| Wed 28 Aug 2002, 0:00 | | Coronation - Repurchases Of Shares On The Open Mar |
|
Coronation - Repurchases 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")
Repurchases of shares on the open market
1. Repurchases
The directors of Coronation are authorised to announce the repurchases of a
further 435 324 ordinary Coronation shares (1,47%) and a further 1 956 959 `N`
ordinary Coronation shares (3,08%) on the open market during the period 12 July
2002 to 27 August 2002, acting on the general authority granted to the directors
by Coronation shareholders at the annual general meeting held on Friday, 18
January 2002 (the annual general authority). This is in addition to the shares
repurchased and detailed in the announcements made on Tuesday, 28 May 2002 and
Monday, 15 July 2002. In aggregate Coronation has acquired 4,39% of its ordinary
shares and 10,65% of its `N` ordinary shares since 1 October 2001.
2. Details of share repurchases between 12 July 2002 and 27 August 2002
Details of the share repurchases made between Friday, 12 July 2002 and Tuesday,
27 August 2002, as at 17:00 on Wednesday, 28 August 2002, are set out below:
ORDINARY SHARES
- Number of ordinary shares repurchased 435 324 (1,47%)
- Total value of ordinary shares repurchased R22 568 523,25
- Highest value paid per ordinary share repurchased R56,19
- Lowest value paid per ordinary share repurchased R50,55
`N` ORDINARY SHARES
- Number of `N` ordinary shares repurchased 1 956 959 (3,08%)
- Total value of `N` ordinary shares repurchased R102 410 009,84
- Highest value paid per `N` ordinary share repurchased R56,79
- Lowest value paid per `N` ordinary share repurchased R51,19
3. Details of cumulative share repurchases during the current financial year
Details of the cumulative share repurchases from 1 October 2001 to the date of
the announcement are set out below:
ORDINARY SHARES
- Number of ordinary shares repurchased 1 299 945 (4,39%)
- Total value of ordinary shares repurchased R73 572 777,81
- Highest value paid per ordinary share repurchased R59,28
- Lowest value paid per ordinary share repurchased R50,55
- Number of ordinary shares which may still be
repurchased by the Company in terms of the annual
general authority 4 619 895 (15,61%)
`N` ORDINARY SHARES
- Number of `N` ordinary shares repurchased 6 765 200 (10,65%)
- Total value of `N` ordinary shares repurchased R379 419 993,29
- Highest value paid per `N` ordinary share repurchased R59,81
- Lowest value paid per `N` ordinary share repurchased R51,19
- Number of `N` ordinary shares which may still
be repurchased by the Company in terms of the
annual general authority 5 944 238 (9,35%)
4. Source of funds
The share repurchases were implemented using existing cash resources.
5. Directors` opinion
The directors of Coronation have considered the effects of the share repurchases
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 from the date of
this announcement;
- at the date of this announcement the Company`s consolidated assets, valued
according to South African Statements of Generally Accepted Accounting Practice,
exceed its consolidated liabilities;
- the Company`s issued capital and the reserves of the Company and its
subsidiaries are adequate for the purposes of their businesses for a period of
12 months from 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 from the date of this announcement.
6. Financial effects of the repurchases
The pro forma financial effects of the share repurchases on Coronation`s
headline earnings per share, net asset value per share and net tangible asset
value per share are set out below:
Disclosed in Pro forma after Pro forma after
cumulative Cumulative
31 March 2002 repurchases to repurchases to change
interim results 11 July 2002 27 August 2002 (%)
Headline earnings
per share (cents) 264 269 272 3,03
Net asset value
per share (cents) 5 480 5 463 5 491 0,20
Net tangible asset
value per
share (cents) 5 470 5 453 5 485 0,27
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 pro forma headline
earnings per share calculation and on 31 March 2002 for the net asset value per
share and net tangible asset value per share calculations. 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.
7. 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. Application will be made to
the JSE Securities Exchange South Africa for the termination of the listing of
the 1 299 945 ordinary shares and the 6 765 200 `N` ordinary shares repurchased,
by the end of the financial year, 30 September 2002.
Cape Town
28 August 2002
Sponsor
Deutsche Securities (SA)(Proprietary) Limited
Date: 28/08/2002 05:16:00 PM Produced by the JSE SENS Department
