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SZA
SZA
Sizafika Property Investments Limited - Results of the rights offer
Sizafika Property Investments Limited
(Formerly Adonis Knitwear Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1969/002908/06
Share code: SZA & ISIN: ZAE000080198
("Sizafika" or "the company")
RESULTS OF THE RIGHTS OFFER AND GENERAL ISSUE OF LINKED UNITS FOR CASH
In terms of the rights offer announcement released on SENS and published in
the press on 30 June 2006, Sizafika linked unit holders were invited to
subscribe for 3 625 000 new Sizafika linked units and up to 750 000 linked
units by way of excess applications (i.e. a total of 4 375 000 linked units)
("rights offer units") at a price of 190 cents per linked unit with each
linked unit comprising one share and one debenture. Imara Corporate Finance
South Africa (Pty) Ltd is authorised to announce that linked units holders
and/or their renouncees have subscribed for 4 374 290 rights offer units
(being 99,98% of the total rights offer units available inclusive of the
excess applications permitted) by the close of the rights offer on Friday,
11 August 2006.
The directors have accordingly decided to allocate all of the rights offer
units subscribed for. At the subscription price of 190 cents, an amount of
R8 311 151 has been raised. Following the conclusion of the rights offer,
there will be 7 999 290 linked units in issue.
General issue of linked units
At the general meeting held on 25 May 2006, approval was obtained from linked
unit holders to issue linked units by way of a general issue for cash.
Simultaneously with the closing of the rights offer, 740 500 linked units
have been issued to four public shareholders at 190 cents per linked unit,
thereby raising additional equity of R1 406 950. Following the general issue
of linked units for cash, there are 8 739 790 linked units in issue.
The financial effects of the rights offer and the general issue of linked
units for cash are as follows:
Before the After the After the Increase
rights rights general (General
offer offer issue of issue to
linked rights
units for offer)
cash
Net (and tangible) 90,0 144,7 148,5 2,7%
asset value per
linked unit (cents)
Number of linked 3 625 000 7 999 290 8 739 790
units in issue
No financial effect is reflected for headline earnings or earnings per linked
unit as Sizafika is still a cash shell as at the closing of the rights offer.
Johannesburg
15 August 2006
Corporate advisor and Sponsor to the Rights Offer
Imara Corporate Finance South Africa (Pty) Limited
Date: 15/08/2006 05:14:03 PM Produced by the JSE SENS Department
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