Spearhead Property Group - Repurchase Of Shares On
SPEARHEAD PROPERTY GROUP
(Incorporated in the Republic of South Africa)
(Registration Number 1996/005827/06)
("Spearhead" or "the Company")
REPURCHASE OF SHARES ON OPEN MARKET
Spearhead has repurchased 1 303 178 of its own linked shares on the open
market through a wholly owned subsidiary acting in terms of a special
resolution passed by the members at a General Meeting held on 15 March 2000,
which authority was renewed at the Annual General Meeting held on 2 November
2000. A maximum of 2 864 100 linked shares may be acquired in terms of the
above resolution.
Results
In accordance with the Listing Requirements of the JSE Securities Exchange
South Africa ("the JSE"), the company discloses the following:
Total number of linked shares purchased.
- A total of 1 303 178 linked shares have been repurchased. This comprises
9.10% of the issued ordinary share capital of Spearhead. The repurchases
commenced on 30 June 2000, and continues.
- The highest price paid was 800 cents per linked share.
- The lowest price paid was 584 cents per linked share.
- The total value of linked shares purchased was R9 431 803.
- The number of linked shares which may still be purchased is 1 560 922.
The authority to repurchase linked shares remains in force until the next
Annual General Meeting of Spearhead, at which time the Company will request
shareholders to renew this authority.
Source of funds
The Spearhead linked share repurchases to date have been funded from
available cash resources. Future repurchases will also be funded on the same
basis.
Directors' Statements
Having considered the effect of the repurchases made so far, the directors
of Spearhead remain of the opinion that:
- Spearhead and its subsidiaries will be able, in the ordinary course of
business, to pay their debts for a period of 12 months after the date of
this announcement.
- The consolidated assets of Spearhead and its subsidiaries will be in
excess of their consolidated liabilities measured in accordance with the
accounting policies used in the audited annual financial statements for the
financial year ended 30 June 2000.
- The ordinary linked share capital and consolidated reserves of Spearhead
and its subsidiaries will be adequate for a period of 12 months after the
date of this announcement.
- The working capital of Spearhead and its subsidiaries will be adequate for
a period of 12 months after the date of this announcement.
Financial Effects
The financial effects of the Spearhead repurchase on the earnings per linked
share and net asset value per linked share are as follows:
31 December 2000
Before the After the
repurchase repurchase %
(cents) (cents) change
Earnings per linked share 61,34 62,41 1.74
Net asset value per linked share 9,82 9,93 1.12
Notes
1. Earnings per linked share is based on the earnings for the 6 months ended
31 December 2000 assuming that the repurchase was carried out on 1 July
2000.
2. Net asset value per linked share is based on the net asset value of
Spearhead at 31 December 2000.
Stock Exchange Listing
The linked shares repurchased will not be cancelled but will be retained by
a wholly-owned subsidiary of Spearhead.
Cape Town
19 June 2001
Sponsor
Bridge Capital
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