| Tue 6 Jan 2009, 11:40 | | HUG - Huge Group Limited - General Repurchase Of Shares |
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HUG
HUG
HUG - Huge Group Limited - General Repurchase Of Shares
HUGE GROUP LIMITED
(formerly Vanquish Fund Managers Limited)
(Registration number 2006/023587/06)
Share code: HUG & ISIN: ZAE000102042
("Huge" or "the Group" or "the company")
GENERAL REPURCHASE OF SHARES
Shareholders are advised that the company has been repurchasing its securities
over the past 5 months under its general authority to repurchase 20% of its
issued securities as approved by shareholders in general meeting on Monday, 22
September 2008. On Friday, 02 January 2009, the company purchased securities,
reaching an initial 3.883% of its securities in issue at date of shareholder
approval.
The dates of repurchase as set out below:
Date of repurchase
28 October 2008
30 October 2008
5 November 2008
11 November 2008
4 December 2008
5 December 2008
8 December 2008
11 December 2008
12 December 2008
2 January 2009
The highest and lowest price paid during the period was 300 cents and 120 cents
respectively, with a total of 4 340 046 shares repurchased at a total value of
R5 568 648.83. The shares were repurchased utilising internal cash flows of the
group.
The remaining shares available for repurchase in accordance with the general
authority is 18 012 359 shares or 16.117%.
The directors of Huge, after considering the effect of the above repurchase, are
of the view that the company and the group:
- will be able, in the ordinary course of business, to pays its debts;
- that the assets will be in excess of the liabilities; and
- the share capital and reserves will be adequate for ordinary business
purposes; and
- the working capital will be adequate for ordinary business purposes,
for a period of twelve months after the date of this announcement.
The requirements of paragraph 5.72 of the JSE Listings Requirements has been
complied with.
The pro forma effects of the repurchase on earnings per share, headline earnings
per share, net asset value per shares and net tangible asset value per share is
set out below:
Unaudited Pro forma - % change
Interim After
31 August repurchase
2008
Earnings per share 26.18 27.24 4.1%
Headline earnings per 26.18 27.24 4.1%
share
Net asset value per 261.15 271.70 4.1%
share
Net tangible asset 68.15 70.90 4.1%
value per share
The shares have been repurchased as treasury shares by a subsidiary of Huge and
will not be cancelled.
Johannesburg
05 January 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 06/01/2009 11:40:24 Produced by the JSE SENS Department.
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