| Wed 14 Mar 2007, 10:56 | | WLL - Wellco - Issue of shares for cash Correction |
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WLL
WLL
WLL - Wellco - Issue of shares for cash Correction
Wellco Health Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/005805/06)
Share code: WLL & ISIN: ZAE000071841
("Wellco" or "the company")
SHARE PLACEMENT UPDATE
With reference to the announcement published on 20 December 2006, regarding the
placement of 15,000,000 shares for cash, shareholders are advised that 6,841,923
Wellco shares have been fully paid for and accordingly placed with a number of
international investors. The company has not to date received the requisite
funds in relation to the balance of the placement, and in light of this, the
board has decided to close the placement at 6,841,923 shares.
The table below sets out the updated pro forma financial effects of the issue of
shares for cash, based on Wellco`s published unaudited interim results for the
six months 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 31 August 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) (3.72) 9.63%
Headline earnings per share(cents) (4.13) (3.74) 9.46%
Net asset value per share (cents) 49.58 47.23 (4.75%)
Net tangible assets per share (cents) 3.31 5.38 62.66%
Weighted average
number of shares in issue 64,658,031 71,499,954 10.58%
Notes
1. The "Before" financial information has been extracted, without adjustment
from the published unaudited interim results of Wellco for the six months ended
31 August 2006.
2. The "After" column represents the effects after the issue of shares for cash
of R1,710,481 and issue of an additional 6,841,923 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 31 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
14 March 2007
Designated Advisor
River Group
Date: 14/03/2007 10:56:17 Produced by the JSE SENS Department.
