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WLL
WLL
WLL - Wellco - Issue of Shares for Cash
Wellco Health Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/005805/06)
Share code: WLL & ISIN: ZAE000071841
("Wellco" or "the company")
River Group is authorised to announce that Wellco has placed 15 000 000
shares, under the general authority to issue shares for cash, with 12
offshore investors at 25 cents per share being a 5 cps premium to the
current trading price.
The table below sets out the pro forma financial effects of the issue of
shares for cash, based on Wellco"s interim results for the period ended 31
August 2006. The financial effects are presented for illustrative purposes
only and because of their nature may not give a fair reflection of Wellco"s
results, financial position and changes in equity after the transaction. It
has been assumed for purposes of the pro forma financial effects that the
above transactions took place with effect from 1 March 2006 for income
statement purposes and 28 February 2006 for balance sheet purposes. The
directors of Wellco are responsible for the preparation of the financial
effects, which have not been reviewed by the auditors.
Before After %
Transaction Transaction Change
Earnings per share (cents) (4.12) (4.12) 0.0%
Headline earnings per share (4.13) (4.13) 0.0%
(cents)
Net asset value per share (cents) 49.58 49.62 0.1%
Net tangible assets per share 3.31 3.36 1.4%
(cents)
Weighted average
number of shares in issue 64,658,031 79,658,031 23.2%
1. The "Before" financial information has been extracted, without
adjustment from the published unaudited interim results of Wellco for the
six months ended 30 August 2006.
2. The "After" column represents the effects after the issue of shares for
cash of R3,75 million and issue of an additional 15 000 000 new Wellco
shares. Earnings and headline earnings per share have not been adjusted for
anything else, other than to indicate any dilutionary effect of the new
additional shares being issued.
3. The "After" column assumes that the issue of shares for cash took place
at the beginning of the six month period ended 30 August 2006, and ignores
any effects of the time value of money and interest.
4. The "% Change" column compares the "After" column to the "Before"
column.
Pretoria
20 December 2006
Corporate & Designated Advisor
River Group
Warning: The listing of the ordinary shares in the company is on the ALTX.
Shareholders are advised of the risks of investing in a company listed on
the ALTX. Shareholders are advised that the JSE does not guarantee the
viability or the success of a company listed on the ALTX. In terms of the
JSE Listings Requirements a designated advisor has to be retained by the
company. The designated advisor is required to, inter alia, attend all
board meetings held by the company to ensure that all JSE 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 advisor it must make arrangements to appoint a new designated
advisor within 10 business days, failing which the company faces suspension
of trading of its securities. If a designated advisor is not appointed
within 30 days of its suspension the company faces the termination of its
listing without an offer to minority shareholders.
Date: 20/12/2006 12:45:01 Produced by the JSE SENS Department.
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