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Sabvest - Repurchase of shares on the open market
Sabvest Limited
("Sabvest" or "the company")
(Incorporated in the Republic of South Africa)
(Registration number 1987/003753/06)
Ordinary shares: Share Code: SBV ISIN: ZAE 000006417
"N" Ordinary shares: Share Code: SVN ISIN: ZAE 000012043
Repurchase of shares on the open market
Sabvest, through a wholly owned subsidiary, has repurchased 83,800 (0,5%) of its
ordinary shares and 879 225 (3%) of its "N" ordinary shares on the open market
acting on the general authority granted by shareholders at the annual general
meeting held on 30 July 2002 ("the general authority"). In accordance with the
Listings Requirements of the JSE Securities Exchange South Africa ("JSE"),
Sabvest discloses the following :
Total number of shares repurchased
A total of 83 800 ordinary shares and 879 225 "N" ordinary shares, comprising
0,5% and 3% of the issued ordinary and "N" ordinary share capitals of Sabvest
respectively, have been repurchased. The repurchases took place over the period
31 July 2002 to 9 December 2002. The average price paid for the ordinary shares
was 175 cents per share and for the "N" ordinary shares, the highest price was
173 cents per share and the lowest price paid was 136 cents per share. The
total consideration paid was R1 638 487.
Extent of authority outstanding
A total of 3 381 509 ordinary shares, comprising 19,5% of the issued ordinary
share capital of Sabvest, and a total of 4 916 745 "N" ordinary shares,
comprising 17% of the issued "N" ordinary share capital of Sabvest, may still be
repurchased in terms of the general authority.
Source of funds
The available resources of the subsidiary concerned were utilised to fund the
repurchases.
Director`s statement
The directors have considered the effect of the repurchases and are of the
opinion that, for the period of 12 months after the date of this announcement:
- the company and the group will be able to continue to pay its debts in the
ordinary course of business;
- the assets of the company and the group will be in excess of its liabilities,
measured in accordance with the accounting policies in the company`s latest
audited group annual financial statements;
- the ordinary share capital and reserves of the company and the group will be
adequate for its requirements; and
- the working capital of the company and the group will be adequate for its
requirements.
Financial effects of the repurchases
Should the repurchases of ordinary shares and "N" ordinary shares have taken
place on 1 January 2002, the effect on the headline earnings per share and
earnings per share for the six months ended 30 June 2002 and on net asset value
per share as at 30 June 2002 would have been as follows :
Before the After the
Repurchases Repurchases
Headline earnings per share 13,1 13,2
- cents
Earning per share - cents 12,8 12,9
Net asset value per share - 298 300
cents
Treasury stock
The shares repurchased will remain held by the wholly owned subsidiary of
Sabvest.
Sandton
10 December 2002
Sponsor
RMB Corporate Finance
(A division of FirstRand Bank Limited)
Date: 10/12/2002 04:27:34 PM Produced by the JSE SENS Department
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