GRINDROD UNICORN GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
("the Company")
Repurchase of shares in the open market
1. Repurchase
The Company has repurchased 1 931 700 (4,66%) of its ordinary shares and 3 638
100 (5,01%) of its "N" ordinary shares on the open market, acting on the
general authority granted to the directors by shareholders at the general
meeting held on 8 November 2000 ("the General Authority").
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa ("JSE"), the Company discloses the following:
2. Details of share repurchases
Ordinary "N" ordinary
shares shares
Total number of shares purchased 1 931 700 3 638 100
Percentage of the Company's
share capital in issue on the date
of granting of the General Authority 4,66% 5,01%
Total value of shares purchased R6 570 409 R12 446 595
Highest price paid 345 cents 350 cents
Lowest price paid 315 cents 300 cents
Period of repurchases 06.03.01 - 06.03.01 -
04.04.01 04.04.01
Number of shares which may
still be repurchased by the Company
in terms of the General Authority 6 350 741 10 894 717
Capital in issue on the date of granting
of the General Authority 41 412 204 72 664 085
3. Source of funds
Funds generated in the ordinary course of business and proceeds from the sale
of a ship were used to fund the share repurchases.
4. Directors' statement
The Directors have considered the effect of the repurchases and are of the
opinion that:
4.1 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 12 months after the date of this announcement;
4.2 the assets of the Company and its subsidiaries exceed their liabilities,
measured in accordance with the accounting policies used in the Company's
financial statements for the year ended 31 December 2000;
4.3 the ordinary capital and reserves of the Company are adequate for the
Company's requirements for the period of 12 months from the date of this
announcement; and
4.4 the working capital of the Company is adequate for the period of 12 months
from the date of this announcement.
5. Financial effects of the repurchase
Based on the Company's audited financial statements for the year ended 31
December 2000, and assuming that the shares had been repurchased on 1 January
2000, the effect on the earnings, headline earnings and net asset value per
share would have been as follows:
Before the After the
(Cents per share) repurchase repurchase
Earnings 65,2 66,6
Headline earnings 65,5 66,9
Net asset value 469 475
Notes:
1. The shares repurchased will not be cancelled as part of the issued share
capital.
2. The earnings and headline earnings per share after the repurchases are based
on the Company's issued share capital less shares repurchased but not cancelled
6. Stock exchange listing
The shares repurchased will not be cancelled, but will be retained by a
wholly-owned subsidiary of the Company. Accordingly, the shares will continue
to be listed on the JSE.
Durban
6 April 2001
Merchant bank
Marriott Merchant Bank
Sponsor
HSBC Investment Services (Africa) (Pty) Limited
Reg. No. 1984/001736/07
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