| Thu 20 Aug 2009, 8:30 | | CLS - Clicks Group Limited - Repurchase of ordinary shares in |
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CLS
CLS
CLS - Clicks Group Limited - Repurchase of ordinary shares in
clicks group
Clicks Group Limited
(formerly New Clicks Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1996/000645/06)
JSE share code: CLS
ISIN: ZAE000134854
("Clicks Group")
REPURCHASE OF ORDINARY SHARES IN CLICKS GROUP
1. Introduction
In terms of a general authority granted to Clicks Group to
repurchase its ordinary shares by a special resolution passed
by Clicks Group shareholders at the Annual General Meeting
held on 27 January 2009 ("the authority"), a maximum of 48 620
883 ordinary shares (being 15% of the issued share capital)
could be acquired.
2. Implementation
In terms of paragraph 11.27 of the JSE Listing Requirements
("JSE Requirements"), Clicks Group announces that it has
acquired, in the open market, 12 156 253 ordinary shares,
equivalent to 3.75% of the issued share capital at the time of
the granting of the authority, for a total consideration of
R217 385 773. The repurchases were carried out between 4
February 2009 and 18 August 2009. The highest price paid was
R19.99 per share and the lowest price paid was R14.99. The
average price paid was R17.88 per share.
The requirements of paragraph 5.72 of the JSE Requirements
have been complied with in the repurchasing of these shares.
The extent of the authority remaining unfulfilled is 36 464
630 ordinary shares, equivalent to 11.25% of the total number
of shares in issue.
3. Source of funds
Repurchases to date have been funded from available cash and
it is intended that the future purchases will also be funded
from available cash.
4. Opinion of the directors
The directors of Clicks Group have considered the effect of
the share repurchase and state that:
4.1 Clicks 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;
4.2 The consolidated assets of Clicks Group and its subsidiaries
are in excess of the consolidated liabilities and will be so for 12
months after this announcement, measured in accordance with the
accounting policies used in the audited results for the year ended
31 August 2008;
4.3 The ordinary share capital and consolidated reserves of Clicks
Group and its subsidiaries will be adequate for ordinary business
purposes for the 12 month period from the date of this
announcement;
4.4 The working capital of Clicks Group and its subsidiaries will
be adequate for ordinary business purposes for a period of 12
months from the date of this announcement.
5. Effect on earnings and net asset value per share
Before After Change
(As published) (Pro-forma)
Earnings per share 80.5 80.5 - %
(cents)
Headline earnings per 80.7 80.8 0.12%
share (cents)
Fully diluted earnings 80.0 80.1 0.12%
per share (cents)
Fully diluted headline 80.3 80.3 - %
earnings per share
(cents)
Net asset value per share 396.0 404.8 2.22%
(cents)
Net tangible asset value 256.0 260.6 1.80%
per share (cents)
Number of shares in issue 284 472 276 861 7 611
(net of treasury shares)
(`000)
Weighted average number 286 949 279 338 7 611
of shares (`000)
Weighted average diluted 288 590 280 979 7 611
number of shares (`000)
Assumptions:
5.1 The financial information ("Before") as presented above is
based on the published Clicks Group`s unaudited results for the six
months ended 28 February 2009;
5.2 4 544 797 shares of the total 12 156 253 shares
repurchased since the granting of the authority were
repurchased prior to 28 February 2009 and accordingly the
financial effects of such repurchase is already included in
the earnings and net asset value per share reported as at 28
February 2009 ("Before");
5.3 The pro forma financial information brings to account the 7
611 456 shares repurchased since 1 March 2009;
5.4 In addition the following assumptions have been taken into
account in determination of the pro-forma information:
- The accounting policies employed by Clicks Group for the six
months ended 28 February 2009 have been consistently applied in
determining the above information;
- For the purposes of calculating the earnings, headline
earnings and net asset per share related amounts, it was assumed
that the 7 611 456 shares were acquired with effect from 1
September 2008;
- Such repurchase was funded from available cash on which
interest at an after tax rate of 8.1% would have been received for
the period concerned.
6. Treasury shares
All the shares have been repurchased by a subsidiary of Clicks
Group and are being held as treasury shares.
Cape Town
20 August 2009
Investment Bank and Sponsor
Investec Bank Limited
Date: 20/08/2009 08:30:01 Produced by the JSE SENS Department.
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