| Thu 23 Jun 2011, 10:43 | | ASO - Austro Group Limited - General repurchase of shares |
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ASO
ASO
ASO - Austro Group Limited - General repurchase of shares
Austro Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
Share code: ASO ISIN: ZAE000090882
("Austro" or the "company")
GENERAL REPURCHASE OF SHARES
Shareholders are advised that Austro has cumulatively repurchased 17,510,794
of its own shares (comprising 4.07% of its issued share capital as at 1 March
2011) out of the group`s available cash resources. The shares were repurchased
for an aggregate price of R8,979,531.56 in the following tranches:
- 8,969,750 on 24 May 2011 at 48 cents per share;
- 124,655 on 25 May 2011 at 49 cents per share;
- 175,869 on 26 May 2011 at 49 cents per share;
- 38,500 on 9 June 2011 at 53 cents per share;
- 10,000 on 9 June 2011 at 52 cents per share;
- 92,020 on 10 June 2011 at 53 cents per share;
- 41,903 on 14 June 2011 at 53 cents per share;
- 1,956 on 14 June 2011 at 52 cents per share;
- 56,141 on 17 June 2011 at 52 cents per share; and
- 8,000,000 on 21 June 2011 at 55 cents per share.
The repurchases were in terms of the general authority granted by shareholders
on 1 March 2011 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. Neither the company nor any of its subsidiaries
hold any treasury shares. The repurchased shares have or will be de-listed and
cancelled, as soon as possible after receipt of approval of the de-listing from
the JSE Limited.
Austro is entitled to repurchase a further 68,467,278 shares (15.93% of the
shares in issue as at the date of the authority) in terms of the current general
authority, which is valid until Austro`s next annual general meeting.
OPINION OF THE BOARD OF AUSTRO
The board of Austro 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 pro forma financial effects of the repurchases on earnings per share,
headline earnings per share, net asset value per share and net tangible asset
value per share of Austro are not significant and have therefore not been
disclosed.
23 June 2011
Sponsor
Java Capital
Date: 23/06/2011 10:43:01 Produced by the JSE SENS Department.
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