| Tue 3 Jul 2001, 0:00 | | Repurchase By Compu-clearing Of Its Own Securities |
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COMPU-CLEARING OUTSOURCING LIMITED
(Registration number 1998/015541/06)
("Compu-Clearing" or "the Company")
REPURCHASE BY COMPU-CLEARING OF ITS OWN SECURITIES
Introduction
Shareholders are referred to the announcement made by
Compu-Clearing on 17 November 2000, in terms of which the
Company had repurchased
4 444 100 of its own shares in the open market
representing 9,28 per cent of its issued ordinary share
capital.
Since then Compu-Clearing has acquired an additional 1
766 300 of its own shares on the open market through a
wholly-owned subsidiary acting in terms of special
resolutions passed at the Annual General eeting held on
17 November 2000 and registered by the Registrar of
Companies on 14 March 2001.
Total number of shares repurchased
Compu-Clearing's repurchase program commenced on 16 May
2000 and continued thereafter on a day-to-day basis as
market conditions allowed.
A total of 6 210 400 shares have been repurchased,
representing12, 97 per cent of the ordinary issued share
capital. In terms of the resolution there was no further
capacity to repurchase shares in the financial year ended
30 June 2001.
Prices Paid
The highest price paid was R 1,40 per share and the
lowest price paid was R 1,00 per share. The total
consideration paid was R 7 279 951 and the average price
paid was R 1,17 per share.
In respect of the further 1 766 300 shares repurchased
since the date of the previous announcement we report as
follows:
the highest price paid was R 1,40 per share and the
lowest price paid was R 1,00 per share;
the total consideration paid was R 2 076 097 and the
average price paid was R 1,18 per share.
Source of funds
Share repurchases to date have been funded from available
cash resources and the intention is that future
repurchases will also be funded from available cash.
Directors' statement
Having considered the effect of the purchase made so far,
the directors of Compu-Clearing remain of the opinion
that:
Compu-Clearing 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 consolidated assets of Compu-Clearing and its
subsidiaries will be in excess of their consolidated
liabilities, measured in accordance with the accounting
policies used in the annual report for the 12 months
ended 30 June 2000.
the ordinary share capital and consolidated reserves of
Compu-Clearing and its subsidiaries will be adequate for
a period of 12 months from the date of this announcement;
and
the working capital of Compu-Clearing and its
subsidiaries will be adequate from the period of 12
months from the date of this announcement.
Financial effects
The table below sets out the financial effects of the
repurchase on Compu-Clearing's earnings per share and net
asset value per share:
Year End
Before the After the %
Repurchase Repurchase Change
Headline earnings per share 11,3 11,6 2,7
Tangible net asset value
per share 62,2 55,0 -10,8
Assumptions
The pro forma financial effects are calculated at 30 June
2000 by assuming that the purchases subsequent to that
date, being 4 646 500 shares at the cost of R 5 475 194
to date had been carried out on 1 July 1999 with the
funds in hand on which there would have been a loss of
interest received, calculated at a rate of 7,6 per cent
per annum, after tax. The effect of the repurchase of
1 563 900 shares at a cost of R 1 804 757 prior to 30
June 2000 has already been accounted for in the audited
figures. The accounting policies employed by the group
for the year ended 30 June 2000 have been applied in
these calculations.
The calculations have been based on a weighted number of
shares in issue for the year of 43 088 010. The
repurchased shares will be held as treasury shares and
are not used for the purpose of calculations for the
`after' figures.
Stock exchange listing
As all of the shares have been purchased by a subsidiary
of Compu-Clearing and not by Compu-Clearing itself, no
application will be made for termination of the listing
of the ordinary shares in Compu-Clearing which have been
repurchased.
Non-Trading Period
As the company's year end is approaching, it has entered
a non-trading period and will only be allowed to commence
repurchasing their shares once the results have been
published at the end of August.
Sandton
3 July, 2001
WEBSITE ADDRESS:
WWW.COMPU-CLEARING .CO.ZA
SPONSOR AUDITORS
SASFIN BANK LIMITED KPMG
