| Tue 27 Nov 2007, 11:18 | | NCL - New Clicks Holdings Limited - Repurchase of |
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NCL
NCL
NCL - New Clicks Holdings Limited - Repurchase of ordinary shares in New Clicks
NEW CLICKS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/000645/06)
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 paragraphs 5.84 (c) and 11.27 of the JSE Listings Requirements,
New Clicks announces that it has acquired, in the open market and the
derivative market, a further 11 066 515 ordinary shares, equivalent to
3.11% of the issued share capital at the time of the granting of the
general authority, for a total consideration of R176 665 564. The
repurchases were carried out between 30 August 2007 and 23 November 2007.
The highest price paid was R16.96 per share and the lowest price paid was
R14.70 per share. The average price paid was R15.96 per share.
This brings to 45 042 817 the number of ordinary shares, equivalent to
12,65% of the issued share capital at the time of granting the general
authority, repurchased since the granting of the general authority, for a
total consideration of R678 319 066. The highest price paid was R16.96 per
share and the lowest price paid was R13.65 per share. The average price
paid was R15.06.
The extent of the authority outstanding is 26 148 631 ordinary shares,
equivalent to 7.35% of the total number of shares in issue.
The requirements of paragraph 5.72 of the JSE Listings Requirements have
been complied with in the repurchasing of these shares.
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 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 consolidated assets of New Clicks and its subsidiaries are in excess of
the consolidated liabilities, measured in accordance with the accounting
policies used in the reviewed preliminary results for the year ended 31
August 2007.
4.3 The ordinary share capital and consolidated reserves of New Clicks and its
subsidiaries will be adequate for a period of 12 months from the date of
this announcement.
4.4 The working capital of New Clicks and its subsidiaries will be adequate 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 113.2 113.5 0.3
Headline earnings per 106.1 106.2 0.1
share
Fully diluted earnings 109.9 110.1 0.2
per share
Fully diluted headline 103.0 103.0 0.0
earnings per share
Net asset value per share 410 366 (10.7)
Net tangible asset value 260 243 (6.5)
per share
Assumptions
The pro forma financial effects ("after") are calculated on New Clicks reviewed
preliminary results for the year ended 31 August 2007, taking into consideration
the shares repurchased since the last announcement made on 29 August 2007,
assuming:
* The accounting policies employed by New Clicks for the year ended 31 August
2007 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 2007.
* All the repurchases were financed by excess cash on hand on which interest
was received at an after tax rate of 6.5 % per annum.
* The calculations have been based on a weighted average number of shares in
issue of 336 266 000 and a fully diluted weighted average number of shares
in issue of 346 372 000 as at 31 August 2007.
* For the purposes of calculating the net asset and net tangible asset value,
it was assumed that the repurchases were carried out on 31 August 2007. The
calculation is based on 316 115 000 shares in issue being the number of
shares in issue at 31 August 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
27 November 2007
Sponsor
Investec Bank Limited
Date: 27/11/2007 11:18:47 Produced by the JSE SENS Department.
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