| Mon 3 Oct 2005, 7:05 | | IMR Investments Limited - General issue of shares |
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IMR Investments Limited - General issue of shares for cash and trading statement
IMR INVESTMENTS LIMITED
trading as Conduit Capital
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: IMR & ISIN: ZAE000044004
("IMR" or "the company")
GENERAL ISSUE OF SHARES FOR CASH AND TRADING STATEMENT
1. General issue of shares for cash
Shareholders are advised that IMR has issued a total of 12,9 million shares
raising R5 842 000 ("the issue") in terms of the general authority granted to
the directors to issue shares for cash at the annual general meeting held on 25
August 2004, as follows:
- 11 million ordinary shares, with a par value of 1 (one) cent each at a
price of 50 cents per share in a private placement to public shareholders.
As determined by the directors of IMR, the shares have been issued at a
2,1% discount to the 30-day volume weighted average traded price of IMR
shares, calculated on 15 September 2005; and
- 1,9 million ordinary shares, with a par value of 1 (one) cent each at a
price of 18 cents per share in a private placement to public shareholders.
As determined by the directors of IMR, the shares have been issued at a
7,9% premium to the 30-day volume weighted average traded price of IMR
shares, calculated on 18 April 2005.
The effect on earnings per shares ("EPS"), headline earnings per share ("HEPS"),
net asset value ("NAV") per share and net tangible asset value ("NTAV") per
share is set out in the table below.
Before After the
the issue issue Change
(Cents) (Cents) (%)
EPS 0,03(1) 0,22(2) 633,33
HEPS 0,34(1) 0,52(2) 52,94
NAV per share 7,73(3) 12,84(4) 66,10
NTAV per share 7,73(3) 12,84(4) 66,10
Notes
1. EPS and HEPS, as set out in the "Before the issue" column, are based
on the income statement of IMR for the financial year ended 28
February 2005 and a weighted average number of 81 887 961 shares in
issue.
2. EPS and HEPS, as set out in the "After the issue" column, are based on
the income statement of IMR for the financial year ended 28 February
2005 and a weighted average number of 94 787 961 shares in issue and
on the assumptions that:
i. the issue was effective on 1 March 2004;
ii. the proceeds of the issue were invested in an interest bearing
account at an after tax rate of 3,91% per annum for the financial
year ended 28 February 2005; and
iii. transaction costs of R50 000 were incurred.
3. NAV and NTAV per share, as set out in the "Before the issue" column,
are based on the balance sheet of IMR at 28 February 2005 and 81 881
887 shares in issue.
4. NAV and NTAV per share, as set out in the "After the issue" column,
are based on the balance sheet of IMR at 28 February 2005, 94 781 887
shares in issue and the assumption that the issue became effective on
28 February 2005.
2. Trading statement
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period. Accordingly, a review of the
financial results for the six months ended 31 August 2005 by management has
indicated that earnings per share and headline earnings per share of IMR will be
between 100% and 120% higher than the previous corresponding period. The
financial information on which this trading statement is based has not been
reviewed or reported on by IMR"s auditors.
Johannesburg
3 October 2005
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 03/10/2005 07:05:12 AM Produced by the JSE SENS Department
