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(Registration number 1966/002182/06)
(Incorporated in the Republic of South Africa)
("Invicta" or "the Company")
JSE Code:IVT
ISIN Code: ZAE000029773
REPURCHASE BY INVICTA OF ITS OWN SHARES
INTRODUCTION
BoE Merchant Bank is authorised to announce that Invicta, pursuant to the
general authority to repurchase shares ("the authority") granted to it by
shareholders in general meeting on 27 July 2001, has repurchased 3 641 740
of its own shares ("the share repurchase") on the open market of the JSE
Securities Exchange South Africa ("JSE").
EXTENT OF THE AUTHORITY
In terms of the authority:
repurchases may not exceed 10% of the Company's issued ordinary share
capital at the date on which the authority was granted;
the price paid for each share may not exceed 5% 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.
DETAILS OF THE REPURCHASE
Dates
The share repurchase was concluded on a day-to-day basis as market
conditions allowed between 15 February 2001 and 23 August 2001.
Price paid
The highest price paid for the shares was 320c and the lowest was 249c.
Number and monetary value
3 641 740 shares were repurchased for a total consideration of R11 166 644.
Extent of authority outstanding
The extent of the authority outstanding after the share repurchase is 4 401
927 shares, equivalent to 5.5% of the total ordinary share capital on the
date on which the authority was granted.
Source of funds
The funds utilised to give effect to the repurchase were sourced from the
company's cash on hand.
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 ordinary share capital and reserves of the Company and the group will be
adequate for a period of 12 months from the date of this announcement.
FINANCIAL EFFECTS
The table below sets out the effects of the share repurchase on the earnings
per share (EPS), net asset value per share (NAV) and net tangible asset
value per share (NTAV) of the Company based on the financial results for the
year ended 31 March 2001, being the most recent reporting period. The EPS,
NAV and NTAV have been calculated by assuming:
that the share repurchase was concluded on 01 April 2000;
that the funds utilised to repurchase the shares were sourced from the
company's cash on hand on which interest of 13.5% was earned.
a company tax rate of 30%; and
by applying the same accounting policies used in the Company's latest
audited annual financial statements.
Before After Percentage
(cents) (cents) Increase/(Decrease)
EPS 46 47 2.0
NAV 328 328 0.0
NTAV 306 305 (0.5)
Shares in issue 80 436 671 76 794 931 (4.5)
CANCELLATION OF SECURITIES
The shares repurchased will be restored to the status of authorised ordinary
share capital. Application will be made to the JSE for the termination of
the listing of the repurchased shares. The date of termination of the
listing of the repurchased shares is expected to be on or about 15 September
2001.
27 August 2001
Merchant bank Sponsor
BoE Merchant Bank BoE Securities
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