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CORONATION HOLDINGS LIMITED - REPURCHASE OF SHARES ON THE OPEN MARKET
Coronation Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1902/001739/06)
JSE share codes:
(Ordinary shares CRH)
(ISIN number: ZAE000001772)
(N` ordinary shares CRN)
(ISIN number: ZAE000010369)
("Coronation" or "the company")
Repurchase of shares on the open market
Repurchase
The directors of Coronation are authorised to announce the repurchase of
835,615 ordinary shares and 2,895,931 `N` ordinary shares of the company`s
own shares on the open market during the period 11 December 2001 to 24 May
2002, acting on the general authority granted to the directors by Coronation
shareholders at the annual general meeting held on 15 January 2001 and
renewed on 18 January 2002
Details of the cumulative share repurchases
The details of the cumulative share repurchases during the current financial
year as at 17:00 on Friday, May 24 2002 are set out below:
ORDINARY SHARES
Number of ordinary shares
repurchased 835,615 (2.82%)
Total value of ordinary shares
repurchased R49,368,386.11
Highest value paid per ordinary
share repurchased R59.00
Lowest value paid per ordinary
share repurchased R55.44
Number of ordinary shares which
may still be 5,084,225
repurchased by the company in
terms of the (17.18%)
general authority
`N` ORDINARY SHARES
Number of `N` ordinary shares
repurchased 2,895,931 (4.56%)
Total value of `N` ordinary
shares repurchased R169,206,344.85
Highest value paid per `N`
ordinary share repurchased R59.53
Lowest value paid per `N`
ordinary share repurchased R55.53
Number of `N` ordinary shares
which may still 9,813507
be repurchased by the
company in terms of the (15.44%)
general authority
3. Source of funds
The share repurchase was implemented using existing cash resources.
4. Directors` opinion
The directors of Coronation have considered the effects of the share
repurchase and are unanimously of the opinion that:
the Company and its subsidiaries will be able to meet their debt obligations
in the ordinary course of business for a period of 12 months after the date
of this announcement;
the Company`s consolidated assets, valued according to Generally Accepted
Accounting Practice, will be more than its consolidated liabilities;
the Company`s issued capital and reserves of the company and its
subsidiaries are adequate for the purposes of the business for a period of
12 months after the date of this announcement; and
the working capital available to the Company and its subsidiaries is
sufficient for the company and its subsidiaries` requirements for a period
of 12 months after the date of this announcement.
5. Financial effects of the repurchase
The table below sets out the financial effects of the share repurchase on
Coronation`s headline earnings per share and net asset value per share:
Disclosed in Pro forma Change
31 March after the (%)
2002 repurchase
interim results
Headline earnings
per share (cents) 264 266 0.76%
Net asset value per
share (cents) 5 480 5 466 -0.26%
Notes:
The pro forma financial effects are based on the consolidated financial
statements for the six months ended 31 March 2002, being the most recent
reporting period. The calculations assume that the ordinary and `N` ordinary
shares had been repurchased on 1 October 2001 for the headline earnings per
share calculation and on 31 March 2002 for the net asset value per share
calculation. The calculations further assume an interest rate applicable to
call funds of 8.5% and a tax rate of 30%. Of the total number of shares
repurchased, 82 781 ordinary shares and 1 141 110 `N` ordinary shares were
repurchased prior to 31 March 2002.
6. Stock Exchange listing
The shares repurchased will not be cancelled but will be retained by a
wholly-owned subsidiary of Coronation. Accordingly, the shares will continue
to be listed on the JSE Securities Exchange South Africa.
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 27/05/2002 05:16:24 PM Produced by the SENS Department
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