Imperilog - Repurchase Of Ordinary Shares In Terms
IMPERILOG LIMITED
(Registration number 1913/001284/06)
Share code: IPG ISIN: ZAE000024006
("ImperiLog" or "the Company")
Repurchase of Ordinary Shares in Terms of a General Authority
1. INTRODUCTION
Authority for ImperiLog to repurchase its ordinary shares ("shares") was
renewed in terms of a special resolution passed by members and registered by
the Registrar of Companies on 20 November 2001. A maximum of 20 406 122
shares may be acquired in terms of this resolution.
2. Details of the share repurchases
Durity Omega (Proprietary) Limited, a wholly-owned subsidiary of the
Company, repurchased 6 475 494 shares during the period from 13 July 2001 to
3 December 2001 at prices ranging from 140 cents per share to 110 cents per
share for a total consideration (excluding dealing costs) of R8 917 068
("the share repurchases"). A total of 379 286 of these shares (0,34% of the
issued share capital), were acquired prior to 19 November 2001 in terms of a
previous authority and the remainder were acquired in terms of the authority
extended on 20 November 2001. These shares will be retained as treasury
stock.
The shares repurchased represent 6,35% of the ordinary issued shares of
ImperiLog. The shares were repurchased in the open market at a price not
exceeding the requisite limits for share repurchases as prescribed by the
JSE Securities Exchange South Africa. The extent of the authority
outstanding is 14 309 914 shares, equivalent to 14,03 % of the Company's
total issued ordinary share capital.
3. Source of funds
The share repurchases have been funded from available cash resources and the
intention is that future repurchases will also be funded from available
cash.
4. Opinions
The directors of ImperiLog have considered the impact of the share
repurchases and are unanimously of the opinion that:
* the Company, and the Company and its subsidiaries ("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
Statements of Generally Accepted Accounting Practice, will remain in excess
of their liabilities 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 the 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 their 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 repurchases,
which have been calculated on the following bases:
* under the column headed "Before", are set out the headline earnings per
share for the 12 months ended 30 June 2001 and the net asset value per share
(which equals tangible net asset value) at 30 June 2001; and
* under the column headed "After", are set out the pro forma headline
earnings per share and net asset value per share assuming the share
repurchases had been effected on 1 December 2000 and the opportunity cost of
the cash utilised in effecting the share repurchases was 10% (before tax).
Change
Before After (%)
Headline earnings per share (cents) 29,8 30,6 2,7
Net asset value per share (cents) 126,9 125,8 (0,9)
5 December 2001
Johannesburg
Investment Bank and Sponsor
Nedcor Investment Bank
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