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SCN
SCN
SCN - Schamin - General issue of shares for cash
SCHARRIG MINING LIMITED
(Registration number 1992/001973/06)
Share code: SCN & ISIN: ZAE000006474)
("Schamin" or "the Company")
GENERAL ISSUE OF SHARES FOR CASH
PLACEMENT OF SHARES
Schamin shareholders are advised that the Company has issued a total of 11,5
million shares at 1330 cents per share, raising a total of R152 950 000 ("the
issue") in terms of the general authority granted to the directors to issue
shares for cash at the annual general meeting held on 10 November 2006, to
certain financial institutions.
APPLICATION OF PROCEEDS
The proceeds of the issue will be utilized for certain opportunities that have
arisen in the Company.
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.
Before the Pro Forma
issue (cents) After the
issue (cents) Change (%)
EPS 43.5 44.0 +1.15
HEPS 43.5 44.0 +1.15
NAV 365 432 +18.35
NTAV 365 432 +18.35
Notes:
1. The "before" figures are based on the results for the six months ended 30
September 2006.
2. The EPS and HEPS figures are based on the weighted number of shares in
issue at the time of the general issue.
3. The NAV and NTAV per share calculations are based on the actual number of
shares in issue.
4. The "after" column is based on the assumption that the issue was effective
from 1 April 2006 for EPS and HEPS and on 31 March 2006 for NAV and NTAV and
that the proceeds were utilized to repay borrowings incurring interest at an
average rate of 7.5% after taxation.
LISTING OF NEW SHARES
Application has made to the JSE for the application of the additional shares
with effect from Monday, 5 February 2007.
Boksburg
30 January 2007
Sponsor
VUNANI CORPORATE FINANCE
Date: 30/01/2007 14:00:01 Produced by the JSE SENS Department.
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