| Fri 7 Dec 2001, 0:00 | | Repurchase Of 3% Of The Issued Ordinary Shares In |
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Rebhold Limited
(To be renamed Rebserve Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Share code: RBH ISIN: ZAE000011631
("Rebhold" or "the company")
Repurchase of 3% of the issued
ordinary shares in Rebhold on the open market
1. Repurchase
The directors of Rebhold are authorised to announce the repurchase of 5 900
000 (3,0% of the issued ordinary shares) of the company's own shares on the
open market, acting on the general authority granted to the directors by
Rebhold shareholders at the annual general meeting held on Friday 12 January
2001 ("the general authority"). These purchases were conducted from 27
September to 5 December 2001.
2. Details of the cumulative share repurchases
The details of the cumulative share repurchases as at 16:00 on 5 December
2001 are set out below:
- Number of ordinary shares repurchased 5 900 000
- Percentage of the company's issued
ordinary shares 3,0%
- Total value of ordinary shares purchased R45 343 871
- Highest value paid per ordinary share purchased 800 cents
- Lowest value paid per ordinary share purchased 710 cents
- Number of ordinary shares which may
still be repurchased
by the company in terms of the general authority 32 845 932
- Percentage of the company's issued ordinary
shares which
may still be repurchased by the
company in terms of the
general authority 17,0%
Of the 5 900 000 shares repurchased by the company,
2 324 500 shares were purchased on or prior to 19 October 2001, which date
was the last day to trade in Rebhold shares "cum" the dividend of 20,5 cents
per share declared by the company for the year ended 30 June 2001.
3. Source of funds
The share repurchase was implemented using existing cash resources.
4. Directors' opinion
The directors of Rebhold have considered the effects of the share repurchase
and are unanimously of the opinion that:
- the company and its subsidiaries will be able to meet their debt
obligations in the ordinary course of business for a period of 12 months
after the date of this announcement;
- the assets of the company and its subsidiaries, fairly valued in
accordance with generally accepted accounting practice, will remain in
excess of the liabilities of the company and its subsidiaries;
- the issued capital and reserves of the company and its subsidiaries are
adequate for the purposes of the business for a period of 12 months after
the date of this announcement; and
- the working capital available to the company and its subsidiaries is
sufficient for the company and its subsidiaries' requirements for a period
of 12 months after the date of this announcement.
5. Financial effects of the repurchase
The table below sets out the financial effects of the repurchase of 3% of
Rebhold's issued ordinary share capital on its diluted headline earnings per
share, pro-forma diluted headline earnings per share from continuing
operations, net tangible asset value per share and net asset value per
share:
Before the After the Increase
Repurchase repurchase (Decrease)
Diluted headline earnings
per share (cents)2 134,6 137,3 2,0%
Pro-forma diluted headline
earnings per
share from continuing
operations (cents)2 100,6 102,2 1,6%
Net tangible asset value
per share (cents) 256,7 240,6 (6,3%)
Net asset value per
share (cents) 381,0 368,8 (3,2%)
Notes:
1. The financial effects are based on the Rebhold audited results for the
year ended 30 June 2001 which were published in the press on 25 September
2001.
2. This assumes that the ordinary shares had been repurchased on 1 July 2000
with the funds in hand on which there would have been a loss of interest
received, calculated at an after-tax rate of 6,3% per annum.
6. Stock Exchange listing
The shares repurchased will not be cancelled but will be retained by a
wholly-owned subsidiary of Rebhold. Accordingly, the shares will continue to
be listed on the JSE Securities Exchange South Africa.
Sandton
7 December 2001
Sponsor
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
