| Thu 23 Dec 2010, 10:30 | | IPL/IPLP - Imperial Holdings Limited - Specific repurchase of treasury stock |
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IPL IPLP
IPL
IPL/IPLP - Imperial Holdings Limited - Specific repurchase of treasury stock
Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
Ordinary share code: IPL ISIN: ZAE000067211
Preference share code: IPLP ISIN: ZAE000088076
("Imperial" or "the Group")
SPECIFIC REPURCHASE OF TREASURY STOCK
Introduction
Shareholders of Imperial are referred to the circular dated 12 November 2010 as
well as the announcement released on the Securities Exchange News Service
("SENS") of the JSE Limited ("JSE") on 6 December 2010 relating to the specific
repurchase of treasury stock currently held by a wholly-owned subsidiary of
Imperial, Imperial Corporate Services (Proprietary) Limited, in terms of section
85 of the Companies Act (the "repurchase"), which was approved at the general
meeting.
TERMS OF THE SPECIFIC REPURCHASE
In terms of this approval, Imperial has repurchased 16 000 000 treasury stock on
22 December 2010 at a price of R125.00 per Imperial ordinary share, being the
closing share price of an Imperial ordinary share on the JSE exchange on 21
December 2010.
FINANCIAL EFFECTS OF THE REPURCHASE
The repurchase will have no significant financial effect on the Group or its
shareholders, other than in respect of transaction costs that are normally
incurred in transactions of this nature, namely securities transfer tax
(approximately R5.0 million) and transaction advisory costs (approximately R2.3
million) which amounts to approximately R7.3 million in total and represents
0.03% of Imperial`s market capitalisation.
As this repurchase is intra-group, no significant cash
will flow outside of the Group and the financial effects have therefore not been
disclosed as they are immaterial.
The table below sets out the authorised and issued share capital of Imperial
before the repurchase to which this announcement relates:
Authorised share capital 2010
R`m
394 999 000 ordinary shares of 4 cents each 15
50 000 000 deferred ordinary shares of 4 cents each 2
15 000 000 preferred ordinary shares of 4 cents each 1
1 000 redeemable preference shares of 4 cents each 0
40 000 000 non-redeemable, non-participating preference 2
shares of 4 cents each
Total 20
Issued share capital
226 292 071 ordinary shares of 4 cents each 9
15 012 609 deferred ordinary shares of 4 cents each 1
4 540 041 non-redeemable, non-participating preference 0
shares of 4 cents each
Total 10
23 864 456 treasury stock
The table below sets out the authorised and issued share capital of Imperial
after the specific repurchase to which this announcement relates:
Authorised share capital 2010
R`m
394 999 000 ordinary shares of 4 cents each 15
50 000 000 deferred ordinary shares of 4 cents each 2
15 000 000 preferred ordinary shares of 4 cents each 1
1 000 redeemable preference shares of 4 cents each 0
40 000 000 (non-redeemable, non-participating 2
preference shares of 4 cents each
Total 20
Issued share capital
210 292 071 ordinary shares of 4 cents each 8
15 012 609 deferred ordinary shares of 4 cents each 1
4 540 041 non-redeemable, non-participating preference 0
shares of 4 cents each
Total 9
7 864 456 treasury stock
The treasury stock will, following their repurchase, be cancelled as issued
shares and restored to the status of authorised shares.
A separate announcement will be made on SENS should any further repurchases be
made in terms of the authority granted by shareholders on 6 December 2010.
Company Secretary
RA Venter
Bedfordview
23 December 2010
Sponsor
Merrill Lynch South Africa (Pty) Limited
Transaction advisor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/12/2010 10:30:06 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
