| Mon 2 Oct 2006, 15:53 | | African Dawn - Issue of 25 Million Ordinary Shares |
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ADW
ADW
African Dawn - Issue of 25 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 25 MILLION ORDINARY SHARES FOR CASH
1. INTRODUCTION
Shareholders are advised that African Dawn has raised R 28 750 000 in
capital by the issue of shares for cash at 115 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 22 September 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 Listing Requirement").
As the issue of the new shares represent a 20,6% increase in the issued
ordinary share capital of the Company this disclosure is made in terms of
section 11.22 of the Listing Requirements:
- 25 000 000 ordinary shares in the Company has been issued at an issue
price of 115 cents per ordinary share;
- the issue price of 115 cents per share represent a discount of 0 % to
the 30 day weighted average price ended 14 September 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
3.1 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) (cents) (%)
(1)
Earnings per share (cents) 7,15 7,62 6,52%
(2)
Headline earnings per share 7,15 7,62 6,52%
(cents) (2)
Net asset value per share 44,64 56,72 27,05%
(cents) (3)
Tangible net asset value per 44,64 56,72 27,05%
share (cents) (3)
Notes:
1. The "before" column are extracted from the reviewed interim
results of African Dawn for the six months ended 31 August 2006.
2. The figures in the "after" column assume that the 25 000 000
shares were issued, and the cash received on 1 March 2006,
resulting in additional advances of R 28 750 000 on which a net
margin of 48% is earned, and taxation at 29% paid on the
additional earnings.
3. The figures in the "after" column assume that the 25 000 000 were
issued on 31 August 2006.
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, 29 September 2006.
2 October 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: 02/10/2006 03:53:18 PM Produced by the JSE SENS Department
