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Authority Granted
PEREGRINE HOLDINGS LIMITED
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE Code : PGR
ISIN Code : ZAE000015152
Introduction
Peregrine Corporate Advisory Services (Pty) Limited is authorized to
announce that Peregrine has cumulatively repurchased 7 250 609 (3,36%) of
its ordinary shares ("the repurchase") on the open market of the JSE
Securities Exchange South Africa ("JSE") in terms of the general authority
granted by shareholders on 12 September 2001. The shares repurchased will
not be cancelled but have been acquired by a subsidiary/ies of Peregrine and
held as treasury stock. The total number of shares held by a subsidiary/ies
of Peregrine as treasury stock, taking into account shares which have been
utilized to settle outstanding obligations subsequent to the circular to
shareholders dated 1 August 2001, is less than 10% of the total issued
capital of Peregrine.
Details of the repurchase
Period of the repurchase 29 October 2001 to 4 February 2002
Highest price paid 302 cents
Lowest price paid 215 cents
Average price paid 261 cents
Number of shares repurchased 7 250 609
Value of shares repurchased R18 928 485
Extent of authority The company may repurchase a further
outstanding 35 914 310 shares (16,64% of the number of
shares in issue prior to the repurchase) in
terms of the current general authority, this
authority being valid until the company's
next annual general meeting.
Source of funds for the repurchase
The repurchase has been funded from available cash resources.
Opinion of the board of Peregrine
The board of Peregrine has considered the effect of the repurchase and is of
the opinion that, for a period of 12 months following the date of this
announcement:
the company and the group will be able to repay their debts, in the ordinary
course of business;
the company's and the group's consolidated assets, fairly valued according
to generally accepted accounting practice and on a basis consistent with the
last financial year of the company, will exceed their consolidated
liabilities;
the company's and the group's ordinary capital and reserves will be
sufficient to meet their needs; and
the company and the group will have sufficient working capital to meet their
needs.
Financial effects of the repurchase
Based on the assumptions set out below, the following table sets out the pro
forma financial effects of the repurchase on Peregrine's earnings per share,
net asset value per share and net tangible asset value per share, which pro
forma financial effects are calculated on the interim results of Peregrine
for the six months ended 30 September 2001.
Before the Pro forma % increase / (decrease)
repurchase after the
repurchase
Earnings per share
(cents) 28,1 28,9 2,8%
Net asset value
per share (cents) 215,2 213,4 (0,8%)
Net tangible asset
value per share 191,8 189,1 (1,4%)
(cents)
Number of ordinary
share in issue 215 824 597 215 824 597 -
Assumptions:
The calculations assume the repurchase was made during the six months prior
to 30 September 2001 and the interest income (after applying a tax rate of
30%) was reduced by R530 000. For the purpose of calculating earnings per
share, net asset value per share and net tangible asset value per share, a
weighted average number of shares of 186 993 000 (being the weighted average
number of shares as used in the interim results less the shares purchased)
has been used.
Sandton
8 February 2002
Corporate advisor and sponsor
Peregrine Corporate Advisory Services (Pty) Ltd
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