(Registration No. 1983/011384/06)
Incorporated in the Republic of South Africa
Share Code: CPA
ISIN Code: ZAE000034260
("Corpcapital")
BUY-BACK OF SHARES
1. Introduction
Corpcapital Corporate Finance is authorised to announce that Corpcapital has
cumulatively repurchased 3,05% of its issued shares ("the buy-back") on the
open market of the JSE Securities Exchange South Africa ("JSE"), in terms of
the general authority granted at the annual general meeting of Corpcapital
shareholders held on 30 January 2002.
2. Details of the buy-back
Period of the buy-back: 15 April to 2 May
2002
Highest price paid for shares: 182 cents
Lowest price paid for shares: 165 cents
Average price paid for shares 175,6 cents
Number of shares repurchased: 13 444 362
Value of shares repurchased: R23 609 808
Extent of general authority outstanding: 16,95%
3. Source of funds
Corpcapital has funded the buy-back from available cash resources.
4. Directors' confirmation
The directors of Corpcapital have considered the effect of the buy-back and
confirm that, for a period of 12 months after the date of this announcement:
4.1 Corpcapital and its subsidiaries ("the group") will be able to pay their
debts in the ordinary course of business;
4.2 the assets of Corpcapital and the group will continue to be in excess of
their liabilities;
4.3 the ordinary share capital and reserves of Corpcapital and the group
will be adequate; and
4.4 the working capital available to Corpcapital and the group will be
adequate.
5. Financial effects of the buy-backs
The table below sets out the financial effects of the buy-back on
Corpcapital's headline earnings, earnings and net asset value per share:
Historical Pro forma Change
before the after the (%)
buy-back buy-back
(cents) (cents)
Headline earnings per share 25,6 26,3 2,7
Earnings per share 0,7 0,5 (28,6)
Net asset value per share 299 302,4 1,1
Number of shares in issue (in 440,264 426,820 (3)
millions)
Note: The pro forma financial effects are calculated on the basis of
Corpcapital's unaudited consolidated financial statements for the six month
period ended 28 February 2002, being the most recent reporting period. The
calculations assume that the buy-back had been made on 1 September 2001 for
earnings and headline earnings per share and on 28 February 2002 for net
asset value per share and a tax rate of 30%. All appropriate interest
adjustments to take account of interest income that would have been foregone
had cash resources been used for the buy-back have been reflected.
6. Treasury shares
The shares repurchased in the buy-back shall be held by a subsidiary of
Corpcapital as treasury shares.
Rosebank
3 May 2002
Lead sponsor Joint sponsor
Boe Securities Corpcapital Corporate Finance
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