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Sub Nigel - Issue Of Shares For Cash
Sub Nigel Gold Mining Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share code: SBN ISIN: ZAE000006391
("Sub Nigel" or "the company")
ISSUE OF SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 22 December 2004, the
requisite majority of shareholders approved an ordinary resolution authorising
the directors to issue shares for cash in accordance with the Listings
Requirements of JSE Limited ("the Listings Requirements").
As the issue of the new shares represents a 14.91% increase in the issued
ordinary share capital of the company, the following disclosure is made in terms
of section 11.22 of the Listings Requirements.
In the current financial year the directors have made the following issues of
ordinary shares of no par value;
* 2 000 000 at an issue price of 90 cents per share representing a discount
of 9.1% to the 30 day weighted average price ended 15 August 2005, being
the date the issue price was agreed by directors of Sub Nigel;
* 2 000 000 at an issue price of 107 cents per share representing a premium
of 3.5% to the 30 day weighted average price ended 1 September 2005, being
the date the issue price was agreed by directors of Sub Nigel;
* 7 000 000 at an issue price of 135 cents per share representing a premium
of 1.5% to the 30 day weighted average price ended 20 September 2005, being
the date the issue price was agreed by directors of Sub Nigel;
The ordinary shares were issued to public shareholders as defined by the
Listings Requirements.
FINANCIAL EFFECTS
The financial effects of the issue, based on the published, reviewed results of
Sub Nigel for the year ended 30 June 2005 are set out below:
Before After % change
Loss and headline loss per share 37.70 32.01 15.07
(cents)
Net asset value and Net tangible 11.16 25.51 128.53
asset value per share (cents)
Number of shares in issue 73 752 920 84 752 920
(000"s)
Notes:
1. The figures in the "before" column are extracted from the reviewed results
of Sub Nigel for the year ended 30 June 2005;
2. The figures in the "after" column assume that the shares were issued, and
the cash received, on 1 July 2004 and the cash invested for 12 months at a net
after tax return of 5% per annum for earnings purposes and that the shares were
issued, and the cash received, on 30 June 2005 for asset value purposes;
3. The % change column reflects the change between the before and after
situations;
LISTING OF THE NEW SHARES
The JSE has granted a listing of the new shares with effect from the
commencement of business on Monday, 15 August 2005 and Wednesday, 28 September
2005.
Johannesburg
4 October 2005
Sponsor
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 04/10/2005 10:59:08 AM Produced by the JSE SENS Department
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