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L.A Group Limited - Repurchase of Shares
L.A. GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1936/008786/06)
Share Code: LAR ISIN: ZAE000028676
Share Code: LAN ISIN: ZAE000028684
("L.A. Group" or "the company")
Repurchase of Shares
1. Repurchase
Sasfin Bank Limited is authorised to announce the repurchase of 3 649 267
ordinary shares and 1 720 483 `N` ordinary shares of the company`s own shares on
the open market on 31 July 2002 and 1 August 2002, acting on the general
authority granted to the directors of L.A. Group by the company`s shareholders
at the annual general meeting held on 29 July 2002 ("the general repurchase").
At the annual general meeting the company`s shareholders further passed a
special resolution approving a specific repurchase of L.A. Group ordinary and
`N` ordinary shares from the L.A. Retail Stores Limited Share Trust, details of
which are set out below ("the specific repurchase").
2. Details of the share repurchases
2.1 General repurchase
Ordinary shares
Dates of repurchase 31 July 2002
Number of ordinary shares repurchased 1 720 483 (6,1 %)
Total value of ordinary shares repurchased R2 563 519.67
Value paid per ordinary share R1.49
Number of ordinary shares that may still 3 945 101 (13.9 %)
be repurchased in terms of general authority
`N` ordinary shares
Dates of repurchase 31 July and 1 August 2002
Number of `N` ordinary shares repurchased 3 649 267 (9,9%)
Total value of `N` ordinary shares
repurchased R5 441 157.83
Highest value paid per `N` ordinary share R1.50
Lowest value paid per `N` ordinary share R1.49
Number of `N` ordinary shares that
may still 3 757 928 (10,1%)
be repurchased in terms of general authority
2.2 Specific repurchase
Ordinary shares
Dates of repurchase 29 July 2002
Number of ordinary shares repurchased 319 683 (1,06%)
Total value of ordinary shares repurchased R543 461.10
Value paid per ordinary share R1.70
`N` ordinary shares
Dates of repurchase 29 July 2002
Number of `N` ordinary shares repurchased 447 684 (1.02%)
Total value of `N` ordinary shares
repurchased R761 062.80
Value paid per `N` ordinary share R1.70
The general repurchase and the specific repurchase was effected using the
existing cash resources and borrowing facilities of the company.
3. Directors` opinion regarding general repurchase
The directors of L.A. Group have considered the effects of the general
repurchase and are unanimously of the opinion that:-
3.1 the company and its subsidiaries will be able in the ordinary course of
business to pay its debts for a period of 12 months after the date of this
announcement;
3.2 the consolidated assets of the company and its subsidiaries valued
according to Generally Accepted Accounting Practice, will be in excess of its
consolidated liabilities for a period of 12 months after the date of this
announcement;
3.3 the company`s ordinary capital and the reserves of the company and its
subsidiaries are adequate for the purposes of the business of the company for a
period of 12 months after the date of this announcement; and
3.4 the working capital available to the company and its subsidiaries is
sufficient for its requirements for a period of 12 months after the date of this
announcement.
4. Financial effects
The table below sets out the financial effects of the general and specific
repurchase:
Before(1) After(2) Change
Earnings per share 70,1 73,8 +5,3%
(cents)
Headline earnings per 72,8 76,8 +5,5%
share (cents)
Net asset value per 365,0 399,3 +9,4%
share (cents)
Tangible net asset
value per share (cents) 362,1 396,1 +9,4%
Weighted average number
of ordinary and `N`
ordinary shares in 65 424 59 287
issue (`000)
Number of ordinary and
`N` ordinary shares in 65 364 59 227
issue (`000)(3)
Notes:
1 Based on the audited consolidated annual financial statements of L.A. Group
for the year ended 28 February 2002.
2. Calculated on the assumption that the transaction was implemented on 1
March 2001 and after taking into account the following:
* a maximum potential Secondary Tax on Companies impact on the repurchases
made; and
* a pre-tax cost of funding applicable to the period of 16%.
3. Based on the number of ordinary and `N` ordinary shares in issue after
taking into account 657 300 ordinary and 6 612 622 `N` ordinary shares held in
treasury by a subsidiary.
5. Cancellation of securities
The shares repurchased will be cancelled and the listing thereof on the JSE
Securities Exchange South Africa will be terminated.
Cape Town
2 August 2002
Sponsor and Corporate Advisor
Sasfin Bank Limited
Date: 02/08/2002 11:53:46 AM Produced by the JSE SENS Department
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