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GRINDROD UNICORN GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
("the Company")
Repurchase of shares on the open market
1. Repurchase
Further to the announcement dated 6 April 2001, the Company has repurchased a
further 4 558 800 (6,27%) 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"). The total
number of shares repurchased to date are 1 931 700 (4,66%) ordinary shares and
8 196 900 (11,28%) "N" ordinary shares.
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 shares "N" ordinary shares
Cumulative Repurchase Cumulative
* Total number of shares purchased 1 931 700 4 558 800 8 196 900
* Percentage of the Company's share
capital in issue on the date of
granting of the General Authority 4,66% 6,27% 11,28%
* Total value of shares purchased R6 570 409 R15 785 572 R28 232 167
* Highest price paid 345 cents 345 cents 350 cents
* Lowest price paid 315 cents 345 cents 300 cents
* Period of repurchases 05.04.01 -
10.04.01
* Number of shares which may still be
repurchased by the Company in
terms of the General Authority 6 350 741 6 335 917
* Number of shares in issue on the date
of granting of the General Authority 41 412 204 72 664 085
* Number of shares to be applied in
earnings and net asset value
calculation 39 575 604 64 662 285
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:
(cents per share) Before the repurchase After the repurchase
Earnings 65,2 67,9
Headline earnings 65,5 68,2
Net asset value 469 478
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. JSE 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
11 April 2001
Merchant bank
Marriott Merchant Bank
Sponsor
HSBC Investment Services (Africa) (Pty) Limited
Reg. No. 1984/001736/07
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