IMR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/017351/06)
("IMR" or "the Company")
IMR investments' repurchase of ordinary shares
Details of the share repurchase
Appleton Corporate Finance is authorised to announce that the Company
repurchased 3 926 776 ordinary shares, representing 9,3% of the Company's
issued ordinary shares. These shares were repurchased by a subsidiary of IMR
in a period from 19 September 2000 to 15 June 2001 at prices ranging from 50
cents per share to 175 cents per share and continuing. The shares were
repurchased at a price not exceeding the requisite limits for share
repurchases as prescribed by the JSE securities exchange South Africa ("the
JSE").
Extent of authority to repurchase shares
In terms of the general authority granted by IMR investment shareholders,
cumulative repurchases may not exceed 20% of the Company's issued share
capital in any one financial year. The Company may repurchase 1 989 944 or
4,7% of the shares in issue.
Source of funds
The share repurchases have been funded from available cash resources and the
intention is that future repurchases will all be funded from available cash.
Opinion
The directors of the Company have considered the impact of the share
repurchases and are unanimously of the opinion that:
* The Company and its subsidiaries will be able in the ordinary course of
business to pay their debts for a period of 12 months from the date of this
announcement;
* The assets of the Company and the group, fairly valued in accordance with
the statements of generally accepted accounting practice, will remain in
excess of the liabilities of the Company for a period of 12 months from the
date of this announcement;
* The issued ordinary capital and the reserves of the Company are adequate
for the purposes of the business for a period of 12 months from the date of
this announcement; and
* The working capital available is sufficient for the Company and its
subsidiaries' requirements for a period of 12 months from the date of this
announcement.
Financial effects
Before Pro forma
the after the
repurchases repurchases change
Earnings per share (cents) (9,52) (11,18) 17,4%
Headline earnings per share (cents) (32,74) (37,65) 14,9%
Net asset value per share (cents) 49 45 (8,2%)
Weighted average number of shares
in issue (million) 42,147 36,97 (12,3%)
Assumptions: the pro forma financial effects on the results of IMR are
calculated for the period ended 28 February 2001. The "pro forma - after the
repurchases" column is calculated assuming that the shares repurchases
occurred at 1 march 2000. therefore the full effect of the reduction in
interest and of the reduction in shares have been taken into account when
calculating earnings per share and net asset value.
JSE listing
Since a portion of the shares have been purchased by a subsidiary of IMR and
a portion by IMR itself, application will be made for termination of the
listing of the shares repurchased in terms of the share repurchase.
18 June 2001
Sponsor
Appleton Corporate Finance
Member of the JSE Securities Exchange South Africa
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
