Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code : FRT ISIN : ZAE 00016838
("Faritec" or "the company")
Repurchase of shares in terms of the general authority granted
1. Introduction
Peregrine Corporate Advisory Services (Pty) Limited is authorized to
announce that Faritec has cumulatively repurchased ("the repurchase") 8
190 450 (5.97%) of its ordinary shares on the open market of the JSE
Securities Exchange South Africa in terms of the general authority
granted by shareholders on 14 December 2001.
2. Details of the repurchase
Period of the February 2002 to March 2002
repurchase
Highest price paid 100 cents
Lowest price paid 82 cents
Number of shares 8 190 450
repurchased
Value of shares R7 020 919
repurchased
Extent of authority The company may repurchase
outstanding another 16 747 279 shares, this
authority being valid until the
company's next Annual General
Meeting.
3. Source of funds for the repurchase
The repurchase has been funded from available cash resources.
4. Opinion of the board of Faritec
The board of Faritec 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 its 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 its consolidated
liabilities;
* the company's and the group's ordinary capital and reserves will be
sufficient to meet its needs; and
* the company and the group will have sufficient working capital to meet its
needs.
5. Financial effects of the repurchase
The table below sets out the financial effects of the repurchase on
Faritec's earnings per share, net asset value per share and net tangible
asset value per share.
Before Pro forma % increase
the after the /
repurchas repurchase (decrease)
e
Earnings per share 6.0 cents 6.0 cents 0.0%
Net asset value 63.7 62.3 cents (2.2%)
per share cents
Net tangible asset 62.4 60.9 cents (2.4%)
value per share cents
Weighted average 137 897 135 524 632 (1.7%)
number of ordinary 547
shares in issue
Assumptions:
The pro forma financial effects are calculated on the interim results
of Faritec for the six months ended 31 December 2001, assuming that
these earnings were earned for the period 1 January 2002 to 30 June
2002. The calculations assume the repurchase was made over a period
from 19 February 2002 to 20 March 2002 and the interest income was
reduced by R127 000. For the purpose of calculating earnings per share,
the weighted average number of shares in issue was utilized.
The shares repurchased are being held in treasury by a subsidiary of
Faritec.
Sponsor
Peregrine Corporate Advisory Services (Pty) Ltd
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