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GRINDROD LIMITED
(Previously Grindrod Unicorn Group Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND ISIN: ZAE000030805
Share code: GNN ISIN: ZAE000030813
("the Company")
REPURCHASE OF ORDINARY AND "N" ORDINARY SHARES ON THE OPEN MARKET
1. Repurchase
Further to the announcement dated 11 April 2001, the Company has repurchased
a total of 3 029 300 (7,52%) ordinary shares and 11 467 900 (16,89%) of its
"N" ordinary shares on the open market, acting on the general authority
granted to the directors by shareholders at the general meeting held on 31
May 2001 ("the General Authority").
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa ("JSE"), the Company discloses the following information:
2. Details of share repurchase
Ordinary shares "N" ordinary shares
Repurchase Cumulative Repurchase
Cumulative
Total number of shares
purchased 1 097 600 3 029 300 3 271 000 11 467 900
Percentage of the Company's
share capital in issue
on the date of granting of
the General Authority 2,78% 7,52% 5,07% 16,89%
Total value of shares
purchased R4 518 352 R11 088 761 R12 411 156 R40 643 323
Highest price paid 410 cents 410 cents 400 cents 400 cents
Lowest price paid 390 cents 315 cents 345 cents 300 cents
Period of repurchases 28/09/01- 07/08/01-
9/10/01 05/10/01
Number of shares which may
still be repurchased by the
Company in terms of the
General Authority 5 027 776 2 108 612
Shares in issue on the date of
granting of the General Authority 39 480 504 64 467 185
3. Source of funds
Funds generated in the ordinary course of business and proceeds from the
sale of ships were used to fund the share repurchases.
4. Director's statement
The directors have considered the effect of the repurchases and are of the
opinion that:
4.1 the ability of the Company and its subsidiaries to continue to pay their
debt in the ordinary course of business will not be affected by the
repurchases for the period of 12 months after the date of this announcement;
4.2 the assets of the Company and its subsidiaries exceed their liabilities,
measured in accordance with the accounting policies used in the Company's
interim financial statements for the six months ended 30 June 2001;
4.3 the ordinary capital and reserves of the Company are adequate for the
Company's requirements for the period of 12 months from the date of this
announcement; and
4.4 the working capital of the Company is adequate for the period of 12
months from the date of this announcement.
5. Financial effects of the repurchase
Based on the Company's unaudited interim financial results for the six
months ended 30 June 2001, and assuming that the shares had been repurchased
on 1 January 2001, the effect on the earnings, headline earnings and net
asset value per share would have been as follows:
Percentage
Before the After the change
repurchase repurchase %
Earnings (cents per share) 44,8 46.4 3,6
Headline earnings (cents per share) 45,6 47.3 3,7
Net asset value at 30 June 2001
(cents per share) 530 542 2,3
Notes:
1. Of the shares repurchased, 3 089 600 "N" ordinary shares will be
cancelled as part of the issued share capital. All the other repurchased
shares will be kept as treasury shares.
2. The earnings and headline earnings per share, after the repurchases, are
based on the Company's issued share capital less shares repurchased on a
weighted average basis.
6. Stock exchange listing
The shares to be cancelled will not continue to be listed on the JSE.
Application will be made for the delisting of the shares concerned in due
course.
Durban
11 October 2001
Merchant bank
Marriott Merchant Bank
Sponsor
Exchange sponsors
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