| Wed 2 Jul 2008, 13:03 | | ACE - Accentuate Limited - Repurchase Of Securities |
|
ACE
ACE
ACE - Accentuate Limited - Repurchase Of Securities
ACCENTUATE LIMITED
(formerly known as Safic Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2004/029691/06)
(JSE code: ACE ISIN: ZAE000115986)
("Accentuate" or "the company")
REPURCHASE OF SECURITIES
INTRODUCTION
Shareholders are advised that Accentuate has repurchased 3.41% of its own shares
on the open market of the JSE Limited ("JSE"), in accordance with the general
authority granted by its shareholders at its annual general meeting held on 29
November 2007 ("the repurchase").
IMPLEMENTATION
A total of 3 598 632 Accentuate ordinary shares, equivalent to 3, 41% of the
issued share capital of Accentuate, had been purchased by Accentuate from 29
February 2008 to 30 June 2008.
Details of shares repurchased since the commencement of the repurchase are as
follows:-
Number of ordinary shares repurchased 3 598 632
Cost of ordinary shares repurchased* R4 107 175
Highest price paid per ordinary share* R1.55
Lowest price paid per ordinary share* R0.90
Average price paid per ordinary share* R1.14
* - including costs
EXTENT OF AUTHORITY OUTSTANDING
The extent of the authority outstanding is 12 138 768 ordinary shares,
equivalent to 15.43% of the total issued ordinary share capital of Accentuate.
This authority is valid until the next annual general meeting scheduled for 26
November 2008.
SOURCE OF FUNDS
The repurchases have been funded from available cash resources.
DIRECTORS` STATEMENT
The Directors have considered the effect of the repurchases and are of the
opinion that:
5.1 the company will be able in the ordinary course of business to pay their
debts for the period of 12 months after the date of this announcement;
5.2 the assets of the company will exceed liabilities for a period of 12 months
after the date of this announcement, measured in accordance with the accounting
policies used in the company`s financial statements for the financial year ended
30 June 2008;
5.3 the share capital and reserves of the company will be adequate for ordinary
business purposes for the period of 12 months from the date of this
announcement; and
5.4 the working capital of the company will be adequate for ordinary business
purposes for the period of 12 months from the date of this announcement.
The directors confirm that the repurchase of securities 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.
FINANCIAL EFFECTS OF THE REPURCHASE
The directors of Accentuate are responsible for the preparation of the unaudited
pro forma financial information, which has been included for the purposes of
illustrating the effect of the repurchases on Accentuate`s earnings, headline
earnings, net asset value and net tangible asset value per share on the relevant
reporting date. Due to their nature, the unaudited pro-forma financial effects
may not be a fair reflection of Accentuate`s financial position after the
implementation of the repurchases or of Accentuate`s future earnings.
Before After Change
(cents) (1) (cents)(3 (%)
(2) )
Earnings per share (cents) 8.9 9.02 1.34%
Headline earnings per 9.8 10.02 4.69%
share (cents)
Net asset value per share 150 156 3.83%
(cents)
Tangible net asset value 56 58 3.83%
per share (cents)
Weighted average number of 80 260 061 76 661
shares 429
Total number of shares 97 657 725 94 059
093
Notes and Assumptions:
The unaudited pro forma financial effects on the results were prepared on the
basis that the repurchase of 3.41% of the company`s shares was completed on 1
July 2007 for income statement purposes and 31 December 2007 for balance sheet
purposes.
The "Before" column has been extracted without adjustment, from the reviewed
interim results of Accentuate for the six months ended 31 December 2007.
The "After" earnings and headline earnings per share have been calculated on the
assumption that the repurchases were financed by excess cash on hand and
interest was calculated at the prevailing interest rates. Tax was calculated at
a rate of 28%.
REPURCHASED SECURITIES
A total of 1 411 909 shares repurchased were re-issued to the vendors of Silver
Falcon Trading 12 (Proprietary) Limited, trading as Centurion Glass and
Aluminium (Proprietary) Limited in terms of a profit warranty as announced on
SENS on 30 May 2008. The remaining repurchased shares are held by Accentuate as
treasury shares, and therefore do not carry any voting rights.
2 July 2008
Johannesburg
Designated Adviser
Exchange Sponsors (Pty) Ltd
Date: 02/07/2008 13:03:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
