Privest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
share code: PVT
ISIN: ZAE000014643
("Privest")
Repurchase of a further 3% of Issued Capital in Privest
1. Introduction
General authority for Privest to repurchase its ordinary shares was granted
in terms of a special resolution passed by Privest shareholders and
registered by the Registrar of Companies on 21 November 2001 ("the general
authority"). A maximum of 31 246 592 ordinary shares could be acquired in
terms of the general authority. It was announced on 23 May 2001 that 15 623
296 ordinary shares, equivalent to 10% of the total issued share capital of
Privest, had been purchased by a subsidiary of Privest.
2. Implementation
As at the date of this announcement, Privest has acquired, in the open
market, a further 8 546 920 ordinary shares,
equivalent to 5,5 % of the issued share capital of Privest at 21 November
2001, for a total consideration of R1 314 972. The highest price paid for
the additional ordinary shares acquired in terms of the general authority
was R0,16 per ordinary share and the lowest R0,15 per ordinary share. To
date, Privest has acquired 24 170 216 ordinary shares, for a total
consideration of R6 714 170 million. The extent of the authority outstanding
is 7 076 376 ordinary shares equivalent to 4.5 % of the total issued share
capital.
3. Source Of Funds
Purchases to date have been funded from available cash. In accordance with
the approved plan, future purchases will be funded from available cash.
4. Opinion of Directors
Having considered the effect of the purchases in terms of the general
authority, the directors of Privest remain of the opinion that, for a period
of 12 months from the date of this announcement.
- Privest and its subsidiaries will, in the ordinary course of business, be
able to pay their debts;
- The consolidated assets of Privest and its subsidiaries will be in excess
of their consolidated liabilities, measured in
accordance with the accounting policies used in the six months ended 31
December 2001;
- The ordinary share capital and consolidated reserves of Privest and its
subsidiaries will be adequate; and
- The working capital of Privest and its subsidiaries will be adequate.
5. Effect on Headline Earnings and Net Asset Value
Before purchase After purchase %
(cents) (cents) Change
Attributable earnings
per share 1.76 1.84 4.5
Headline earnings per
share 1.76 1.84 4.5
Net asset value per
share 55 58 5.4
The pro forma financial effects are calculated based on the results for the
six months ended 31 December 2001 assuming that the purchases to date had
been carried out on 1 July 2001. The accounting policies employed by
Privest for the six months ended 31 December 2001 have been applied in
making these calculations.
6. Stock Exchange Listing
Application will be made for termination of the listing of the relevant
ordinary shares in Privest on the JSE Securities Exchange South Africa.
Johannesburg
27 March 2002
Sponsor
Investec Securities Limited
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