LONDON (Thomson Financial) - Petmin Ltd said it has issued 15 mln new shares
at 3.08 rand each and expects the first-half headline earnings per share to
increase by 120 pct over last year.
The earnings per share for the six months to end-December 2007 are expected
to be around 0.065 rand, up from 0.0296 rand last year, the multi-commodity
miner.
The funds raised by the share issue will be utilised by Petmin's units to
acquire alternative sources of power supply to mitigate the effect of potential
power interruptions or load shedding, and to fund the accelerated exploration
and production plan at Somkhele, Petmin said.
The company does not expect the increase in the operating cost resulting
from the alternative power supply to have a material effect on the medium-term
profitability of its operations at this stage, it added.
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