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WEZ
WEZ
WEZ - Wesizwe Platinum Limited - General issue of shares for cash
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
General issue of shares for cash
1 Introduction
At the annual general meeting of the Company held on 8 September 2006, the
requisite majority of Wesizwe shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with paragraph
5.52 of the Listings Requirements of the JSE Limited ("JSE") ("general
authority"). In accordance with the general authority the Company has
successfully placed 28 168 372 ordinary shares ("the placed shares"), equating
to 7,1 per cent of the Company`s issued share capital with institutions raising
R94,6 million.
The placed shares were issued at a price of 336 cents per share, being a 10 per
cent discount to the 30 day volume weighted average price on 17 November 2006.
These shares have been listed on the JSE as of Wednesday, 31 January 2007 and
rank pari-passu with the existing ordinary shares of the Company.
The proceeds from the placed shares will be used to fund further exploration,
drilling and evaluation of current drilling programmes.
2 Financial effects
The table below reflects the unaudited pro forma financial effects of the above
mentioned general issue of shares for cash. The pro forma financial effects have
been prepared for illustrative purposes only and in terms of the Listings
Requirements of the JSE and therefore due to their nature, may not truly reflect
Wesizwe`s financial position or results. The directors of Wesizwe are
responsible for the preparation of the pro forma financial effects.
Before the Pro forma Change
issue after the (%)
(cents) issue (cents)
Basic loss 1,84 1,70 7,61
per share
Headline loss 1,84 1,70 7,61
per share
Net asset 16,47 40,49 >100
value ("NAV")
Net tangible -5,81 19,84 >100
asset value
("NTAV")
Notes:
1 The `Before the issue` figures are based on the unaudited interim financial
statements for the six months ended 30 June 2006.
2 The `Pro forma after the issue` figures have been adjusted to include the
increase in cash as a result of the above proceeds from the placed shares.
3 The `Pro forma after the issue` column is based on the assumption that the
issue was effective from 1 January 2006 for basic loss per share and headline
loss per share and on 30 June 2006 for NAV and NTAV; and that the proceeds were
utilized to further the exploration, drilling and evaluation of current
drilling programmes.
Illovo, Johannesburg
31 January 2007
Investment Bank and Sponsor
(Investec Bank Limited logo)
Date: 31/01/2007 08:47:01 Produced by the JSE SENS Department.
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