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NCL
NCL
NCL - New Clicks - Repurchase Of Ordinary Shares In New Clicks
NEW CLICKS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/000645/06)
Share code: NCL & Isin Code: ZAE000014585
("New Clicks")
Repurchase of ordinary shares in New Clicks
1. Introduction
In terms of a general authority granted to New Clicks to repurchase
its ordinary shares by a special resolution passed by New Clicks
shareholders on 30 January 2007 ("the general authority"), a maximum
of 71 191 448 ordinary shares (being 20% of the issued share
capital) could be acquired.
2. Implementation
In terms of paragraph 11.27 of the JSE Listings Requirements, New
Clicks announces that it has acquired, in the open market, 10 887
420 ordinary shares, equivalent to 3.06% of the issued share capital
at the time of the granting of the general authority, for a total
consideration of R146 755 768. The repurchases were carried out
between 7 February 2007 and 16 May 2007 (excluding the closed period
between 1 March 2007 and 8 May 2007). The highest price paid was
R15.85 per share and the lowest price paid was R12.30 per share. The
average price paid was R13.48 per share.
The requirements of paragraph 5.72 of the JSE Listings Requirements
have been complied with in the repurchasing of these shares.
All the shares have been repurchased by a subsidiary of New Clicks
and are being held in the subsidiary company as treasury shares.
The extent of the authority outstanding is 60 304 028 ordinary
shares, equivalent to 16.94% of the total number of shares in issue.
3 Source of funds
Repurchases to date have been funded from available cash and it is
intended that all future purchases will also be funded from
available cash.
4 Opinion of the directors
The directors of New Clicks have considered the impact of the share
repurchase and are of the opinion that:
4.1 New Clicks and the group will be able, in the ordinary course
of business, to pay its debts for a period of 12 months from
the date of this announcement.
4.2 The assets of New Clicks and the group will be in excess of the
liabilities of New Clicks and the group for a period of 12
months after the date of this announcement, measured in
accordance with the accounting policies used in the audited
results for the year ended 31 August 2006.
4.3 The ordinary share capital and reserves of New Clicks and the
group will be adequate for ordinary business purposes for a
period of 12 months from the date of this announcement.
4.4 The working capital of New Clicks and the group will be
adequate for ordinary business purposes for a period of 12
months from the date of this announcement.
5. Effect on Earnings and Net Asset Value
Before After Change
(cents) (cents) %
Earnings per share 54.3 54.8 0.9
Headline earnings per share 54.7 55.2 0.9
Fully diluted earnings per share 53.5 53.9 0.7
Fully diluted headline earnings 53.9 54.3 0.7
per share
Net asset value 453 441 (2.6)
Net tangible asset value per 311 298 (4.2)
share
Assumptions
The pro forma financial effects ("after") are calculated on New
Clicks
unaudited results for the six months ended 28 February 2007,
assuming:
- The accounting policies employed by New Clicks for the year
ended 31 August 2006 have been applied in making these
calculations.
- For the purposes of calculating the earnings and headline
earnings related figures, it was assumed that all the
repurchases were carried out on or before 1 September 2006.
- All the repurchases were financed by excess cash on hand on
which interest was received at an after tax rate of 6.1 % per
annum.
- The calculations have been based on a weighted average number
of shares in issue of 342 642 000 and a fully diluted weighted
average number of shares in issue of 347 803 000.
- For the purposes of calculating the net asset and net tangible
asset value, it was assumed that the repurchases were carried
out on 28 February 2007. The calculation is based on 334 018
000 shares in issue being the number of shares in issue at 28
February 2007 adjusted by the repurchases subsequent to this
date.
6. JSE Limited ("JSE") Listing
All the shares have been repurchased by a subsidiary of New Clicks
and are being held in the subsidiary company as treasury stock.
Cape Town
18 May 2007
Investment Bank and Sponsor
Investec Bank Limited
Date: 18/05/2007 08:00:01 Produced by the JSE SENS Department.
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