| Mon 19 Feb 2001, 0:00 | | Genbel - Repurchase Of Shares On The Open Market |
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GENBEL SOUTH AFRICA LIMITED
(Registration number 1949/032379/06)
("the Company")
Repurchase of shares on the open market
Further to the announcement dated 23 November 2000, the Company has now
repurchased 1,530,900 (3,1%) of its own shares on the open market, acting on
the general authority renewed by shareholders at the annual general meeting
held on 12 October 2000 ('the general authority') and subsequently amended on
15 February 2001.
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa, the Company discloses the following :
Repurchases of shares
Total number of shares purchased 7,960,343 16,1% of the Company's
(since the commencement of the share capital in issue on
share repurchase programme on the date of renewal of the
14 February 2000) general authority
Number of shares purchased by the 1,510,900 3,1% of the Company's
Company since 23 November 2000, share capital
which are to be cancelled
Number of shares purchased through 20,000 0,04% of the Company's
the Company's subsidiary, Gensa share capital
Trading Limited since 23 November 2000
Total value of shares purchased R24,890,070
since 23 November 2000
Highest price paid since 1770 cents
23 November 2000
Lowest price paid since 1600 cents
23 November 2000
Period of repurchases 23 November 2000 - 16 February 2001
Number of shares which may still be 5,310,125 10,7% of the Company's
repurchased by the Group in terms of share capital in issue on
the current general authority the date of renewal of
the general authority
Funds generated in the ordinary course of business were used to fund the share
repurchases.
Directors' statement
The directors have considered the effect of the repurchases and are of the
opinion that :
1. the ability of the Company and its subsidiaries to continue to pay their
debt in the ordinary course of business will not be affected by the repurchases
for the period of twelve months after the date of this announcement ;
2. the assets of the Company and its subsidiaries will exceed their
liabilities, measured in accordance with the accounting policies used in the
Company's annual financial statements for the year ending 30 June 2001;
3. the ordinary capital and reserves of the Company are adequate for the
Company's requirements for the period of twelve months from the date of this
announcement ; and
4. the working capital of the Company is adequate for the Company's
requirements for the period of twelve months from the date of this announcement
Financial effects of the repurchase
Based on the Company's interim financial statements for the six months ended 31
December 2000, and assuming that the shares had been repurchased on 1 July
2000, the effect on the earnings, headline earnings and net asset value per
share would have been as follows :
(cents per share) Before the repurchases After the repurchases % Change
Earnings and 38 46 21,0%
Headline Earnings
Net asset value 2069 2126 2.8%
Notes:
1. On 30 November 2000, 1,417,200 shares repurchased by the Company were
cancelled and de-listed from the JSE. The remaining 93,700 shares repurchased
by the Company will be cancelled and de-listed with immediate effect. After
the cancellations, the issued share capital of the Company will be 46,160,575
ordinary shares.
2. The shares that were repurchased by the Company's wholly-owned subsidiary,
Gensa Trading Limited, will not be cancelled as part of the issued share
capital of the Company but will be retained.
3. The earnings and headline earnings per share after the repurchases are based
on the Company's issued share capital less shares repurchased.
EH Verbeek Johannesburg
Company Secretary 19 February 2001
Investment Bank : Sponsoring Broker : Sponsoring
Broker in Namibia
Gensec Bank Limited JP Morgan HerbertMaier
Registration No 1996/004744/06 Member of the
Namibian Stock
Exchange
Trading as JP Morgan
