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CNL
CNL
CNL - Control Instruments - General Issue of Shares for Cash
Control Instruments Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
Share code: CNL
ISIN: ZAE000001665
("Control Instruments")
GENERAL ISSUE OF SHARES FOR CASH
Investec Bank is authorised to announce that under the general authority granted
to directors to issue shares for cash at the annual general meeting held on 2
May 2006, Control Instruments has issued 4.4 million ordinary shares, with a par
value of 5 (five) cents each at a price of R5.55 per share in a private
placement to public shareholders, as defined by the JSE Listings Requirements
("the issue").
As determined by the directors of the Company, the shares were issued at a 1.1%
premium to the Control Instruments 30-day volume weighted average traded price,
calculated on 30 November 2006.
The effect on earnings per share ("EPS"), headline earnings per share ("HEPS"),
net asset value ("NAV") per share and tangible net asset value ("TNAV") per
share is outlined below.
Before the issue After the issue Change
Cents Cents %
EPS 32.8(i) 32.4(ii) (1.0)
HEPS 17.4(i) 17.7(ii) 1.4
NAV per share 310.8(iii) 321.5(iv) 3.4
TNAV per share 99.1(iii) 119.0(iv) 20.2
Notes:
i) The EPS and HEPS, as set out in the "Before the issue" column of the table,
are based on the unaudited income statement of Control Instruments for the six
months ended 30 June 2006 and 90 190 118 weighted average number of shares in
issue.
ii) The EPS and HEPS, as set out in the "After the issue" column of the table,
are based on the unaudited income statement of Control Instruments for the six
months ended 30 June 2006 and 94 590 118 weighted average number of shares in
issue and assumptions that:
a) the issue was effective on 1 January 2006;
b) the proceeds of the issue were invested in an interest-bearing account
at an after tax rate of 8.52% per annum for the six months ended 30
June 2006; and
c) transaction costs of R80 000 were incurred.
iii) The NAV and TNAV per share, as set out in the "Before the issue" column of
the table, are based on the unaudited balance sheet of Control Instruments at 30
June 2006 and 95 623 008 shares in issue.
iv) The NAV and TNAV per share, as set out in the "After the issue" column of
the table, are based on the unaudited balance sheet of Control Instruments at 30
June 2006; 100 023 008 shares in issue; and the assumption that the issue became
effective on 30 June 2006.
v) The figures do not take into account the effect of Control Instruments`
acquisitions of the businesses of:
a) Gabriel, announced on 20 June 2006 and effective from 5 September
2006; and
b) Pi Technology, announced on 27 October 2006 and effective from
1 December 2006.
Cape Town
12 December 2006
Sponsor:
Investec Bank Limited
Date: 12/12/2006 15:00:03 Produced by the JSE SENS Department.
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