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REPURCHASE OF ORDINARY SHARES IN BUSBY
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009173/06)
(JSE share code: BSB ISIN: ZAE000013637)
("Busby")
Repurchase of ordinary shares in Busby
1. Introduction
General authority for Busby to repurchase its ordinary shares was granted
in terms of a special resolution passed by Busby shareholders and
registered by the Registrar of Companies on 15 November 2001
("the general authority"). A maximum of 15 219 016 ordinary shares
could be acquired in terms of the general authority.
2. Implementation
Since the announcement dated 28 March 2002 regarding the repurchase of
ordinary shares in Busby, Busby has in terms of the general authority
mentioned above acquired a further 1 323 729 shares in the open market
for a total consideration of R1 471 360. The price paid for these shares
was R1,10 per ordinary share, and the group has now on a cumulative basis
acquired 10,2% of its issued share capital.
The extent of the authority outstanding is 9 271 264 ordinary shares
equivalent to 12% of the total issued share capital.
3. Source of funds
Repurchases to date have been funded from available funding facilities.
4. Opinion of the directors
The directors of Busby have considered the impact of the share repurchase
and are of the opinion that:
4.1 Busby will be able, in the ordinary course of business, to pay its debts
for a period of 12 months from the date of this announcement.
4.2 The consolidated assets of Busby and its subsidiaries are in excess of
the consolidated liabilities, measured in accordance with the accounting
policies used in the unaudited interim financial statements for the
six months ended 31 December 2001.
4.3 The ordinary share capital and consolidated reserves of Busby and its
subsidiaries will be adequate for a period of 12 months from the date
of this announcement.
4.4 The working capital of Busby and its subsidiaries will be adequate for a
period of 12 months from the date of this announcement.
5. Financial effects
The effect in earnings and net asset value per ordinary share before and
after the repurchase of 1 323 729 shares is as follows:
Before After Change
(cents) (cents) %
Earnings per share 19,9 20,1 1,0
Headline earnings per share 19,9 20,1 1,0
Net tangible asset value per share 291,8 295,0 1,1
Net asset value per share 295,5 298,7 1,1
Assumptions
The pro forma financial effects are calculated on Busby`s unaudited
results for the six months ended 31 December 2001 and assuming that the
repurchase was carried out on 30 June 2001 and was financed by excess
cash on hand on which interest was received at an after tax rate of 7,5%
per annum. The accounting policies employed by Busby for the six months
ended 31 December 2001 have been applied in making these calculations.
6. JSE listing
Application will be made for the termination of the listing of the
relevant shares in Busby on the JSE Securities Exchange South Africa.
Johannesburg
20 May 2002
Sponsor
Investec Securities Limited
Member of the JSE
(Registration number. 1972/008905/06)
Date: 20/05/2002 02:43:00 PM Produced by the SENS Department
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