| Wed 8 Apr 2009, 8:27 | | DTH - DTH Dynamic Technology Holdings - Repurchases Of DTH Ordinary Shares |
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DTH
DTH
DTH - DTH Dynamic Technology Holdings - Repurchases Of DTH Ordinary Shares
DTH DYNAMIC TECHNOLOGY HOLDINGS LIMITED
(formerly "Dynamic Visual Technologies Holdings Limited")
Incorporated in the Republic of South Africa
(Registration number 2004/016984/06)
Share code: DTH & ISIN: ZAE000124681
("DTH" or "the company")
REPURCHASES OF DTH ORDINARY SHARES
1. Share repurchases ("repurchases")
The company has cumulatively repurchased 1 500 000 (3.0%) 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
10 September 2008.
In accordance with section 11.27 of the Listings Requirements of JSE
Limited ("JSE"), the company discloses the following information:
2. Details of repurchases
The repurchases of the 1 500 000 ordinary shares occurred on
02 February 2009, 04 February 2009, 06 February 2009, 09 February 2009,
12 February 2009, 16 February 2009, 17 February 2009, 18 February 2009,
20 February 2009, 26 February 2009, 27 February 2009, 03 March 2009,
04 March 2009, 05 March 2009, 11 March 2009, 12 March 2009,
13 March 2009, 16 March 2009, 19 March 2009, 20 March 2009,
23 March 2009, 27 March 2009, 30 March 2009, 31 March 2009,
01 April 2009, 03 April 2009, 06 April 2009 and 07 April 2009.
Details of the repurchases are as follows:
Number of ordinary shares repurchased 1 500 000
Value of ordinary shares repurchased R1 187 113
Highest price paid per ordinary share 85 cents
Lowest price paid per ordinary share 75 cents
The number and percentage of ordinary shares which may still be purchased
by the company in terms of the general authority is 8 500 000 (17.0%).
The shares purchased since 1 March 2009 have been purchased in terms of a
closed period repurchase programme, the details of which were published on
SENS on 19 February 2009. In terms of this programme 878,770 shares have
been purchased leaving 621,230 shares to be purchased at a maximum daily
volume of 100,000 shares.
3. Source of funds
Repurchases to date have been funded from available cash resources.
4. Directors` statement
The directors of DTH are of the opinion that, subsequent to the
repurchases, and in the absence of any material unforeseen event:
- DTH 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 DTH and the group will be in excess of the liabilities of
DTH 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 DTH 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 DTH 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 DTH`s earnings per share (basic and diluted), headline
earnings per share(basic and diluted), 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 DTH
for the six months ended 31 August 2008, had the repurchases occurred on
1 March 2008 for income statement purposes and on 31 August 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 DTH for the year ended 31 August 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 DTH`s financial position,
changes in equity, results of operations or cash flow.
Before the After the Percentage
Repurchases(1) repurchases(2) change (%)
Basic earnings per share (cents)(1) 8.1 8.3 2.5%
Headline earnings per 8.1 8.3 2.5%
share (cents)(3)
Diluted earnings per share (cents)(4) 8.0 8.2 2.5%
Diluted headline earnings per share 8.0 8.2 2.5%
(cents)(5)
Net asset value per share (cents)(5) 58.5 57.8 (1.2%)
Tangible net asset value 37.7 36.4 (3.4%)
per share (cents)(5)
Weighted average number of 50 000 48,500 (3.0%)
shares in issue (000s)
Notes:
1. The amounts in the "Before the repurchases" column have been extracted
from the reported results of DTH for the six months ended 31 August 2008.
2. The amounts in the "After the repurchases" column reflect the financial
effects of the repurchases on DTH.
3. The effects on basic earnings per share and headline earnings per share
are calculated based on the assumption that the repurchases were effected
on 1 March 2008 with a reduction in interest received of R62 440 and
weighted average number of shares in issue of 48 500 000.
4. The effects on diluted earnings per share and diluted headline earnings
per share are calculated based on the assumption that the repurchases
were effected on 1 March 2008 with a reduction in interest received of
R62 440 and weighted average number of shares in issue of 48 935 404.
5. 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 31 August 2008 and assuming a reduction of cash and
cash equivalents of R1 200 772 (comprising the value of ordinary shares
repurchased plus brokerage and other costs of R13,659) and 48 500 000
number of shares in issue.
6. JSE listing
The total of 1 500 000 ordinary shares have been repurchased by a
wholly-owned subsidiary of DTH and will be held as treasury shares.
8 April 2009
Designated Adviser
PSG Capital (Proprietary) Limited
Date: 08/04/2009 08:27:02 Produced by the JSE SENS Department.
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