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MKL
MKL
MKL - Makalani - Repurchase Of Makalani Linked Units
MAKALANI HOLDINGS LIMITED
Registration number 2005/000726/06
(Incorporated in the Republic of South Africa)
ISIN: ZAE000066700
JSE Code: MKL
("Makalani" or "the Company")
REPURCHASE OF MAKALANI LINKED UNITS
1. Introduction
Makalani herewith announces the repurchase of 1 077 206 Makalani linked
units ("the linked units"), representing 4.32% of the issued share and
debenture capital of Makalani, on the open market of the JSE Limited
("JSE") in accordance with the general authority granted by Makalani`s
linked unitholders at the annual general meeting held on 22 October 2007
("the repurchases"). In terms of the general authority, Makalani is
authorised to repurchase a maximum of 10% of its issued share and
debenture capital.
2. Implementation
The repurchases of the linked units commenced and ended on 11 April
2008.
Details are as follows:-
Number of linked units repurchased 1 077 206
Value of linked units repurchased R99 641 555
Highest price paid per linked unit R92.50
Lowest price paid per linked unit R92.50
Average price paid per linked unit R92.50
The number and percentage of linked units which may still be repurchased
by the Company in terms of the general authority is 1 415 771 (5.68%).
3. Source of funds
The repurchases to date have been funded from available cash resources
and debt facilities.
4. Opinion of the directors
After considering the impact of the repurchases the directors of
Makalani are of the opinion that, for a period of 12 months from the
date of this announcement:-
- the Company will be able, in the ordinary course of business, to
pay its debts;
- the assets of the Company will be in excess of the liabilities of
the Company (for this purpose the assets and liabilities have been
recognised and measured in accordance with the accounting policies
used in the latest audited annual financial statements);
- the Company`s share and debenture capital and reserves will be
sufficient to meet its needs; and
- the Company will have sufficient working capital to meet its needs.
5. Financial effects
The financial effects presented below have been prepared for
illustrative purposes only and because of their nature, may not give a
fair reflection of Makalani`s financial position, changes in equity,
results of operations or cash flows going forward. The table below
indicates the effect of the repurchases on Makalani`s earnings and
headline earnings per linked unit and the preparation thereof is the
responsibility of the directors.
Before 1 After 2 Change
(cents) (cents) (%)
Headline earnings per 1 004 1 021
linked unit 2
Basic earnings per 367 373
share 2
Notes
1. The "Before" column is based on the audited results of Makalani for the
period ended 30 June 2007.
2. The "After" column was calculated as if the linked units were
repurchased on 30/06/2007 for balance sheet purposes and as if they were
repurchased on 01/07/2006 for income statement purposes.
3. The effect of the repurchases on net asset value and net tangible asset
value per linked unit is negligible.
6. JSE listing
Of the linked units that have been repurchased, 1 077 206 linked units
will be cancelled and an application will be made to the JSE in due
course to terminate the listing in respect thereof.
Sandton
14 April 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14/04/2008 16:49:04 Produced by the JSE SENS Department.
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