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Stratcorp Limited - Issue Of Shares For Cash
STRATCORP LIMITED
(Registration number 2000/031842/06)
(JSE Code: STA & ISIN: ZAE000034294)
(`StratCorp` or `the Company`)
ISSUE OF SHARES FOR CASH
The board of directors wishes to inform shareholders that it has completed a
general issue of shares for cash whereby 11 642 539 ordinary shares have been
placed with a number of independent public shareholders at a price of 32 cents
each. The price for the issue was determined by the directors on 22 July 2005
based on the weighted average price of 32 cents for the period from 22 June 2005
to 21 July 2005. The issue increases the number of shares in issue from 77 616
925 ordinary shares to 89 259 464 ordinary shares. The application to list
these shares have been approved by the JSE Limited. The capital raised,
amounting to R3 725 612.48 will strengthen StratCorp`s working capital base.
The cash issue was made in terms of the general authority to issue shares for
cash granted to the board by shareholders at the annual general meeting held on
21 July 2004.
The unaudited pro forma financial effects are provide for illustrative purposes
only to show the effect of the cash issue on earnings and net asset value 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 reflection of StratCorp`s financial position and
performance. The financial effects of the issue on the earnings per share and
net asset value of StratCorp based on the audited balance sheet of StratCorp as
at 28 February 2005 and for purposes of the earnings per share calculation
assuming that interest of 6.75 per annum before tax was earned for the 12 month
period ended 28 February 2005.
Before Pro forma % increase /
After (decrease)
Net asset and tangible value per ordinary
share (cents) 19.76 18.39 (6.93)%
Earnings per ordinary share (cents) (1.21) (0.51) 57.92%
Headline earnings per ordinary share (cents) (0.44) 0.01 101.72%
General
With the latest Issue for Cash that StratCorp concluded, certain levels as
defined in Broad Base Black Economic Empowerment (BCubedEE) are now addressed in
a lesser or larger degree.
These levels are:
1. Direct Empowerment - Shareholding (Percentage shareholding and number of
shareholders)
Currently approximately 42% of StratCorp`s issued shares are held by public
shareholders whereof approximately 56% of these shares are held by previously
disadvantaged people (pdp`s). Therefore about 22% of the company`s issued
capital is held by pdp`s.
The total number of shareholders in StratCorp is approximately 10 700 whereof
more than 8000 are pdp`s (75%).
The company adopted a strategy to implement this level by focusing on the
broader population in stead of applying the traditional `elite` empowerment
model used in many empowerment transactions. The fact that more than 8 000
people from all walks of life holds shares directly in StratCorp is in the
company`s definition `true empowerment`.
2. Human Resource Development and Equity
Of the total full time personnel working for the company and its wholly owned
subsidiaries, 36% are pdp`s. 28% of total personnel compliment are woman.
The company has a Personnel Incentive Share Trust implemented and annually
employees are awarded shares from the trust as well as options.
The company is in a phase of structuring its Human Resource Development Training
program.
3. Indirect Empowerment through procurement and enterprise development
With the introduction of the ICI (ICI Marketing is a wholly owned subsidiary of
StratCorp) program in February 2003, the company ensured that this area was
addressed. Each ICI member acquires a business right (franchise like) which
entitles him to earn income from introducing clients to the company`s
subsidiaries.
There are currently 10 834 active ICI members registered whereof more than 90%
are pdp`s.
During the 2005 financial year more than R3 million in commissions were paid to
the ICI network and to date for the current financial year more than R2.2
million was paid so far.
Enterprise development is addressed in two ways. Firstly for the ICI members,
which are business (enterprise) owners, a training program was introduced in
March 2005 in the basics of enhancing their businesses.
With the StratEquity business model (StratEquity is a wholly owned subsidiary of
StratCorp), whereby StratEquity acts as a facilitator between developing
companies needing expansion capital and investors that want to invest in these
companies, indirectly, enterprise development is addressed. These investors are
registered on StratEquity`s database as clients.
This encapsulates the importance of StratEquity`s role in also supplying other
companies with an important BEE component which is pdp shareholders. Currently,
StratEquity can provide more than 17 000 pdp shareholders, who will pay
approximately R8 million for their shares, to companies.
Centurion
12 August 2005
Merchant Bank Sponsor
Exchange Sponsors (Pty)
Marriott Corporate Property Limited
Limited
Date: 15/08/2005 12:43:43 PM
Produced by the JSE SENS Department
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