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Control Instruments Group Limited - General issue of shares for cash
Control Instruments Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
JSE Share Code: CNL
ISIN: ZAE000001665
(`Control Instruments` or `the Company`)
GENERAL ISSUE OF SHARES FOR CASH
Standard Bank is authorised to announce that under the general authority granted
to directors to issue shares for cash at the annual general meeting held on 21
April 2005, Control Instruments has issued 12.25 million ordinary shares, with a
par value of 5 (five) cents each at a price of R4.50 per share in a private
placement to public shareholders, as defined by the JSE Listings Requirements
(`the issue`).
As determined by the directors of the Company, the shares were issued at a 0.2%
discount to the Control Instruments 30-day volume weighted average traded price,
calculated on 14 September 2005.
The effect on earnings per share (`EPS`), headline earnings per share (`HEPS`),
net asset value (`NAV`) per share and tangible net asset value (`TNAV`) per
share is outlined below.
Before the issue After the issue Change
Cents Cents %
EPS 22.0(1) 20.0(2) (9.1)
HEPS 22.2(1) 20.2(2) (9.0)
NAV per share 152.5(3) 198.5(4) 30.2
TNAV per share 105.2(3) 158.6(4) 50.8
Notes:
1. EPS and HEPS, as set out in the `Before the issue` column of the table, are
based on the income statement of Control Instruments for the six months ended 30
June 2005 and 65 779 951 weighted average number of shares in issue.
2. EPS and HEPS, as set out in the `After the issue` column of the table, are
based on the income statement of Control Instruments for the six months ended 30
June 2005 and 78 029 951 weighted average number of shares in issue and
assumptions that:
(i) the issue was effective on 1 January 2005;
(ii) the proceeds of the issue were invested in an interest bearing account at
an after tax rate of 4.8% per annum for the six months ended 30 June 2005; and
(iii) transaction costs of R240 000 were incurred.
3. NAV and TNAV per share, as set out in the `Before the issue` column of the
table, are based on the balance sheet of Control Instruments at 30 June 2005 and
66 599 758 shares in issue.
4. NAV and TNAV per share, as set out in the `After the issue` column of the
table, are based on the balance sheet of Control Instruments at 30 June 2005 and
78 849 758 shares in issue and the assumption that the issue became effective on
30 June 2005.
5. The figures do not take into account the effect of Control Instruments`
proposed acquisition of 100% of the ordinary shares in Dana South Africa
(Proprietary) Limited, as announced on 23 August 2005.
Cape Town
20 September 2005
Investment bank and sponsor
Standard Bank
Date: 20/09/2005 04:14:04 PM
Produced by the JSE SENS Department
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