| Mon 16 Feb 2009, 8:13 | | BEG - Beige Holdings Limited - General repurchase of ordinary shares |
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BEG
BEG
BEG - Beige Holdings Limited - General repurchase of ordinary shares
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 Share code: BEG
GENERAL REPURCHASE OF ORDINARY SHARES
Shareholders are advised that the company has repurchased ordinary securities
under its general authority to repurchase 10% of its issued ordinary securities
as approved by shareholders in general meeting on 05 September 2008. On
Thursday, 12 February 2009, the company purchased ordinary securities, reaching
an initial 5.18% of its securities in issue at date of shareholder approval.
The highest and lowest prices paid for the shares was 8 cents and 10 cents
respectively, with a total of 87 400 000 shares repurchased at a total value of
R7,000,740.00. The shares were repurchased utilising internal cash flows of the
group.
Following this repurchase, Beige may still repurchase 81 441 382 ordinary shares
in terms of the general authority, being 4.82% of the issued share capital.
The directors of Beige, 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 have 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 Interim Pro forma - After % change
30 September 2008 repurchase
Earnings per share 0.95 1.00 5.3%
Headline earnings per 0.95 1.00 5.3%
share
Net asset value per 14.70 15.50 5.4%
share
Net tangible asset 7.36 7.76 5.4%
value per share
The shares have been repurchased as treasury shares by a subsidiary of Beige and
will not be cancelled.
Johannesburg
13 February 2009
Designated Advisor
Arcay Moela Sponsors (Pty)
Ltd
Date: 16/02/2009 08:13:01 Produced by the JSE SENS Department.
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