Ucs Group Limited - Results Of Share Repurchase Of
A GENERAL AUTHORITY
UCS Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/002253/06)
("UCS" or "the company")
Results of share repurchase of ordinary shares by way of a general authority
1. INTRODUCTION
HSBC Investment Services (Africa) (Pty) Limited is authorised to announce
that the directors of UCS have cumulatively repurchased 9 444 800 shares
representing 3,46% of its ordinary shares on the open market of the JSE
Securities Exchange South Africa ("JSE") in accordance with the general
authority granted to them at the annual general meeting of UCS shareholders
held on 24 January 2001 ("the share repurchase").
2. DETAILS OF THE SHARE REPURCHASE
Dates of the share repurchase are as follows:
9 March 2001 14 March 2001
12 March 2001 19 March 2001
13 March 2001 20 March 2001
26 June 2001
Details of the share repurchase are as follows:
Highest price paid for ordinary shares repurchased: 85 cents
Lowest price paid for ordinary shares repurchased: 75 cents
Value of ordinary shares repurchased: R6 980 440,20
Extent of general authority outstanding: 45 095 200 ordinary
shares,representing
16,54 % of the issued
ordinary shares before
the share repurchase.
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources and
future repurchases will be funded from available cash.
4. OPINIONS
The directors of UCS have considered the impact of the share repurchase and
are unanimously of the opinion that:
* the company and the group 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
Generally Accepted Accounting Practice, will remain in excess of the
liabilities of the company and the group for a period of 12 months from the
date of this announcement;
* the issued ordinary capital and reserves of the company and the group are
adequate for the purposes of business for a period of 12 months from the
date of this announcement; and
* the working capital available to the company and the group is sufficient
for the company's and the group's requirements for a period of 12 months
from the date of this announcement.
5. FINANCIAL EFFECTS
The table below sets out the financial effects of the share repurchase on
UCS's earnings per share, headline earnings per share, net asset value per
share and tangible net asset value per share:
Before After
Earnings per share (cents) * 4,9 5,0
Headline earnings per share (cents) * 5,2 5,4
Net asset value per share (cents) 61,6 63,8
Tangible net asset value (cents) 50,8 52,6
Number of shares in issue ** 272 700 000 263 255 200
* The pro forma financial effects are calculated at 31 March 2001, being
the most recent reporting period.
** As the shares are being repurchased by a subsidiary company of UCS, such
shares shall not be cancelled nor the share capital reduced. However, for
the purposes of calculating earnings per share, headline earnings per share
and tangible net asset value per share, the number of shares in issue after
the repurchase by the subsidiary has been reduced by the number of shares
repurchased.
6. SHARES LISTED ON THE JSE
As the 9 444 800 shares have been repurchased by a subsidiary of UCS, 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 UCS.
29 June 2001
Johannesburg
Sponsor
HSBC
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