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Sovereign Food Investments Limited - General issue of shares for cash
Sovereign Food Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/003990/06/06)
JSE code: SOV
ISIN: ZAE000009221
(`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 23 June 2005, to issue shares
for cash, the company has raised R25.5 million by the issue of 2 900 000 new
shares at an issue price of 880 cents per share (`the cash issue`) to selected
financial institutions and principals. The issue price represents a 5 cents
(0.6%) discount to the weighted average traded price of the company`s shares on
the JSE Limited (`JSE`) over the 30 business days prior to 29 July 2005, the
date that the cash issue was approved by the directors.
Listing of new shares on the JSE
The new shares issued pursuant to the cash issue were listed on the JSE on 12
August 2005.
Financial effects of the cash issue
The unaudited pro forma financial effects are provided for illustrative purposes
only to show the effect of the cash issue on earnings and net asset value per
share as if the cash issue proceeds had been received on 1 March 2004 and 28
February 2005, respectively. Because of their nature the unaudited pro forma
financial effects may not give a true picture of the Group`s financial position
and performance. The unaudited pro forma financial effects have been compiled
from the audited consolidated financial statements for the year ended 28
February 2005, adjusted as described in the notes below, and are based on the
issue of 2 900 000 new ordinary shares at an issue price of 880 cents each in
order to raise approximately R25.5 million:
Audited Pro forma % Change
Before After the
the cash cash issue
issue
Notes
Headline earnings per share 2 124.2 116.9 (5.8)
(cents)
Earnings per share (cents) 2 122.7 115.6 (5.8)
Net asset value per share 3 390.4 434.3 11.2
(cents)
Net tangible asset value per 3 390.4 434.3 11.2
share (cents)
Weighted numbers of shares in 29 174 32 074
issue (000`s)
Actual number of shares in 29 421 32 321
issue (000`s)
Notes:
1. The `before` headline earnings and earnings per share figures are based on
the weighted average number of ordinary shares in issue at 28 February
2005.
2. The adjustments to the headline earnings and earnings per ordinary share
are based on the weighted average number of ordinary shares in issue at 28
February 2005 and are stated assuming that the proceeds of the cash issue
were received and invested on 1 March 2004 in an interest bearing account
at an after tax rate of 5% for the year ended 28 February 2005;
3. For net asset value and tangible net asset value calculations, it is
assumed that the proceeds of the cash issue were received on 28 February
2005 and are based on the actual number of ordinary shares in issue at 28
February 2005.
Uitenhage
12 August 2005
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 12/08/2005 08:49:54 A
Produced by the JSE SENS Department
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