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SIM
SIIF
Simmers - Issues of 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
ISSUES OF ORDINARY SHARES FOR CASH
INTRODUCTION
At the annual general meeting of the company held on 15 December 2005, 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 an 11.7% 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:
Name Number of Issue Value Date
shares price
Investec Bank 3,700,000 R1.35 R4 995 000 4 May 2006
Limited
Investec Bank 10 000 000 R1.48 R14 800 000 23 May 2006
Limited
New Platinum 29 550 000 R1.50 R44 325 000 30 May 2006
(Pty) Ltd
Bancar Investment 25 216 666 R1.50 R37 824 999 2 June 2006
Holdings (Pty)
Ltd
The Adrienne 250 000 R1.50 R375 000 2 June 2006
Trust
Sovereignty 3 443 334 R1.50 R5 165 001 2 June 2006
Investment Trust
Company (Pty) Ltd
Koch Family 600 000 R1.50 R900 000 2 June 2006
G Herholdt 20 000 R1.50 R30 000 2 June 2006
V Herholdt 20 000 R1.50 R30 000 2 June 2006
Phezulu Fencing 29 550 000 R1.50 R44 325 000 30 June 2006
(Pty) Ltd
TOTAL 102 350 000 R152 770 000
The 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, reviewed results of
Simmers for the year ended 31 March 2006 are set out below. The pro forma
financial effects have been prepared for illustrative purposes only to provide
information of how the issues for cash may have impacted on the results and
financial position of Simmers. Preparation of the pro forma financial effects is
the responsibility of the directors. Because of their nature, the pro forma
financial effects may not fairly present Simmers" financial position after the
issues for cash or the effect on future earnings:
Before After %
change
Profit per share (cents) 0.24 See note 3 N/A
Headline loss per share (cents) (11.11) See note 3 N/A
Net asset value per share 26.12 33.85 30
Tangible net asset value per share 26.12 33.85 30
Number of shares in issue 872 651 135 975 001 135
Notes:
1. The figures in the "before" column are extracted from the reviewed
results of Simmer and Jack Mines, Limited for the year ended 31 March
2006;
2. The figures in the "after" column assume the shares were issued, and
the cash received, on 31 March 2006 for asset value purposes;
3. The main application of the capital raised by the issues for cash was
to fund the pumping and shaft refurbishment at no. 4 shaft. This
expenditure will not generate returns for the company in the immediate
future and accordingly the company considers it inappropriate and
misleading to show pro forma effects on earnings.
4. The % change column reflects the change between the before and after
situations.
Johannesburg
21 July 2006
Sponsor
SASFIN CAPITAL
A division of Sasfin Bank Limited
Date: 21/07/2006 03:28:01 PM Produced by the JSE SENS Department
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