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IFW
IFW
IFW - Infowave Holdings Limited - General Share Repurchases By Infowave
INFOWAVE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1998/017276/06)
SHARE CODE: IFW ISIN: ZAE000016440
("INFOWAVE" OR "THE COMPANY")
GENERAL SHARE REPURCHASES BY INFOWAVE
1. Introduction
InfoWave (Pty) Limited has acquired a total of 5 605 000 of its holding
company, InfoWave Holdings Limited`s shares between 1 and 9 November 2007
and , representing 6,5% of its issued share capital ("the share
repurchases"), at the time of the Annual General Meeting ("AGM").
The share repurchases were effected on the open market in terms of the
special resolution relating to a general authority to repurchase shares
("the general authority") passed at the AGM of the company held on 25 May
2007 and registered by the Registrar of Companies on 7 August 2007.
2. Details of the share repurchases
In respect of the share repurchases:
- the highest price paid was 71 cents per share and the lowest was 70
cents per share;
- the total consideration paid was R3 967 117.91;
- and 11 695 179 ordinary shares (representing 13.5% of the issued
share capital) may still be repurchased in terms of the general
authority.
All of the share repurchases were effected in accordance with paragraph
5.72(a) of the JSE Limited (JSE) Listings Requirements.
3. Source of funds
The share repurchases have been and will continue to be funded from
available cash resources.
4. Directors` statement
Having considered the effect of the share repurchases the board of
directors of InfoWave ("the board") are of the opinion that the:
- company and the group will be able in the ordinary course of business
to pay its debts for a period of 12 months after the date of this
announcement;
- assets of the company and the group will be in excess of the
liabilities of the company 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 latest audited annual financial
statements;
- share capital and reserves of the company and the group will be
adequate for ordinary business purposes for a period of 12 months
after the date of this announcement; and
- working capital of the company and the group will be adequate for
ordinary business purposes for a period of 12 months after the date
of this announcement.
5. Financial effects
The pro forma financial effects on the share repurchases on InfoWave are
the responsibility of the board. The unaudited pro forma financial effects
are presented for illustrative purposes only and because of their nature
may not give a fair reflection of InforWave`s results, financial position
and changes in equity after the repurchases.
Before the After the % Change
share share
repurchase repurchases
s1 2
Earnings per share 3.55 3.643&4 2.54
Headline earnings 3.55 3.643&4 2.54
per share
Net asset value per 18.29 14.463 (20.94)
share
Net tangible asset 17.30 13.40 (22.54)
value per share
Number of shares in 86 500 894 80 895 8944 (6.5)
issue
Notes
1. The figures in the "Before" column have been extracted from InfoWave`s
interim results for the half year ended 31 August 2007.
2. The figures in the "After" column reflect the pro forma effects on the
assumption that the share repurchases were effected on 1 March 2007 for
earnings purposes and on 31 August 2007 for net asset value purposes.
3. Based on an assumed after tax interest income of 5,2% earned on listed
preference shares and surplus cash prior to the share repurchases.
4. Assumed that no STC is payable as the shares repurchased are held as
treasury shares.
6. JSE listing
In terms of the share repurchases, all of the shares will remain in issue
and be held as treasury shares.
7. Conclusion
The board will continue to repurchase securities as and when deemed
appropriate.
Durban
12 November 2007
SPONSOR
SASFIN CAPITAL
A DIVISION OF SASFIN BANK LIMITED
Date: 12/11/2007 16:29:08 Produced by the JSE SENS Department.
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