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DECILLION LIMITED - SHARE REPURCHASE
DECILLION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011692/06)
Share code: DEC
ISIN: ZAE000017612
("Decillion" or "the company")
RESULTS OF REPURCHASE OF ORDINARY SHARES IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
The directors of Decillion announce the repurchase of a cumulative 3.36% of the
Decillion ordinary shares on the JSE Securities Exchange South Africa ("JSE")
("the repurchase"). The shares repurchased are to be held as treasury stock by
a subsidiary company of Decillion.
Subsequent to the announcement made on 12 September 2002 at which time a
cumulative 10 087 113 of the ordinary shares have been repurchased, 10 000 000
shares were sold into the open market to an institutional investor on 13
September 2002 at a price of R1.00 per share. This was followed by an additional
repurchase of 6 764 555 shares on 16 September 2002 which results in the
cumulative 3.36% holding as announced above.
2. RESULTS OF THE REPURCHASE
The details of the repurchase are as follows:
Date of the repurchase: 16/09/2002
Highest price paid during the 100 cents
repurchase period:
Lowest price paid during the 100 cents
repurchase period:
Number of ordinary shares 6 764 555
repurchased:
Value of ordinary shares R6 764 555
repurchased:
Extent of authority outstanding: 16.64%
3. OPINIONS
The repurchase has been funded from available cash resources and future
repurchases will be funded from available cash.
The directors of Decillion have considered the impact of the repurchase and are
of the unanimous opinion that for a period of twelve months from the date of
this announcement:
the company and the group will be able, in the ordinary course of business, to
pay their debts as they become due;
the assets of the company and the group will be in excess of the liabilities of
the company and the group, the assets and liabilities being recognised and
measured in accordance with the accounting policies used in the latest audited
annual group financial statements;
the working capital resources of the company and the group will be adequate for
their current and foreseeable future business requirements; and
the issued share capital and/or reserves are adequate for the purposes of the
business of the company and the group for the foreseeable future without taking
into account any further acquisitions.
4. FINANCIAL EFFECTS
The table below sets out the financial effects of the repurchase on Decillion`s
earnings, headline earnings, net asset value and tangible net asset value per
share for the six months ended 30 June 2002:
Before * After %
change
Earnings per share 9.7 9.7 0.0
(cents)
Headline earnings per 11.9 11.9 0.0
share (cents)
Net asset value per share 204.9 206.5 0.8
(cents)
Tangible net asset value 161.1 162.0 0.6
per share (cents)
Number of ordinary shares 180 088 177 305 (1.6)
in issue (000`s)
The accounting policies employed by the group for the six months ended
30 June 2002 have been applied in calculating the financial effects.
The financial effects have been calculated based on the following assumptions:
The shares have been bought back and will be held as treasury shares by a
subsidiary company of Decillion, such shares shall not be cancelled nor the
share capital reduced. However, for the purpose of calculating earnings per
share, headline earnings per share, net asset value per share and net tangible
asset value per share, the number of shares in issue after the repurchase by the
subsidiary have been reduced by the number of shares repurchased.
* The effects of shares bought back prior to 30 June 2002 have already been
accounted for in the before column which is consistent with the treatment per
the accounting policies.
5. LISTING ON THE JSE
As the 6 764 555 shares have been bought back by a subsidiary of Decillion and
not by the company itself, no application will be made to the JSE for the
termination of the listing of the repurchased ordinary shares in Decillion.
Johannesburg
23 September 2002
SPONSOR
BARNARD JACOBS MELLET CORPORATE FINANCE
(PTY) LIMITED
Date: 23/09/2002 05:15:00 PM Produced by the JSE SENS Department
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