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CAE
CAE
Cape Empowerment Trust - Issue of shares for cash and renewal of cautionary
CAPE EMPOWERMENT TRUST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
JSE Code CAE
ISIN ZAE000016952
("Cape Empowerment Trust" and "the company")
PLACEMENT OF 14 200 000 ORDINARY SHARES FOR CASH
FURTHER CAUTIONARY ANNOUNCEMENT
INTRODUCTION
At the annual general meeting of the company held on 29 July 2005, the
requisite majority of shareholders approved an ordinary resolution
authorising the directors of the company to issue shares for cash in
accordance with the Listings Requirements ("the Listings Requirements") of
the JSE Limited ("the JSE"). The directors have utilised such authority in
order to issue new shares in discharge of delivery obligations in terms of
scriplending arrangements entered into with various public shareholders of
the company pursuant whereto the directors placed ordinary shares with a
par value of 0.1 cents per share as follows:
190 000 ordinary shares at an issue price of 60 cents per share;
3 810 000 ordinary shares at an issue price of 64 cents per share;
3 200 000 ordinary shares at an issue price of 65 cents per share; and
7 000 000 ordinary shares at an issue price of 90 cents per share.
The directors have now issued equal numbers of replacement shares at the
same prices, being the market prices of each issue referred to above. These
ordinary shares were allocated to public shareholders as defined by the
Listings Requirements.
The JSE has granted a listing of the shares with effect from 24 August
2006.
As the issue of the ordinary shares referred to in this announcement
represents an 8.1% increase in the number of issued ordinary shares of the
company, the following disclosure is made in terms of section 11.22 of the
Listings Requirements.
UNAUDITED PRO FORMA FINANCIAL EFFECTS
The preparation of the unaudited pro forma financial effects is the
responsibility of the directors of the company. The table below illustrates
the unaudited pro forma financial effects of the placement, based on the
published audited financial results of Cape Empowerment Trust for the year
ended 31 December 2005. The unaudited pro forma financial effects have been
prepared for illustrative purposes only to provide information on how the
placement may have impacted on the company"s results, financial position
and changes in equity. Due to the nature of the unaudited pro forma
financial effects, they may not give a fair reflection of the company"s
financial position and changes in equity.
Before After %Change
Fully diluted earnings 9,9 9,2 (7%)
per share (cents)
Fully diluted headline
earnings per share (cents) 9,4 8,8 (6,4%)
Net asset value
per share 64,8 65,9 1,69%
Tangible net asset value
per share 45,5 48,2 5,9%
Weighted number of shares
in issue (`000) 153 794 167 994 9,2%
Number of shares in issue 175 767 189 967 8,1%
(`000)
Notes:
1 The figures in the before column are extracted from the audited
financial results of Cape Empowerment Trust Limited for the year ended
31 December 2005.
2 The figures in the after column assume that the shares were issued and
the cash received on 1 January 2005 and the cash invested for 12
months at a net after tax return of 4,25% per annum for earnings
purposes and that the shares were issued and the cash received on 31
December 2005 for asset value purposes; and
3 Prior to this transaction the company had 175 767 573 ordinary shares
in issue of which 12 421 411 were held in treasury by its subsidiaries
and share incentive trust.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcements dated 16 May and 30 June
2006 and are advised to continue to exercise caution when dealing in their
Cape Empowerment Trust shares until a further announcement is made.
Cape Town
24 August 2006
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Legal advisor
Hofmeyr Herbstein Gihwala Inc.
Date: 24/08/2006 08:50:07 AM Produced by the JSE SENS Department
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