| Mon 23 Mar 2009, 9:44 | | WWR - White Water Resources Limited - Repurchases Of White Water Resources |
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WWR
WWR
WWR - White Water Resources Limited - Repurchases Of White Water Resources
Ordinary Shares
WHITE WATER RESOURCES LIMITED
(Formerly Matodzi Resources Limited)
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: WWR & ISIN: ZAE000130712
("White Water Resources" or "the company")
REPURCHASES OF WHITE WATER RESOURCES ORDINARY SHARES
1. Share repurchases ("repurchases")
The company has cumulatively repurchased 15 000 000 (4.05%) of its ordinary
shares on the open market, acting on the general authority granted to the
board of directors by shareholders at the general meeting held on 19
January 2009. In accordance with the Listings Requirements of JSE Limited
("JSE"), the company discloses the following information:
2. Details of repurchases
The repurchases of the 15 000 000 ordinary shares occurred on 11 February
2009, 5 March 2009, 6 March 2009, 9 March 2009, 11 March 2009, 12 March
2009 and 19 March 2009. Details of the repurchases are as follows:
Number of ordinary shares repurchased 15 000 000
Value of ordinary shares repurchased R2 250 022.84
Highest price paid per ordinary share R0.16
Lowest price paid per ordinary share R0.15
The number and percentage of ordinary shares which may still be purchased
by the company in terms of the general authority is 59 102 292 (15.95%).
3. Source of funds
Repurchases to date have been funded from available cash resources.
4. Directors` statement
The directors of White Water Resources are of the opinion that, subsequent
to the repurchases, and in the absence of any material unforeseen event:
- White Water Resources and the group will be able in the ordinary
course of business to pay its debts for a period of 12 months after
the date of this announcement;
- the assets of White Water Resources and the group will be in excess of
the liabilities of White Water Resources and the group for a period of
12 months after the date of this announcement. For this purpose, the
assets and liabilities have been measured in accordance with the
accounting policies used in the latest audited consolidated annual
financial statements;
- the share capital and reserves of White Water Resources and the group
will be adequate for ordinary business purposes for a period of 12
months after the date of this announcement; and
- the working capital of White Water Resources and the group will be
adequate for ordinary business purposes for a period of 12 months
after the date of this announcement.
The board of directors confirms that the repurchases were 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.
5. Financial effects
The table below sets out the unaudited pro forma financial effects of the
repurchases on White Water Resources` earnings per share, headline earnings
per share, net asset value per share and tangible net asset value per
share.
The unaudited pro forma financial effects have been prepared to illustrate
the impact of the repurchases on the reported financial information of
White Water Resources for the six months ended 30 September 2008, had the
repurchases occurred on 1 April 2008 for income statement purposes and on
30 September 2008 for balance sheet purposes.
The unaudited pro forma financial effects have been prepared using
accounting policies that comply with International Financial Reporting
Standards and that are consistent with those applied in preparing the
annual financial statements of White Water Resources for the year ended
31 March 2008.
The unaudited pro forma financial effects, which are the responsibility of
the directors, are provided for illustrative purposes only and, because of
their pro forma nature, may not fairly present White Water Resources`
financial position, changes in equity, results of operations or cash flow.
Before the After the Percentage
repurchases repurchases change (%)
Earnings per share (cents) (0.44) (0.46) (4.5)
Headline earnings per (0.44) (0.46) (4.5)
share (cents)
Net asset value per share 9.52 9.29 (2.4)
(cents)
Tangible net asset value 9.52 9.29 (2.4)
per share (cents)
Weighted average number of 370 547 355 547
shares in issue (000s)
Notes:
1. The amounts in the "Before the repurchases" column have been extracted
from the reported results of White Water Resources for the six months
ended 30 September 2008.
2. The amounts in the "After the repurchases" column reflect the
financial effects of the repurchases on White Water Resources.
3. The effects on earnings per share and headline earnings per share are
calculated based on the assumption that the repurchases were effected
on 1 April 2008.
4. The effects on net asset value per share and tangible net asset value
per share are calculated based on the assumption that the repurchases
were effected on 30 September 2008.
6. JSE listing
The total of 15 000 000 ordinary shares have been repurchased by a wholly-
owned subsidiary of White Water Resources and will be held as treasury
shares.
23 March 2009
Sponsor
Merchantec (Proprietary) Limited
Date: 23/03/2009 09:44:01 Produced by the JSE SENS Department.
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