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Authority
UCS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/002253/06)
Share code: UCS ISIN: ZAE000016150
("UCS" or "the company")
RESULTS OF SHARE REPURCHASE OF ORDINARY SHARES BY WAY OF A GENERAL AUTHORITY
1. INTRODUCTION
HSBC Investment Services (Africa) (Pty) Limited is authorised to announce
that the directors of UCS have repurchased 8 292 338 shares representing
3,04% of its ordinary shares on the open market of the JSE Securities
Exchange South Africa ("JSE") in accordance with the general authority
granted to them at the annual general meeting held on 24 January 2001 and
renewed at the annual general meeting held on 18 January 2002 ("the share
repurchase").
2. DETAILS OF THE SHARE REPURCHASE
Dates of the share repurchase are 7 November 2001 to 7 February 2002.
Details of the share repurchase are as follows:
Highest price paid for ordinary shares repurchased: 75 cents
Lowest price paid for ordinary shares repurchased: 64 cents
Value of ordinary shares repurchased: R5 954 354,94
Extent of general authority outstanding: 46 247 662 ordinary
shares representing
16,96% of the issued
ordinary shares
before the share
repurchase
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources and
future repurchases will be funded from available cash.
4. OPINIONS
The directors of UCS have considered the impact of the share repurchase and
are unanimously of the opinion that:
* the company and 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
Generally Accepted Accounting Practice, will remain in excess of the
liabilities of the company and the group 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 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 the company's and the group's 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 repurchase on
UCS's earnings per share, headline earnings per share, net asset value per
share and net tangible asset value per share:
Before After
Earnings per share (cents)* 10,33 10,65
Headline earnings per share (cents)* 11,11 11,46
Net asset value per share (cents) 66,60 68,68
Net tangible asset value per share (cents) 56,27 58,03
Number of shares in issue** 272 700 000 264 407 662
*The pro forma financial effects are calculated as at 30 September 2001,
being the most recent reporting period.
**As the shares are being repurchased by a subsidiary company of UCS, such
shares shall not be cancelled nor the share capital reduced. However, for
the purposes of calculating earnings per share, headline earnings per share,
net asset value per share and net tangible asset value per share, the number
of shares in issue after the repurchase by the subsidiary has been reduced
by the number of shares repurchased.
6. SHARES LISTED ON THE JSE
As the 8 292 338 shares have been repurchased by a subsidiary of UCS and not
by the company itself, no application will be made to the JSE for the
termination of the listing of the repurchased ordinary shares in UCS.
13 February 2002
Johannesburg
Sponsor
HSBC
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