WINHOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1945/019679/06)
("Winhold")
GENERAL REPURCHASE OF SHARES ("the repurchase")
At the annual general meeting of Winhold held on 22 March 2001 the shareholders
of Winhold approved the necessary special resolution authorising it to
repurchase shares in its issued share capital, subject to the Listings
Requirements of the JSE Securities Exchange South Africa ("the JSE") and such
resolution has been registered by the Registrar of Companies.
The board of directors wishes to advise shareholders that it has, pursuant to
that authority, acquired 176 990% convertible redeemable preference shares
(amounting to 19,9% of the preference shares in issue) at a price of 125 cents
per share.
The funding for the repurchase has been from internal resources.
Having considered the effect of the repurchase, the directors of Winhold are of
the opinion that, for a period of 12 months from the date of this announcement:
- Winhold and its subsidiaries will, in the ordinary course of business, be
able to pay their debts;
- the assets of Winhold and its subsidiaries, fairly valued in accordance with
Generally Accepted Accounting Practice, will exceed the liabilities of Winhold
and its subsidiaries;
- the ordinary share capital and reserves of Winhold and its subsidiaries will
be adequate;
- the working capital of Winhold and its subsidiaries will be adequate.
The following table illustrates the effects of the repurchase on Winhold based
on the results for the year ended 30 September 2000 on the assumption that the
repurchase had been effective from that date:
Before After Change
(cents) (cents) (cents) (%)
Net asset value per share at
30 September 2000 78,6 78,8 0,2 0,25
Earnings per share for
the year ended 30 September 2000 10,9 10,9 - -
The shares purchased will be cancelled and application for their delisting will
be made to the JSE in due course.
Johannesburg.
14 May 2001
Corporate adviser
LFS
Lanark Financial Services (Proprietary) Limited
(Registration number 1999/021799/07)
Sponsor
LPC Manhattan
(Registration number 1999/024792/07)
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