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CORPCAPITAL LIMITED
(Registration No. 1983/011384/06)
Incorporated in the Republic of South Africa
Share Code: CPA
ISIN Code: ZAE 000034260
("Corpcapital")
BUY-BACK OF SHARES
1. Introduction
On 3 May 2002, Corpcapital announced details of its repurchase in the period 15
April to 2 May 2002 of 3,05% of its issued shares ("the initial buy-back"). In
the period 3 May to 19 August 2002, Corpcapital repurchased a further 3,09% of
its issued shares ("the current buy-back") on the open market of the JSE
Securities Exchange South Africa ("JSE"). Cumulatively, Corpcapital has
repurchased 6,14% of its issued shares in terms of the general authority granted
at the annual general meeting of Corpcapital shareholders ("the buy-backs") held
on 30 January 2002.
Details of buy-backs
Initial buy- Current buy-back
back
Period of the buy-back: 15 April to 2 3 May to 19
May 2002 August 2002
Highest price paid for 182 cents 190 cents
shares:
Lowest price paid for 165 cents 130 cents
shares:
Average price paid for 176 cents 155 cents
shares
Number of shares 13 444 362 13 606 154
repurchased:
Value of shares R23 609 808 R21 141 269
repurchased:
Extent of general 17,0% 13,9%
authority outstanding:
2. Source of funds
Corpcapital has funded the buy-backs from available cash resources.
3. Directors` confirmation
The directors of Corpcapital have considered the effect of the buy-backs 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-backs on Corpcapital`s
headline earnings, earnings and net asset value per share:
Historical Pro Change
before the forma (%)
buy-backs after
(cents) the buy-
backs
(cents)
Headline earnings per share 25,6 27,2 6,25
Net asset value per share 299 307,3 2,78
Earnings per share 0,7 0,3 (57,14)
Number of shares in issue (in 440,264 413,214 (6,14)
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 and
reflect the initial and current buy-backs. The calculations assume that the buy-
backs 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-backs
have been reflected. The number of shares in issue is exclusive of treasury
shares.
6. Treasury shares
The shares repurchased in the buy-backs shall be held by a subsidiary of
Corpcapital as treasury shares.
Rosebank
20 August 2002
Lead sponsor Joint sponsor
BoE Securities Corpcapital Corporate Finance
Date: 20/08/2002 04:55:00 PM Produced by the JSE SENS Department
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