| Tue 29 Jul 2008, 7:05 | | JDG - JD Group Limited - Repurchase of ordinary shares in JD Group Limited |
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JDG
JDG
JDG - JD Group Limited - Repurchase of ordinary shares in JD Group Limited
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD Group")
REPURCHASE OF ORDINARY SHARES IN JD GROUP LIMITED
1. Introduction
In terms of a general authority granted to JD Group to repurchase its
ordinary shares by a special resolution passed by JD Group shareholders on
6 February 2008 ("the general authority"), a maximum of 36 000 000 ordinary
shares (being 20% of the issued share capital at the time of the granting
of the general authority "Issued Share Capital") could be acquired.
2. Implementation
In terms of paragraphs 5.79 and 11.27 of the Listings Requirements of the
JSE Limited ("JSE"), JD Group announces that it has acquired 5 420 000
ordinary shares, equivalent to 3,0% of the Issued Share Capital, for a
total consideration of R217 176 214, in the open market. The repurchases
were carried out between 8 February 2008 and 25 July 2008. The majority of
shares were purchased in February.
The highest price paid was R43,92 per share and the lowest price paid was
R30,25 per share. The average price paid was R39,92 per share.
The requirements of paragraph 5.72 of the JSE Listings Requirements have
been complied with in the repurchasing of these shares.
The extent of the authority outstanding is 30 580 000 ordinary shares,
equivalent to 17,0% of the Issued Share Capital.
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 JD Group have considered the impact of the share
repurchases and are of the opinion that:
4.1 JD Group 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 JD Group and its subsidiaries are in excess
of the consolidated liabilities, measured in accordance with the
accounting policies used in the audited results for the year ended 31
August 2007.
4.3 The ordinary share capital and consolidated reserves of JD Group and
its subsidiaries will be adequate for a period of 12 months from the
date of this announcement.
4.4 The working capital of JD Group 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 (cents) After (cents) Change (%)
Earnings per share 605,7 615,2 1,6
Headline earnings 601,3 610,7 1,6
per share
Fully diluted 589,8 598,7 1,5
headline earnings
per share
Net asset value per 3 221,3 3 196,9 (0,8)
share
Net tangible asset 2 865,0 2 829,6 (1,2)
value per share
The pro forma financial effects ("after") are calculated on JD Group
audited results for the year ended 31 August 2007, assuming:
The accounting policies employed by JD Group 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 2006.
All the repurchases were financed by excess cash on hand on which
interest was received at an after tax rate of 7.56% per annum.
The calculations have been based on a weighted average number of
shares in issue of 177.9 million (172.5 million after repurchase) and
a fully diluted weighted average number of shares in issue of 181.3
million (175.9 million after repurchase) 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 180.0 million ordinary shares
in issue being the number of shares in issue at 31 August 2007
adjusted by the repurchases made subsequent to the granting of the
general authority by shareholders on 6 February 2008.
6. JSE Limited Listing
All the shares repurchased have been purchased by JD Group Limited and have
been, or will be cancelled.
Johannesburg
29 July 2008
Sponsor
PSG Capital (Pty) Ltd
Date: 29/07/2008 07:05:22 Produced by the JSE SENS Department.
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