commencement of voting the board decided to withdraw special resolutions
2 and 3 relating to the consolidation and reduction in par value of the
company`s shares. Shareholders may therefore ignore the dates set out in the
announcement relating to these matters which was published on SENS on 28
September 2004 and in the press on 29 September 2004.
All other ordinary and special resolutions proposed at the annual general
meeting were passed by the requisite majority of shareholders and, where
applicable, will be lodged with the Registrar for registration.
3. Confirmation of the appointment of the Chairman of the board of directors
Shareholders are reminded that, as the resolution ratifying his appointment has
been passed, Mr Andre Louw has taken up his position as chairman of the company
with effect from today, 21 October 2004.
21 October 2004
Hyde Park
Sponsor : Sasfin Corporate Finance, a division of Sasfin Bank Limited
Corporate advisor : QuestCo (Pty) Limited
Date: 21/10/2004 05:15:10 PM
Produced by the JSE SENS Department
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