| Thu 18 Jun 2009, 13:06 | | CAE - Cape Empowerment Trust Limited - Repurchase Of Ordinary Shares In Cape |
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CAE
CAE
CAE - Cape Empowerment Trust Limited - Repurchase Of Ordinary Shares In Cape
Empowerment Trust Limited
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
("CET" or "the company")
Share Code: CAE
ISIN: ZAE000016952
REPURCHASE OF ORDINARY SHARES IN CAPE EMPOWERMENT TRUST LIMITED
1 Introduction
In terms of a general authority granted to Cape Empowerment Trust to
repurchase its ordinary shares by a special resolution passed by Cape
Empowerment Trust shareholders at the annual general meeting on 28 August
2008 ("the general authority"), a maximum of 71 504 498 ordinary shares
(being 20% of the issued share capital at the time of the granting of the
general authority) could be acquired.
2 Implementation
In terms of paragraphs 5.79 and 11.27 of the Listings Requirements of the
JSE Limited ("JSE"), Cape Empowerment Trust announces that it has acquired
a total of 32 385 286 ordinary shares on the open market, representing
8.7% of the issued share capital of the company, for a total consideration
of R12 952 620 ("the share repurchases"). The share repurchases were
carried out between 28 May 2009 and 12 June 2009 at between 39 and 40 cents
per share.
The requirements of paragraph 5.72 of the Listings Requirements have been
complied with in the repurchasing of these shares.
The extent of the authority outstanding is 23 534 877 ordinary shares,
equivalent to 6.3% of the issued share capital.
3 Source of funds
The share repurchases to date have been funded from available resources and
it is intended that any future repurchases will also be funded in a similar
manner.
4 Opinion of the directors
The directors of Cape Empowerment Trust have considered the impact of the
share repurchases and are of the opinion that:
* Cape Empowerment Trust and its subsidiaries ("the 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.
* The consolidated assets of the Group will be in excess of the
consolidated liabilities of the Group for a period of 12 months after
the date of this announcement, measured in accordance with the
accounting policies used in the Group`s audited results for the year
ended 31 December 2008.
* The ordinary share capital, consolidated reserves and the working
capital of the Group will be adequate for a period of 12 months from
the date of this announcement.
5 Financial effects
The pro forma financial effects of the share repurchases on Cape
Empowerment Trust are the responsibility of the board of directors. The
unaudited pro forma financial effects are presented for illustrative
purposes only and because of their nature may not give a fair reflection of
Cape Empowerment Trust`s results and financial position after the share
repurchases.
Before After Change
(cents) (cents)
Loss per share 91,2 101,2 10,9%
Headline loss per share 83,9 93,1 11,0%
Net asset value per share 69,1 72,2 4,5%
Net Tangible asset value 62,8 65,1 3,7%
per share
Number of shares in issue
- consolidated (`000) 348 450 316 065
Weighted average number
of shares in issue - 339 180 306 795
consolidated (`000)
The pro forma financial effects ("after") are based on Cape Empowerment Trust`s
reviewed results for the year ended 31 December 2008, assuming:
* For the purposes of calculating the earnings and headline earnings related
figures, that the share repurchases were carried out on 1 January 2008 and
on 31 December 2008 for net asset value and tangible net asset value
purposes.
* The share repurchases were funded from existing cash resources on which
interest was earned at an annual after tax rate of 8%.
* The effects of the shares repurchased (as announced on 24 April 2009) prior
to the share repurchases referred to in this announcement have not been
taken into account.
6 JSE Listing
All the shares repurchased will be cancelled and the JSE listing thereof
terminated.
18 June 2009
Cape Town
Sponsor:
Sasfin Capital
(a division of Sasfin Bank Limited)
Dealing in Securities by Director
Date: 18/06/2009 13:06:02 Produced by the JSE SENS Department.
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