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Brimstone Investment Corporation Limited - General Issue Of "N" Ordinary Shares
For Cash
Brimstone Investment Corporation Limited
(Registration number 1995/010442/06)
(Incorporated in the Republic of South Africa)
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
("Brimstone" or the "Company")
GENERAL ISSUE OF "N" ORDINARY SHARES FOR CASH
1. Introduction
Shareholders are advised that Brimstone has issued a total of 15 487 333 "N"
ordinary shares for cash, in terms of the general authority to issue shares for
cash granted by Brimstone shareholders at the annual general meeting held on 18
May 2005 ("the cash issues").
2. Consideration and number of new Brimstone "N" ordinary shares issued in
terms of the cash issues
On 6 October 2005, 3 750 000 "N" ordinary shares were issued at a price of 224.1
cents, equating to a 10% discount to the volume weighted average traded price of
Brimstone "N" ordinary shares on the JSE Limited ("VWAP") for the 30 business
days prior to 27 September 2005, the date on which the decision to undertake the
cash issue was made.
Further to this, 11 737 333 new Brimstone "N" ordinary shares were issued on 21
November 2005 at a price of 236.7 cents each, equating to a 10% discount to the
VWAP for the 30 business days prior to 10 November 2005, being the date on which
the decision to undertake the cash issue was made.
A total cash amount of R36 186 017 has been raised in terms of the cash issues.
The new Brimstone "N" ordinary shares issued in terms of the cash issues will
rank pari passu with the existing issued "N" ordinary shares.
The cash issues were undertaken in order to replenish cash and improve black
economic empowerment credentials.
3. Financial effects of the cash issues
The pro forma financial effects of the cash issues on earnings ("EPS"), headline
earnings ("HEPS"), net asset value ("NAV") and tangible net asset value ("NTAV")
per share are set out below. This unaudited pro forma financial information has
been prepared for illustrative purposes only and because of its nature may not
give a fair reflection of Brimstone"s financial position and results of
operations, nor the effect and impact of the cash issues going forward and is
the responsibility of Brimstone"s directors.
Before (1) After (2) Change
(%)
EPS (cents) 13.3 12.4 (3) (6.8)
HEPS (cents) 12.5 11.7 (3) (6.4)
NAV & NTAV (cents) 139.6 146.1 4.7
Number of shares for EPS and 124 093 139 580
HEPS purposes ("000)
Number of shares for NAV and 207 081 222 568
NTAV (4) ("000)
Notes:
1. Based on the unaudited published results for the six months ended 30 June
2005.
2. Based on the assumption that the cash issues took place on 1 January 2005
for income statement purposes and 30 June 2005 for balance sheet purposes.
After taking into account the after tax interest earned on the cash received in
terms of the cash issues.
3. On the basis that no intangible assets are separately recognised, in
accordance with IFRS.
Cape Town
15 December 2005
Investment bank and sponsor
Nedbank Capital
Date: 15/12/2005 02:50:16 PM Produced by the JSE SENS Department
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