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SCN
SCN
Schamin - Specific Issue of Shares for Cash and Competition Commission Approval
Scharrig Mining Limited
Registration number 1992/001973/06)
Share code: SCN & ISIN: ZAE000006474)
("Schamin" or "the Company")
SPECIFIC ISSUE OF SHARES FOR CASH AND COMPETITION COMMISSION APPROVAL
INTRODUCTION
Shareholders are referred to the circular dated 3 August 2006 ("the circular"),
detailing the proposed acquisition of Transbor (Pty) Limited and Geosearch
International Limited (the acquisition"). The acquisition was approved by
shareholders at the general meeting held on 25 August 2006.
The board of Schamin is pleased to announce that the Competition Commission has
approved the acquisition and the South African Reserve Bank has approved
the specific issue of shares for cash. All suspensive conditions as
detailed in the circular have now been fulfilled.
Shareholders are also advised that since these final conditions precedent have
been fulfilled, the Company has made application to the JSE to list 15
million ordinary shares of 1 cent each to be issued at an issue price of
525 cents per share to Erine International Limited (a company managed in
accordance with the directions of Sir Sam Jonah), with effect from Monday,
20 November 2006. Such specific approval was unanimously voted in favour
of at the general meeting of shareholders held on 25 August 2006. Full
details and the rationale for the issue were explained in the circular to
shareholders dated 3 August 2006.
PRO FORMA FINANCIAL EFFECTS OF THE ISSUE
The table below sets out the pro forma effect on earnings per share
"EPS"), headline earnings per share ("HEPS"), net asset value ("NAV") and net
tangible asset value ("NTAV") per share. The pro forma financial effects
have been prepared for illustrative purposes only, and in terms of the
Listings Requirements of the JSE Limited, and therefore, due to their
nature, may not truly reflect Schamin"s financial position or results. The
directors of Schamin are responsible for the preparation of the pro-forma
financial information.
Audited Pro Forma
Before the After the
issue (cents) issue (cents) Change (%)
EPS 69.3 66.2 (4.47)
HEPS 69.3 66.2 (4.47)
NAV 240.2 268.4 11.74
NTAV 240.2 268.4 11.74
Notes:
1. The "before" figures are based on the audited results for the year
ended 31 March 2006.
2. The EPS and HEPS figures are based on the weighted number of shares in
issue at 31 March 2006.
3. The NAV and NTAV per share calculations are based on the actual number
of shares in issue at 31 March 2006.
4. The "after" column is based on the assumption that the issue was
effective from 1 April 2005 for EPS and HEPS and on 31 March 2006 for
NAV and NTAV purposes, and that the proceeds were utilised to repay
borrowings assuming borrowings incurred interest at an average rate of
7.5% after taxation.
LISTING OF NEW SHARES
Application has been made to the JSE for the listing of the additional shares,
which listing is expected on or about Monday, 20 November 2006.
Boksburg
14 November 2006
Sponsor
Vunani Corporate Finance
Reporting Accountants
Siyabala Inc
Date: 14/11/2006 03:39:05 PM Produced by the JSE SENS Department
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