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BJM
BJM
BJM - Barnard Jacobs Mellet Holdings Limited - - Repurchase of ordinary shares
BARNARD JACOBS MELLET HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004798/06)
JSE code : BJM
ISIN code: ZAE000014262
("BJM" or "the company")
REPURCHASE OF ORDINARY SHARES IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
In accordance with the general authority, renewed at the annual general
meeting of shareholders held on 2 August 2006 ("the AGM"), the directors
advise that on 13 July 2007, the company repurchased 0.5% of the company`s
ordinary shares on the JSE Limited ("JSE"), resulting in a cumulative 3.4%
repurchase since the renewal of the general authority at the AGM ("the
repurchase"). The repurchase was effected through the order book operated
by the JSE trading system without any prior understanding or arrangement
between the company and the counterparty.
2. REPURCHASE DETAILS
The details of the repurchase are as follows:
Dates of the repurchase: 28 December 2006 - 13 July 2007
Highest price paid during the 633 cents
repurchase period:
Lowest price paid during the 531 cents
repurchase period:
Number of ordinary shares 3 484 095
repurchased:
Value of ordinary shares R 19 735 034
repurchased:
Extent of authority outstanding: 6 807 850 ordinary shares
representing 6.6% of the current
issued share capital
3. SOURCE OF FUNDS
Existing cash resources were utilised to fund the repurchase.
4. DIRECTORS` OPINION
The directors of BJM have considered the impact of the repurchase and are
of the unanimous opinion that for a period of twelve months from the date
of this announcement:
- the company and the Group will be able, in the ordinary course of
business, to pay their debts;
- the assets of the company and the Group will be in excess of the
liabilities of the company and the Group, the assets and liabilities
being recognised and measured in accordance with the accounting
policies used in the latest audited annual Group financial statements;
- the share capital and reserves of the company and the Group will be
adequate for ordinary business purposes; and
- the working capital of the company and the Group will be adequate for
ordinary business purposes after the date of this announcement.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The pro forma unaudited financial effects of the repurchase, which are
based on the published, audited results of BJM for the twelve months ended
31 March 2007, have been prepared for illustrative purposes only and,
because of their nature, may not give an accurate overview of the Group`s
pro forma financial position at 31 March 2007. The pro forma unaudited
financial information is the responsibility of the directors.
The pro forma unaudited financial effects of the repurchase are set out
below and are based on the following assumptions:
- the effect on net asset value per ordinary share reflected in the
"after" column assumes that the repurchase was effected on 31 March
2007; and
- the effect on earnings, headline earnings, fully diluted earnings and
fully diluted headline earnings per ordinary share reflected in the
"after" column assumes that the repurchase was effected on 1 April
2006.
Pro forma
Actual after the Increase / Increase /
before the the (Decrease) (Decrease)
Note repurchase repurchase (cents) (%)
Earnings per 136.1 140.6 4.51 3.3
ordinary
share
(cents)
Headline 61.8 63.1 1.27 2.1
earnings per
ordinary
share
(cents)
Fully 118.1 121.3 3.23 2.7
diluted
earnings per
ordinary
share
(cents)
Fully 53.7 54.4 0.73 1.4
diluted
headline
earnings per
ordinary
share
(cents)
Net asset 399.0 390.2 (8.80) (2.2)
value per
ordinary
share
(cents)
Actual 102 919 102 919
number of
ordinary
shares in
issue
(000`s)
Weighted 82 982 79 498 (4.2)
average
number of
ordinary
shares in
issue
(000`s)
Weighted 95 613 92 129 (3.6)
average
number of
fully
diluted
ordinary
shares in
issue
(000`s)
Notes:
1 The calculation of earnings and headline earnings per ordinary share
has been based on the weighted average number of ordinary shares in
issue. The illustrative financial effects of the repurchase reflected
in the "pro-forma" column are calculated at 31 March 2007. The
calculation assumes that the after-tax interest income on the group`s
cash resources was reduced by 5.96% per annum calculated on the total
price of the ordinary shares repurchased.
2 The calculation of fully diluted earnings and headline earnings per
ordinary share has been based on the weighted average number of fully
diluted ordinary shares in issue.
3 The calculation of net asset value per ordinary share has been based
on the actual number of ordinary shares in issue, net of treasury
stock. No tangible net asset value is reflected as the repurchase
does not significantly impact thereon.
6. JSE LISTING
The 3 484 095 ordinary shares repurchased on will be held by a subsidiary
of BJM as treasury stock.
Johannesburg
20 July 2007
Corporate adviser and joint sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Lead sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 20/07/2007 14:00:49 Produced by the JSE SENS Department.
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