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Iliad Africa Limited
(Registration number 1997/011938/06)
(Incorporated in the Republic of South Africa)
("Iliad" or "the Company")
REPURCHASE BY ILIAD OF ITS OWN SHARES
1. INTRODUCTION
BoE Merchant Bank, a division of BoE Bank Limited, is authorised to
announce that Iliad, pursuant to the general authority to repurchase shares
("the authority") granted to it by shareholders in general meeting on 16 May
2001, and further to the announcements dated 17 November 2000 and 28
December 2000, has repurchased an additional 2 857 300 of its own shares
("the share repurchase") on the open market of the JSE Securities Exchange
South Africa ("JSE"). This amounts to 3.7% of the issued ordinary shares of
77 239 582 at the time the authority was granted.
2. EXTENT OF THE AUTHORITY
In terms of the authority:
- repurchases may not exceed 20% of the Company's issued stated capital at
the date on which the authority was granted; and
- the price paid for each share may not exceed 10% above the weighted
average of the middle market price at which the ordinary shares trade on the
JSE, as determined over the five trading days immediately preceding the date
of repurchase of the ordinary shares.
3. DETAILS OF THE REPURCHASE
3.1. Dates
The share repurchase was concluded on a day-to-day basis as market
conditions allowed between 28 December 2000 and 01 June 2001.
3.2. Price paid
The highest price paid for the shares was 86c and the lowest was 68c.
3.3. Number and monetary value
2 857 300 shares were repurchased for a total consideration of R 2 263 086.
3.4. Extent of authority outstanding
Of the 2 857 300 shares repurchased, 2 580 600 were repurchased in the
current financial year. The extent of the authority outstanding after the
shares repurchased in the current financial year is 12 867 316 shares,
equivalent to 16.66% of the total stated capital on the date on which
authority was granted.
3.5. Source of funds
The funds utilised to give effect to the repurchase were sourced from funds
generated by the business, existing cash resources and credit facilities
available to the group.
4. OPINION OF THE DIRECTORS
The directors of the Company are of the opinion that after considering the
effect of the share repurchase:
- the Company will be able to settle liabilities that become due for
payment for a period of 12 months after the date of this announcement;
- the assets of the Company will exceed its liabilities, as measured in
accordance with the accounting polices used in the Company's latest audited
financial statements, for a period of 12 months from the date of this
announcement;
- the working capital of the Company and the group will be adequate for a
period of 12 months from the date of this announcement; and
- the stated capital and reserves of the Company and the group will be
adequate for a period of 12 months from the date of this announcement.
5. FINANCIAL EFFECTS
The table below sets out the effects of the share repurchase on the earnings
per share (EPS) and net tangible asset value per share (NTAV) of the Company
based on the audited financial results for the year ended 31 December 2000,
being the most recent reporting period. The EPS and NTAV have been
calculated by assuming:
- that the share repurchase was concluded on 01 January 2000;
- that the funds utilised to repurchase the shares were sourced from
borrowings on which interest of 13% is payable;
- a company tax rate of 30%; and
- by applying the same accounting policies used in the Company's latest
audited annual financial statements.
Before Percentage
Before adjusted After Increase/
(cents) (cents)3 (cents) (Decrease)
EPS1 29.9 31.3 32.2 2.9
NTAV2 102.2 101.9 102.4 0.5
Shares in issue 77 239 582 77 239 582 74 658 982 (3.3)
1 The EPS and headline earnings per share figure reported for the year ended
31 December 2000 were the same. The weighted average number of shares in
issue at 31 December 2000 was 81 778 873.
2 The NTAV and net asset value per share figure reported for the year ended
31 December 2000 were the same.
3 The Before Adjusted column is calculated assuming that the share
repurchases detailed in the announcements on 17 November 2000 and 28
December 2000, occurred at 1 January 2000. Therefore, the full effect of
interest and the reduction in the number of shares in issue have been taken
into account when calculating EPS and NTAV.
6. CANCELLATION OF SECURITIES
2 446 100 of the shares repurchased by way of the share repurchase have been
cancelled. The balance of 411 200 repurchased shares will be cancelled as
soon as is practicably possible. Application will be made to the JSE for
the termination of the listing of such repurchased shares.
6 June 2001
Merchant bank
BoE Merchant Bank
A division of BoE Bank Limited
Co. Reg. No. 1951/000847/06
Sponsor
BoE Securities (Pty) Ltd
Member of the JSE Securities Exchange South Africa
Co. Reg. No. 1995/012240/07
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