Pretoria Portland Cement Company Limited - Chairma
Pretoria Portland Cement Company Limited
25 January 2002
Outlook
Trading for the first quarter is ahead of last year and the Company is still
expecting to report modest growth in operating profits and operating cash
flows in 2002.
In line with its strategy, the Company is currently evaluating offers for
its investments in Natal Portland Cement Company Limited and Ash Resources
(Pty) Limited. These transactions will not materially affect earnings per
share.
I have nothing (further) to add to my Chairman's Review in the annual
financial statements for the year ended 30 September 2001 published late
last year.
Special resolution
The following special resolution was passed :
a. The directors of the company were authorised to acquire from time to time
issued shares on the ordinary share capital of the company on the JSE
Securities Exchange South Africa 'open market' at a price no greater than
10% above the weighted average of the market value for the securities for
the five previous business days immediately preceding the date on which the
transaction was agreed or at a bid price no greater than the current trading
price of the share; and the purchase by any of the company's subsidiaries of
shares in the company in the manner contemplated by and in accordance with
the provisions of section 89 of the Companies Act, 1973, and other
provisions which may be applicable.
b. The authorisation granted in terms of (a) above shall remain in force
from the date of registration of these special resolutions by the Registrar
of Companies until the conclusion of the next annual general meeting of the
company and, in any event, no later than 15 months from the date on which
they were passed.
c. The repurchase by the company of its own securities in terms of (a) above
may not exceed 20% of the company's issued ordinary share capital in the
aggregate in any one financial year or in the case of acquisition by any of
the company's subsidiaries, 10% of the issued ordinary share capital in the
aggregate.
d. The company's intention regarding the utilisation of the authority in
terms of (a) above, is to utilise surplus cash available from time to time
to repurchase shares in the company with the aim of increasing shareholder
value.
Auditors
The Chairman advised, "KPMG have advised the Company that they will not be
standing for reappointment as our external auditors.
This concludes a long and happy association with KPMG, one which commenced
with the appointment of Aiken & Carter as auditors of PPC on 21 November
1913. After a series of mergers Aiken & Carter subsequently merged with
Peat Marwick Mitchell in 1987 and the combined firm then became KPMG.
We at PPC would like to extend our sincere thanks and appreciation to KPMG
both for their professionalism and their support over all these years."
Deloitte & Touche, currently the worldwide auditors of Barloworld Limited,
have been appointed as auditors of PPC, with the necessary resolution having
been passed.
Ends
Issued by:Andrea Visser
Meropa Communications
Tel:(011) 772-1000
On behalf of:PPC
Contact:John Gomersall
Tel:(011) 488-1700
Sponsor Broker:Cazenove
Contact:Gina Gibson
Tel:(011) 2807906
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