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MUSTEK LIMITED - REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
MUSTEK LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/070161/06)
Share Code: MST
ISIN Code : ZAE000012373
("Mustek")
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
1. Introduction
Further to the announcement made on 8 May 2002, shareholders are advised that
Mustek has purchased an additional 6 037 055 of it`s own shares at a cost of R
22 323 533, on the open market of the JSE Securities Exchange South Africa
("JSE"), acting in terms of the general authority granted at the annual general
meeting of Mustek shareholders held on 29 November 2001.
2. Details of the repurchases
In accordance with the listing requirements of the JSE, Mustek discloses the
following:
Period of the repurchases : 26 March 2002 to 5 July 2002
Highest price paid for shares : 380 cents
Lowest price paid for shares : 224 cents
Average price paid for shares : 353,5 cents
Total Number of shares repurchased : 13 369 672
Total Value of shares repurchased : R47 256 514
Extent of general authority outstanding : 6,65%
3. Source of funds
Mustek has funded the repurchases from available cash resources.
4. Directors` confirmation
The directors of Mustek have considered the effect of the repurchases and
confirm that, for a period of 12 months after the date of this announcement:
4.1 Mustek and its subsidiaries ("the group") will be able to pay their debts in
the ordinary course of business;
4.2 the assets of Mustek and the group will continue to be in excess of their
liabilities;
4.3 the ordinary share capital and reserves of Mustek and the group will be
adequate; and
4.4 the working capital available to Mustek and the group will be adequate.
5. Financial effects of the repurchases
The table below sets out the financial effects of the repurchases on Mustek`s
headline earnings, earnings and net asset value per share:
Historical Pro forma Change
before the after the (%)
repurchases repurchases
(cents) (cents)
Headline earnings per share 38,00 41,94 10,37%
Earnings per share 31,52 34,47 9,36%
Net asset value per share 358,20 358,93 0,20%
Number of shares in issue 100 114 533 86 744 861 (13,35%)
Note: The pro forma financial effects are calculated on the basis of Mustek`s
unaudited consolidated financial statements for the six month period ended 31
December 2001, being the most recent reporting period. The calculations assume
that the repurchases had been made on 1 July 2001 for earnings and headline
earnings per share and on 31 December 2001 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 repurchases have been reflected.
6. Cancellation of shares
The shares repurchased will be cancelled by Mustek and application will be made
for the delisting in due course.
Midrand
9 July 2002
Joint Corporate Advisors Sponsor Legal Advisors to Mustek
Merchantec Exchange Sponsors Kramer and Viljoen
Corporate Solutions
Date: 09/07/2002 08:38:00 AM Produced by the JSE SENS Department
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