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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)
JSE share code: NCL
ISIN: 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, a further 11 724 455
ordinary shares, equivalent to 3.29% of the issued share capital at the time of
the granting of the general authority, for a total consideration of R189 981
935. The repurchases were carried out between 18 May 2007 and 15 June 2007. The
highest price paid was R16.80 per share and the lowest price paid was R15.50 per
share. The average price paid was R16.20 per share.
Since the granting of the general authority New Clicks has repurchased 22 611
875 ordinary shares, equivalent to 6.35% of the issued share capital at the time
of the granting of the general authority, for a total consideration of R336 737
703. The average price paid was R14.89 per share.
The requirements of paragraph 5.72 of the JSE Listings Requirements have been
complied with in the repurchasing of these shares.
The extent of the authority outstanding is 48 579 573 ordinary shares,
equivalent to 13.65% 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 55.0 1.3
Headline earnings per share 54.7 55.4 1.3
Fully diluted earnings per share 53.5 54.1 1.1
Fully diluted headline earnings per share 53.9 54.5 1.1
Net asset value 453 398 (12.1)
Net tangible asset value per share 311 250 (19.6)
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 322 293 000 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 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
19 June 2007
Investment Bank and Sponsor
Investec Bank Limited
Date: 19/06/2007 13:18:30 Produced by the JSE SENS Department.
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