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CML
CML
CML - Coronation Fund Managers - Repurchase Of Coronation Ordinary Shares
Coronation Fund Managers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/009318/06)
ISIN: ZAE000047353
Share code: CML
("Coronation" or "the Company")
REPURCHASE OF CORONATION ORDINARY SHARES
1. INTRODUCTION
Shareholders are advised that Coronation has now purchased a further 6.1% (total
10.0%) of its own shares on the open market of the JSE Limited ("JSE"), in
accordance with the general authority granted by Coronation shareholders at the
annual general meeting held on 25 January 2007 to repurchase up to 20% of its
issued share capital ("the repurchase").
2. IMPLEMENTATION
The repurchases of the 21 627 800 Coronation ordinary shares continued on 14 and
15 August 2007 as market conditions allowed.
Details are as follows:-
Number of ordinary shares repurchased 21 627 800
Value of ordinary shares repurchased R183 639 684
Highest price paid per ordinary share R8.50
Lowest price paid per ordinary share R8.40
Average price paid per ordinary share R8.49
The number and percentage of ordinary shares which may still be repurchased by
the Company in terms of the general authority is 35 733 552 (10.0%).
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources.
4. DIRECTORS STATEMENT
The Directors have considered the effect of the repurchases and are of the
opinion that:
4.1 the ability of the Company and its subsidiaries to continue to pay their
debts in the ordinary course of business will not be affected by the repurchases
for the period of 12 months after the date of this announcement;
4.2 the assets of the Company and its subsidiaries exceed their liabilities,
measured in accordance with the accounting policies used in the Company`s
financial statements for the 12 months ended 30 September 2006;
4.3 the ordinary capital and reserves of the Company are adequate for the
Company`s requirements for the period of 12 months from the date of this
announcement; and
4.4 the working capital of the Company is adequate for the period of 12 months
from the date of this announcement. The directors confirm that the repurchase
was effected through the order book operated by the JSE trading system and
without any prior understanding or arrangement between the Company and the
respective counterparties.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The directors of Coronation are responsible for the preparation of the financial
information below which has been included for the purposes of indicating the
effect of the repurchases on Coronation`s earnings, headline earnings net asset
value and net tangible asset value per share as illustrated below.
Measure
(in cents Before the After the Change
per share) repurchase repurchase (%)
Basic earnings 36.0 38.1 5.8
Headline earnings 34.7 36.7 5.6
Diluted basic earnings 32.2 33.8 4.8
Diluted headline earnings 31.1 32.6 4.6
Net asset value 339.7 281.9 -17
Net tangible asset value 32.2 -59.7 -285.2
Notes
1. The amount in the "Before" column represents the basic, headline,
fully diluted basic and fully diluted headline earnings per share disclosed
in the financial results for the 6 month period ended 31 March 2007. The
amounts in the "After" column represent the basic, headline, fully diluted
basic and fully diluted headline earnings per share after the general
repurchase on the assumption that the general repurchase was effected on 1
October 2006.
2. The amounts in the "After" column represent the basic, headline, fully
diluted basic and fully diluted headline earnings per share after the
general repurchase on the assumption that interest will no longer accrue to
Coronation on the repurchase consideration at 5.75% per annum before tax.
3. The amounts in the "Before" column represent the net asset value and
net tangible asset value per share as disclosed in the financial results
for the 6 month period ended 31 March 2007. The amounts in the "After"
column represent the net asset value and net tangible asset value per share
based on the financial results for the 6 month period ended 31 March 2007
adjusted for the general repurchase, had it been effected on 1 October
2006.
Cape Town
16 August 2007
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 16/08/2007 10:54:01 Produced by the JSE SENS Department.
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