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SPG
SPG
SPG - Super Group Limited - General repurchase of ordinary shares
Super Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1943/016107/06)
Share code: SPG
ISIN: ZAE000011334
("Super Group" or "Company")
GENERAL REPURCHASE OF ORDINARY SHARES
Introduction
A general authority for Super Group to repurchase its ordinary shares was
granted at the annual general meeting of the company held on 25 November 2011
("the general authority"). A maximum of 65 941 940 (post consolidation) ordinary
shares (20%) could be acquired in terms of the general authority. The Board
approved a share repurchase programme on 25 November 2011.
Implementation
The company has in terms of the general authority cumulatively repurchased 11
134 300 of its own shares in the open market. The repurchase is 3.40% of its
issued share capital as at 25 November 2011. In terms of the general authority,
authorisation to repurchase 54 327 640 Super Group ordinary shares, representing
16.60% of the Company`s issued share capital at 25 November 2011, remains
outstanding. The shares were repurchased for an aggregate price of R145 599
431.51 in the following tranches:
Date Number of Cost
Shares (Rands)
06-Dec-11 1 342 036 14 770 444.91
07-Dec-11 264 947 2 933 227.13
08-Dec-11 184 585 2 067 355.36
09-Dec-11 550 000 6 282 100.00
12-Dec-11 210 000 2 309 160.00
13-Dec-11 100 000 1 080 000.00
14-Dec-11 4 124 44 131.08
15-Dec-11 114 000 1 229 490.00
19-Dec-11 135 000 1 422 616.50
20-Dec-11 84 235 908 508.17
21-Dec-11 11 073 119 217.45
22-Feb-12 184 300 2 429 755.91
06-Mar-12 2 500 000 34 861 750.00
09-Mar-12 750 000 10 311 675.00
12-Mar-12 300 000 4 110 000.00
14-Mar-12 4 400 000 60 720 000.00
The lowest price paid per share was 1030 cents and the highest price paid per
share was 1399 cents.
Source of funds
The repurchase was funded from existing cash resources.
Opinion of the directors
The directors of the company 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 the company and the group will be able in the ordinary course of business to
pay their debts;
4.2 the assets of the company 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 30 June 2011;
4.3 the share capital and reserves of the company and the group will be adequate
for ordinary business purposes;
4.4 the working capital of the company 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.
Financial effect
The financial effect of the repurchase is based on the unaudited results for the
six months ended 31 December 2011, assuming that the repurchase was effected on
1 July 2011 and financed from existing cash resources. The pro forma financial
effects are the responsibility of the directors of Super Group and are prepared
for illustrative purposes only and, because of their nature, may not fairly
present the financial position of Super Group, changes in equity or the results
of its operations or cash flows after the general repurchase. The accounting
policies adopted by the company for the six months ended 31 December 2011 have
been applied in making these calculations. The calculations are based on the
weighted number of shares for the period of 294 402 370 and a closing number of
shares of 290 036 006 at the end of the period.
%
Before the After the change
repurchase repurchase (decrease)
(cents) (cents)
Headline earnings per share 79.8 81.8 2.5
Earnings per share 78.2 80.1 2.4
Tangible net asset value
per share 412.8 385.5 (6.6)
Net asset value per share 947.4 935.3 (1.3)
Listing on the Johannesburg Stock Exchange ("the JSE")
The 3 000 000 shares repurchased in December 2011 were de-listed on 24 January
2012. The remaining 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 or about 20
March 2012. The ordinary share capital of the company will then be 316 164 216
shares, including 26 139 392 treasury shares.
Sandton
15 March 2012
Sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 15/03/2012 12:15:41 Produced by the JSE SENS Department.
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