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Simmers - Issue of 37 million ordinary shares for cash
SIMMER AND JACK MINES, LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
("Simmers" OR "the Company")
Share code: SIM
ISIN: ZAE000006722
ISSUE OF 37 MILLION ORDINARY SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 21st October 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 5% 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 with a par value of 2 cents per share:
- 516 241 685 new ordinary shares in terms of a rights offer completed in
July 2005 at an issue price of twenty-five cents per share.
- 37 000 000 ordinary shares at an issue price of 59 cents per share
representing a discount of 8.61 % to the 30 day weighted average price
ended 30 September 2005, being the date the issue price was agreed by
directors of Simmers, under a general authority to issue shares for cash.
The 37 million ordinary shares referred to above were issued to public
shareholders as defined by the Listings Requirements.
FINANCIAL EFFECTS
The financial effects of the issue, based on the published, audited results of
Simmers for the year ended 31 March 2005 are set out below:
Before After % change
Loss per share (cents) (19.9) (16.5) 17.36
Headline loss per share (cents) (12.8) (10.42) 18.47
Net liability value per share (17.7) (5.06) 70.53
Tangible net liability value per share (17.7) (5.06)
70.53
Number of shares in issue 203 441 911 240 441 911
Notes:
1. The figures in the "before" column are extracted from the audited results
of Simmer and Jack Mines, Limited for the year ended 31 March 2005;
2. The figures in the "after" column assume that the shares were issued, and
the cash received, on 1 April 2004 and the cash invested for 12 months at a net
after tax return of 4.26% per annum for earnings purposes and that the shares
were issued, and the cash received, on 1 April 2004 for asset value purposes;
3. The % change column reflects the change between the before and after
situations;
4. The issue of 516 241 685 new ordinary shares in terms of the rights offer
referred to above has not been taken into account in the above calculation.
LISTING OF THE NEW SHARES
The JSE Limited has granted a listing of the new shares with effect from the
commencement of business on 13 October 2005.
Johannesburg
12 October 2005
Sponsor
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 12/10/2005 04:31:52 PM Produced by the JSE SENS Department
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