| 45. |
Revision of conversion price applicable to convertible preference shares |
| |
As the dividend cover in respect of the 2006 dividend was less than 1.4 times, it was necessary, in accordance with the rights
and privileges attaching to the convertible perpetual cumulative preference shares ("convertible preference shares"), to
amend the conversion price to be used when the convertible preference shares are converted into ordinary shares. The
conversion price was originally R288.43 or 34.67046 ordinary shares for each 100 convertible preference shares converted.
Based on the announcement published on 12 March 2007, the conversion price was amended to R284.24 or 35.18154
ordinary shares for each 100 convertible preference shares converted.
This decrease in the conversion price has resulted in a deemed dividend for the purpose of calculating earnings per share in
terms of IAS 33 - Earnings per share to the outstanding preference shareholders at the date of the adjustment. Consequently,
this deemed dividend of R4.19 per convertible preference share, amounting to R16 million, has been taken into account when
calculating the basic earnings attributable to ordinary shareholders. This amount has been included with the preference
dividends due to preference shareholders of R15 million in the total amount attributable to preference shareholders. |
| 46. |
Comparative figures |
| |
The interest received and interest paid figures for 2006 have been restated by R39 million each due to the incorrect
elimination of intergroup interest in the prior year. Consequently, interest received and interest paid are now reflected at
R165 million and R196 million respectively.
Amounts included in cash investments held in the environmental trusts of R264 million in 2006 that meet the definition of
cash and cash equivalents have been reclassified from non-current assets to cash and cash equivalents. The cash flow
statement has been amended accordingly. |
| 47. |
Post-balance events |
|
Formation and approval of Group Employer Share Option Scheme |
|
Anglo Platinum is finalising its plan for a broad-based share scheme for employees who do not currently participate in any
other share scheme. The scheme will be presented to shareholders for approval at a general meeting to be held in this
financial year. A circular containing full details of the proposed transaction, including pro forma financial effects, will be posted
to shareholders once the terms are finalised. |
|
|
|
Proposed revision to conversion price |
| |
As the ordinary dividend cover in respect of the 2007 dividends is less that 1.4 times, it is necessary to adjust the conversion
price to be used when convertible preference shares are converted into ordinary shares. Currently the conversion price is
R284,24 or 35.18154 ordinary shares for each 100 convertible preference shares converted. The revised ratio will be based
on the volume weighted average traded price of Anglo Platinum ordinary shares on the JSE Limited for the five business days
ended Friday, 7 March 2008 and will be published on SENS and in the press once this has been determined. |
