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KDV
KDV
KDV - KayDav Group Limited - General Repurchase Of Shares
KAYDAV GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2006/038698/06)
JSE code: KDV & ISIN: ZAE000108940
("KayDav" or "the company")
GENERAL REPURCHASE OF SHARES
Shareholders are referred to the announcement dated 22 September 2009 advising
shareholders that KayDav had cumulatively repurchased 45 million of its own
shares (comprising 15% of its issued share capital). Shareholders are now
advised that the company has repurchased an additional 12 031 580 of its own
shares, comprising 4% of its initial issued share capital, out of its available
cash resources. The shares were repurchased for an aggregate price of R3 609 474
in the following tranches:
- 6 762 464 on 2 October 2009 at 30 cents per share;
- 50 000 on 13 October 2009 at 30 cents per share;
- 269 461 on 15 October 2009 at 30 cents per share;
- 4 949 655 on 16 October 2009 at 30 cents per share.
The repurchases were in terms of the general authority granted by shareholders
on 26 June 2009 and were effected through the order book operated by the JSE
trading system without any prior understanding or arrangement between the
company and the counter parties. The shares will be de-listed and cancelled upon
registration of the shares in the name of KayDav.
KayDav is entitled to repurchase a further 2 014 963 shares (1 % of the shares
in issue as at the date of the authority) in terms of the current general
authority, which is valid until KayDav`s next annual general meeting.
OPINION OF THE BOARD OF KAYDAV
The board of KayDav has considered the effect of the repurchases and is of the
opinion that, for a period of 12 months following the date of this announcement:
- the company and the group will be able to repay their debts, in the
ordinary course of business;
- the assets of the company and the group, will be in excess of the
liabilities of the company and the group.
- the company`s and the group`s ordinary capital and reserves will be
adequate for ordinary business purposes; and
- the company and the group will have sufficient working capital for ordinary
business purposes.
FINANCIAL EFFECTS OF THE REPURCHASES
The unaudited pro forma financial effects as set out below have been prepared to
assist KayDav shareholders in assessing the cumulative impact of the
repurchases on earnings per share, headline earnings per share, net asset value
per share and net tangible asset value per share of KayDav as at and for the six
months ended 30 June 2009.
These unaudited pro forma financial effects have been prepared for illustrative
purposes and because of their nature, may not fairly present KayDav`s financial
position after the repurchases.
The directors of KayDav are responsible for the preparation of the financial
effects and they have not been reviewed by KayDav`s auditors.
Before the After the %
repurchases repurchases change
(cents) (cents)
Earnings per share 1.81 2.10 +16%
Headline earnings per share 1.79 2.08 +16%
Diluted earnings per share 1.81 2.10 +16%
Diluted headline earnings per 1.79 2.08 +16%
share
Net asset value per share 48.3 52.5 +9%
Tangible net asset value per 43.4 46.5 +7%
share
NOTES AND ASSUMPTIONS
- The figures set out in the "Before the repurchases" column above have been
extracted from unaudited interim results for the six months ended 30 June 2009.
- The repurchases are assumed to have been implemented on 1 January 2009 for
earnings and headline earnings per share purposes and on 30 June 2009 for net
asset and tangible net asset value per share purposes.
- It is assumed that the repurchases were funded out of the available cash
resources of the company which were earning interest at an after tax interest
rate of 4% per annum.
19 October 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 20/10/2009 08:30:02 Produced by the JSE SENS Department.
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