| Tue 14 Aug 2007, 13:04 | | APK - Astrapak Limited - Repurchase Announcement |
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APK
APK
APK - Astrapak Limited - Repurchase Announcement
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
Share Code: APK
ISIN: ZAE000030938
("Astrapak")
REPURCHASE ANNOUNCEMENT
1. INTRODUCTION
Astrapak herewith announces the repurchase of 4,465,508 ordinary shares,
representing 3.30% of the issued ordinary shares, effected through the
order book operated by the JSE Limited ("JSE"), since and in accordance
with the general authority granted by ordinary shareholders at the annual
general meeting held on the 28th of September 2006 ("the repurchase").
2. AUTHORISED REPURCHASE LIMITS
In terms of the special resolution:
(a) the general authority is limited to a maximum of 20% of
Astrapak`s issued share capital; and
(b) any repurchase may not be made at a price greater than 10%
above the weighted average of the market value of the
ordinary shares for the five business days immediately
preceding the date of such repurchase.
A maximum of 27,026,250 ordinary shares could be repurchased in terms of
the general authority obtained from shareholders.
3. IMPLEMENTATION
Details are as follows:-
Total number of ordinary shares repurchased 4,465,508
Total value of ordinary shares repurchased 58,019,940
Highest price paid per ordinary share 14.85
Lowest price paid per ordinary share 12.09
Average price paid per ordinary share including 12.99
costs
The number of ordinary shares which may still be 22,560,742
repurchased by the company in terms of the general
authority
Ordinary shares in issue on 28 February 2006 135,131,250
Ordinary shares in issue on date of this 135,131,250
announcement
4. SOURCE OF FUNDS
Repurchases to date have been, and future repurchases will also be, funded
from available cash resources.
5. OPINION OF THE DIRECTORS
The directors of Astrapak have considered the impact of the repurchases and
are of the opinion that:-
5.1 Astrapak 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;
5.2 the consolidated assets of Astrapak and the Group are in excess of the
consolidated liabilities, measured in accordance with the accounting
policies used in the audited annual financial statements for the year ended
28 February 2007;
5.3 the ordinary share capital and consolidated reserves of Astrapak and the
Group will be adequate for a period of 12 months from the date of this
announcement; and
5.4 the working capital of Astrapak and the Group will be adequate for a period
of 12 months from the date of this announcement.
6. FINANCIAL EFFECTS
The pro forma financial effects set out below are the responsibility of the
directors of Astrapak and are provided for illustrative purposes only. Due
to the nature of pro forma financial information, it may not give a fair
reflection of shareholders` financial position, changes in equity, results
of operations or cash flows after the repurchase.
Before After %
(note 1) (note 2) Change
Earnings per share (cents) 114.3 116.9 2.2%
Headline earnings per share 117.6 120.3 2.3%
(cents)
Fully diluted earnings per share 104.4 106.3 1.9%
(cents)
Fully diluted headline earnings 106.8 108.9 1.9%
per share (cents)
Net asset value per share 582.1 552.5 -5.1%
(cents)
Tangible net asset value per 506.4 473.9 -6.4%
share (cents)
Note 1: Based on Astrapak`s audited results for the year ended 28
February 2006.
Note 2: The financial effects are calculated based on the assumption that
the repurchases had been carried out on the 1st of March 2005 and that the
shares acquired were included in treasury stock from that date.
7. JSE LISTING
As all the ordinary shares have been repurchased by a wholly-owned
subsidiary of Astrapak, none of the ordinary shares will be cancelled nor
will the JSE listing in respect of those shares be terminated.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
14 August 2007
Date: 14/08/2007 13:04:01 Produced by the JSE SENS Department.
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