| Fri 2 Mar 2012, 16:15 | | AME - African Media and Entertainment Limited - General repurchase of ordinary |
|
AME
AME
AME - African Media and Entertainment Limited - General repurchase of ordinary
shares
African Media and Entertainment Limited
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share code: AME ISIN: ZAE000055802
("AME" or "the company")
General repurchase of ordinary shares
1. Introduction
A general authority for AME to repurchase its ordinary shares was granted
at the annual general meeting of the company held on 31 October 2011 ("the
general authority"). A maximum of 1 707 862 ordinary shares (20%) could be
acquired in terms of the general authority.
2. Implementation
AME has in terms of the general authority acquired in the open market 330
000 ordinary shares (3,86% of its issued share capital) for a consideration
of R16 830 000 (5 100 cents per share) ("the repurchase"). The repurchase
was effected on 28 February 2012. In terms of the general authority, AME is
entitled to repurchase a further 1 377 862 ordinary shares (16,14% of its
issued share capital) during the current financial year. 27 597 ordinary
shares will be held in treasury, before and after the repurchase.
3. Source of funds
The repurchase was funded from existing cash resources.
4. Opinion of the directors
The directors of AME have considered the impact of the repurchase and are
of the opinion that, for a period of twelve months from the date of this
announcement:
4.1 AME and the group will be able in the ordinary course of business to
pay their debts;
4.2 the assets of AME and the group will be in excess of the liabilities
of the company and the group, recognised and measured in accordance
with the accounting policies used in the audited group annual
financial statements for the year ended 31 March 2011;
4.3 the share capital and reserves of AME and the group will be adequate
for ordinary business purposes;
4.4 the working capital of AME and the group will be adequate for ordinary
business purposes.
The repurchase was effected in compliance with the provisions of paragraph
5.72(a) of the Listings Requirements.
5. Financial effect
The financial effect of the repurchase is based on the unaudited results
for the six months ended 30 September 2011, assuming that the repurchase
was effected on 1 April 2011 and financed from existing cash resources. The
accounting policies adopted by AME for the six months ended 30 September
2011 have been applied in making these calculations. The calculations are
based on 8 171 436 ordinary shares in issue after the repurchase.
%
Before the After the change
repurchase repurchase (decrease)
Headline earnings per share (cents) 195,2 199,5 2
Earnings per share (cents) 195,2 199,5 2
Tangible net asset value per
share (cents) 1 216,2 1 055,0 (15)
Net asset value per share (cents) 1 684,2 1 541,9 (9)
6. Listing on the Johannesburg Stock Exchange ("the JSE")
The shares repurchased will be cancelled with immediate effect and
application for the de-listing of such shares will be made to the JSE. It
is anticipated that their listing on the JSE will be terminated on 16 March
2012.
By order of the board
Johannesburg
2 March 2012
Sponsor
ARCAY MOELA
Date: 02/03/2012 16:15:01 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.
