| Wed 15 Mar 2006, 13:53 | | African Dawn Capital Limited - Issue Of 20.8 Milli |
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ADW
ADW
African Dawn Capital Limited - Issue Of 20.8 Million Ordinary Shares For Cash
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/005353/07)
JSE Share code: ADW & ISIN: ZAE000060703
("African Dawn" or "the Company")
ISSUE OF 20.8 MILLION ORDINARY SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that African Dawn has raised R 11 459 752 in
capital by the issue of shares for cash at 55 cents per ordinary share. The
issue of shares for cash will enable African Dawn to obtain further long-
term funding and thereby increase its advances.
2. ISSUE FOR CASH
At the annual general meeting of the Company held on 2 February 2006, 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 Listing Requirement").
As the issue of the new shares represent a 38,29% increase in the issued
ordinary share capital of the Company this disclosure is made in terms of
section 11.22 of the Listing Requirements:
* 20 835 914 ordinary shares in the Company has been issued at an issue
price of 55 cents per ordinary share;
* the issue price of 55 cents per share represent a discount of 9,87 %
to the 30 day weighted average price ended 7 February 2006, being the
date the issue price was agreed by the directors of African Dawn;
* the shares have been issued to public shareholders as defined by the
Listings Requirements.
3. FINANCIAL EFFECTS
The table below sets out the unaudited pro forma financial effects of the
issue for cash on the earnings, headline earnings and the net asset value
and tangible net asset value per African Dawn share:
Before After Change
(cents) (1) (cents) (%)
Earnings per share (cents) (2) 3,68 4,48 21,7%
Headline earnings per share (cents) 3,68 4,48 21.7%
(2)
Net asset value per share (cents) 18,3 28,2 54,1%
(3)
Tangible net asset value per share 18,3 28,2 54,1%
(cents) (3)
Notes:
1. The "before" column are extracted from the reviewed interim results of
African Dawn for the six months ended 31 August 2005.
2. The figures in the "after" column assume that the 20 835 914 shares were
issued, and the cash received on 1 March 2005, resulting in additional
advances of R 11 459 753 on which a net margin of 34% is earned, and
taxation at 29% paid on the additional earnings.
3. The figures in the "after" column assume that the 20 835 914 were issued on
31 August 2005.
3.2 The pro forma financial effects contained in table 3.1 above are the
responsibility of the company"s directors and have been prepared for
the purposes of illustrating how the transaction would have affected
the relevant financial results and position of African Dawn for the
historical financial period indicated and on a pro forma basis.
Accordingly, such effects do not necessarily represent a true
reflection of the financial effects of the transaction on African
Dawn"s current and future earnings.
4. LISTING OF THE NEW SHARES
The JSE Limited has granted a listing of the new shares with effect from
the commencement of business on Friday, 10 March 2006.
10 March 2006
Johannesburg
DESIGNATED ADVISOR
EXCHANGE SPONSORS
Warning: The listing of ordinary shares in the company is on ALTx. Investors
are advised of the risks of investing in a company listed on ALTx. Investors are
advised that the JSE does not guarantee the viability or the success of a
company listed on ALTx. In terms of the Listings Requirements, the company is
obliged to appoint and retain a Designated Adviser, which is required to, inter
alia, attend all board meetings held by the company to ensure that all the
Listings Requirements and applicable regulations are complied with, approve the
Financial Director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain a Designated
Adviser, it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its
securities. If a Designated Adviser is not appointed within 30 days of its
suspension, the company faces the termination of its listing without the
prospect of an appropriate offer.
Date: 15/03/2006 01:53:04 PM Produced by the JSE SENS Department
