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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 advised that the company has cumulatively repurchased 10 885
788 of its own ordinary shares ("shares") in terms of a general authority
granted by shareholders on 28 April 2011 out of its available cash resources.
These repurchases comprise 5.9% of the company`s issued share capital since the
granting of the general authority.
The repurchases 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.
The shares were repurchased for an aggregate price of R4 559 027 in the
following tranches:
- 3 112 on 27 May 2011 at 35 cents per share;
- 546 888 on 8 June 2011 at 35 cents per share;
- 100 000 on 13 October 2011 at 35 cents per share;
- 4 305 498 on 1 December 2011 at 40 cents per share;
- 5 930 290 on 21 December 2011 at 44 cents per share.
KayDav is entitled to repurchase a further 25 841 686 shares (14.1 % 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 2011.
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 3.2 3.3 +3%
Headline earnings per share 3.2 3.3 +3%
Diluted earnings per share 3.2 3.3 +3%
Diluted headline earnings per 3.2 3.3 +3%
share
Net asset value per share 60.7 61.7 +2%
Tangible net asset value per 52.9 53.4 +1%
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
2011 ("the interim results").
- The figures set out in the "After the repurchases" reflect the pro forma
effects on the interim results resulting from the general
repurchases of shares effected through the open market between and
including 13 October and 21 December 2011 (550 000 shares
were acquired between the granting of the general authority and 30 June
2011).
- The repurchases are assumed to have been implemented on 1 January 2011 for
earnings and headline earnings per share purposes and on 30 June 2011 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 with an after tax interest cost of 6.5% per annum.
23 December 2011
Sponsor
Java Capital (Proprietary) Limited
Date: 23/12/2011 09:04:33 Produced by the JSE SENS Department.
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