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AFO
AFO
AFO - Aflease Gold Limited - General issue of shares for cash
AFLEASE GOLD LIMITED
(Formerly Sub Nigel Gold Mining Company Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share Code: AFO ISIN Code: ZAE000075867
("Aflease Gold" or "the Company")
General issue of shares for cash
1. Introduction
At a general meeting of the Company held on 11 October 2006, the requisite
majority of Aflease Gold shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with
paragraph 5.52 of the JSE Limited Listings Requirements ("general
authority"). In accordance with the general authority the Company has
successfully placed 25 000 000 ordinary shares ("the placed shares"),
equating to 5.2 per cent of the Company`s issued share capital with public
shareholders raising R72 000 000.
The placed shares are to be issued at a price of 288 cents per share, being
a 6.5% discount to the 30 day volume weighted average price on 23 February
2007.
These shares will be listed on the JSE as of Thursday, 1 March 2007 and
will rank pari-passu with the existing ordinary shares of the Company.
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 JSE Listings Requirements and therefore due to their nature, may not
truly reflect Aflease Gold`s financial position or results. The directors
of Aflease Gold are responsible for the preparation of the pro forma
financial effects.
Before the Pro forma (%)
issue after the Change
(cents) issue
(cents)
Basic loss per share 2.41 1.55 35.69
Headline loss per share 2.41 1.55 35.69
Net asset value 27.00 41.70 54.44
("NAV")per share
Net tangible asset value 26.17 40.91 56.32
("NTAV")per share
Notes:
1. The `Before the issue` figures are based on the unaudited interim
financial statements for the 12 months ended 30 June 2006.
2. The `Pro forma after the issue` figures have been adjusted to include the
increase in cash as well as the increase in interest received 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 development of the Modder East Project
and exploration, drilling and evaluation of current drilling programmes.
Johannesburg
1 March 2007
Investment Bank and Sponsor
Nedbank Capital
Date: 01/03/2007 08:47:55 Produced by the JSE SENS Department.
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