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JSE
JSE
JSE Limited - Specific Issue Of Shares For Cash
JSE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
("JSE")
SPECIFIC ISSUE OF SHARES FOR CASH
Introduction
As part of the Broad-based Black Economic Empowerment Initiative ("Broad-based
BEE Initiative") implemented by the JSE when it listed on 5 June 2006, the JSE
created the JSE Empowerment Fund ("JEF"). Full details of the Broad-based BEE
Initiative are contained in the circular to JSE shareholders dated 13 April
2006.
JEF was established to provide financial assistance for education initiatives
targeted specifically at bringing black people into the financial sector by
enabling them to gain appropriate professional qualifications and a better
understanding of investment in financial markets. JEF"s assets are used for the
benefit of black people only.
At the General Meeting of JSE Shareholders held on 9 May 2006, shareholders
approved the issuing of 1 737 550 JSE shares (which represents 2% of the JSE"s
issued share capital after the implementation of the Broad-based BEE Initiative)
to JEF at par value within one year of the date of the General Meeting. The
initial 868 775 shares (which represents 1% of the JSE"s issued share capital
after the implementation of the Broad-based BEE Initiative) was issued and
allocated to JEF on 7 June 2006.
A further 434 388 shares (which represents 0.5% of the JSE"s issued share
capital after the implementation of the Broad-based BEE Initiative) has now been
issued by the JSE and will be allocated to JEF. These shares have been issued at
par value of 10 cents each, which represents a 99.75% discount to the 30 day
volume weighted average trading price of JSE shares as at 20 November 2006,
which is the day before the JSE directors resolved to issue this further tranche
of shares to JEF.
As a consequence of the allocation of shares in June 2006 and this allocation,
JEF will receive an amount of R884 757.85 (an additional R296 252.62 resulting
from the issue of 434 388 shares) in respect of the payment of the special
dividend of 68.2 cents per share declared by the JSE as per the announcement
released on SENS on 23 November 2006. This will contribute greatly to JEF"s
ability to provide the financial assistance to black people for the educational
initiatives referred to above.
The remaining 434 388 shares (which represents 0.5% of the JSE"s issued share
capital after the implementation of the Broad-based BEE Initiative) will be
issued to JEF before 9 May 2007.
Pro forma financial effects of the issue
The pro forma effect of this issue on the financial position of the JSE Group is
not significant and is included for information purposes only.
The table below sets out the pro forma financial effects of this issue on
earnings per share ("EPS"), headline earnings per share ("HEPS"), net asset
value per share ("NAVPS") and net tangible asset value per share ("NTAVPS"). The
pro forma financial effects have been prepared for illustrative purposes only
and because of their nature, may not fairly present the JSE"s financial
position, changes in equity, results of operations or cash flows. The pro forma
financial information is the responsibility of the directors of the JSE.
Before the Pro forma Change (%)
issue (cents) After the
JSE Group issue(cents)
EPS 110.4 110.18 (0.2)
HEPS 104.0 103.80 (0.19)
NAVPS 9.47 9.42 (0.5)
NTAVPS 112.74 112.16 (0.5)
Notes:
1. The "Before the issue" figures are based on the interim results for the six
months ended 30 June 2006.
2. The EPS and HEPS figures are based on the weighted average number of shares
in issue at 30 June 2006.
3. The NAVPS and NTAVPS figures are calculated based on the actual number of
shares in issue at 30 June 2006.
4. The "After the issue" column is based on the assumption that the issue was
effective from 1 January 2006 for EPS and HEPS and on 30 June 2006 for NAVPS and
NTAVPS purposes.
Listing of new shares
Application has been made to the Registrar of Securities Services for the
listing of the additional shares, which listing has been granted with effect
from Friday, 24 November 2006.
Sandton
29 November 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/11/2006 02:08:18 PM Produced by the JSE SENS Department
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