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BEE
BEE
Beget Holdings Limited - Pro Forma Financial Effects In Respect Of The General
Issue Of Shares For Cash And Withdrawal Of Cautionary
BEGET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2002/011635/06
Share code: BEE ISIN number: ZAE000044111
("Beget" or "the company")
PRO FORMA FINANCIAL EFFECTS IN RESPECT OF THE GENERAL ISSUE OF SHARES FOR CASH
AND WITHDRAWAL OF CAUTIONARY
INTRODUCTION
Shareholders are referred to the announcement of the general issues of shares
for cash announced on SENS on 27 January 2006 (the "issues for cash"). The pro
forma financial effects in respect of the issues for cash are provided below and
have been based on the following principle assumptions:
- the 5 900 000 Beget shares placed on 31 March 2005 at an issue price of 3
cents per share and the 23 097 012 Beget shares placed on 6 June 2005 at an
issue price of 6.7 cents per share (the "initial issues for cash") have been
calculated utilising the financial results for the year ended 31 December 2004;
and
- the 13 444 444 Beget shares placed on 21 September 2005 at an issue price
of 9,23 cents per share and the 5 567 460 Beget shares placed on 30 December
2005 at an issue price of 6,3 cents per share (the "subsequent issues for cash")
have been calculated utilising the financial results for the six months ended 30
June 2005.
PRO FORMA FINANCIAL EFFECTS
The pro forma financial effects of the issues for cash on earnings, headline
earnings, net asset value and net tangible asset value per share are set out
below. These pro forma financial effects are the responsibility of the directors
of Beget and have been prepared for illustrative purposes only and may not
fairly represent Beget"s financial position and results of operations.
Initial issues for cash
Pro forma Pro forma Change
before the after the %
initial initial
issues for issues for
cash cash
(Cents) (Cents)
Loss per share (0.72) (1) (0.62) (2) 14
Headline loss per share (0.53) (1) (0.45) (2) 16
Net asset value per share (0.26) (1) 0.20 (3) 178
Net tangible asset value
per share (0.88) (1) (0.37) (4) 58
1. The earnings and headline loss per Beget share as set out in the "pro forma
before initial issues for cash" column of the table are based on Beget"s audited
results for the year ended 31 December 2004. The net asset value and net
tangible asset value per Beget share as set out in the "pro forma before initial
issues for cash" column of the table is based on Beget"s audited balance sheet
at 31 December 2004.
2. The loss and headline loss per Beget share as set out in the "pro forma
after initial issues for cash" column of the table is based on the assumption
that the shares in respect of the initial issues for cash were allotted on 1
January 2004. In addition the following adjustments were made:
- an interest saving in respect of borrowings at an interest rate of 10,5%
per annum was effected for the year;
- no taxation was assumed to be payable due to assessed losses in prior
years; and
- the weighted average number of shares in issue after the initial issues for
cash amounted to 388,510 million.
3. The net asset value per Beget share as set out in the "pro forma after
initial issues for cash" column of the table is based on the assumption that the
shares in respect of the initial issues for cash were allotted and the cash in
respect thereof of R1 724 500 was received on 31 December 2004. 391,155 million
shares were assumed to be in issue after the initial issues for cash were
effected.
4. The net tangible asset value per Beget share as set out in the "pro forma
after initial issues for cash" column of the table has been calculated in the
manner described for net asset value per Beget share after deducting the
intangible assets.
Subsequent issues for cash
Pro forma Pro forma Change
before the after the %
subsequent subsequent
issues for issues for
cash cash
(Cents) (Cents)
Earnings per share 0.03 (1) 0.04 (2) 33
Headline earnings per
share 0.03 (1) 0.04 (2) 33
Net asset value per share 0.07 (1) 0.39 (3) 457
Net tangible asset value
per share (0.45) (1) (0.10) (4) 78
1. The earnings and headline earnings per Beget share as set out in the "pro
forma before subsequent issues for cash" column of the table are based on
Beget"s unaudited interim results for the six months ended 30 June 2005. The net
asset value and net tangible asset value per Beget share as set out in the "pro
forma before subsequent issues for cash" column of the table is based on Beget"s
unaudited balance sheet at 30 June 2005.
2. The earnings and headline earnings per Beget share as set out in the "pro
forma after subsequent issues for cash" column of the table is based on the
assumption that the shares in respect of the subsequent issues for cash were
allotted on 1 January 2005. In addition the following adjustments were made:
- an interest saving in respect of borrowings at an interest rate of 10,5%
per annum was effected for the six months;
- no taxation was assumed to be payable due to assessed losses in prior
years; and
- the weighted average number of shares in issue after the subsequent issues
for cash amounted to 388,012 million.
3. The net asset value per Beget share as set out in the "pro forma after
subsequent issues for cash" column of the table is based on the assumption that
the shares in respect of the subsequent issues for cash were allotted and the
cash in respect thereof of R1 244 430 was received on 30 June 2005. 388,012
million shares were assumed to be in issue after the subsequent issues for cash
were effected.
4. The net tangible asset value per Beget share as set out in the "pro forma
after subsequent issues for cash" column of the table has been calculated in the
manner described for net asset value per Beget share after deducting the
intangible assets.
WITHDRAWAL OF CAUTIONARY
As the pro forma financial effects in respect of the issues for cash have been
announced, shareholders are no longer required to exercise caution when dealing
in Beget shares.
Rosebank
17 March 2006
Sponsor
Java Capital (Proprietary) Limited
Date: 17/03/2006 03:38:15 PM Produced by the JSE SENS Department
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