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Invicta Holdings Limited
(Registration number 1966/002182/06)
(Incorporated in the Republic of South Africa)
("Invicta" or "the Company")
(Share code: IVT ISIN: ZAE000029773)
REPURCHASE BY INVICTA OF ITS OWN SHARES
1. 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 2 807 801
of its own shares ("the share repurchase") on the open market of the JSE
Securities Exchange South Africa ("JSE").
2. 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.
3. DETAILS OF THE REPURCHASE
3.1 Dates
The share repurchase was concluded on a day-to-day basis as market
conditions allowed between 24 August 2001 and 5 February 2002.
3.2 Price paid
The highest price paid for the shares was 315c and the lowest was
280c.
3.3 Number and monetary value
2 807 801 shares were repurchased for a total consideration of R8 510
734.
3.4 Extent of authority outstanding
The extent of the authority outstanding after the share repurchase is
1 594 126 shares, equivalent to 1.98% of the total ordinary share
capital on the date on which the authority was granted.
3.5 Source of funds
The funds utilised to give effect to the repurchase were sourced from
the company's cash on hand.
4. 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.
5. 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 interim
financial results for the 6 months ended 30 September 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 2001;
- that the funds utilised to repurchase the shares were sourced from the
company's cash on hand on which interest of 10% 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/(Dec
rease)
EPS 21,8 22,3 2,3
NAV 333,9 335,3 0.4
NTAV 312,5 313,1 0.2
Shares in 76 794 931 73 987 130 (3.7)
issue
6. 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 March 2002.
7 February 2002
Merchant bank Sponsor
- BoE Merchant Bank BoE Securities-
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