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The Laser Group Limited - Repurchase By Laser Of Its Own Shares
The Laser Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1971/010431/06)
("Laser" or "the Company")
(Share code: LSR ISIN: ZAE000017166)
Website:www.laser.co.za
REPURCHASE BY LASER OF ITS OWN SHARES
1. INTRODUCTION
BoE Merchant Bank is authorised to announce that Laser, via a subsidiary
company, and pursuant to the general authority to repurchase shares ("the
authority") granted to it by shareholders at the general meeting held on 6
September 2001, has repurchased 1 110 325 of its own shares ("the share
repurchase") cumulatively on the open market of the JSE Securities Exchange,
South Africa ("JSE"). In the audited results for the twelve months ended 31
March 2002, repurchases of 465 685 shares (1.83% of the issued ordinary shares)
were treated as treasury shares. The additional 644 640 shares (2.53% of the
issued ordinary shares), which has caused the cumulative repurchases to reach
4.36% is the subject of this announcement.
2. EXTENT OF THE AUTHORITY
In terms of the authority:
- repurchases may not exceed 20% of the Company`s issued ordinary share
capital at the date on which the authority was granted;
- the price paid for each share may not exceed 10% above the weighted average of
the market price at which the ordinary shares trade on the JSE, as determined
over the five trading days immediately preceding the date of repurchase of the
ordinary shares.
3. DETAILS OF THE REPURCHASE
3.1 Dates
The share repurchase was concluded on a day-to-day basis as market conditions
allowed between 26 August 2002 and 29 August 2002.
3.2 Price paid
The highest price paid for the shares was 250 cents and the lowest was 245
cents.
3.3 Number and monetary value
644 640 shares were repurchased for a total consideration of R1 607 836.
3.4 Extent of authority outstanding
The extent of the authority outstanding after the cumulative share repurchases
is 3 986 074 shares, equivalent to 15.64% of the total ordinary share capital on
the date on which the authority was granted.
3.5 Source of funds
The share repurchase was implemented using funds generated in the ordinary
course of business.
4. OPINION OF THE DIRECTORS
The directors of the Company are of the opinion that after considering the
effect of the share repurchase:
- the Company will be able to settle liabilities that become due for payment for
a period of 12 months after the date of this announcement;
- the assets of the Company will exceed its liabilities, as measured in
accordance with the accounting polices used in the Company`s latest audited
financial statements, for a period of 12 months from the date of this
announcement;
- the working capital of the Company and the group will be adequate for a period
of 12 months from the date of this announcement; and
- the ordinary share capital and reserves of the Company and the group will be
adequate for a period of 12 months from the date of this announcement..
5. FINANCIAL EFFECTS
The table below sets out the effects of the share repurchase on the earnings per
share (EPS), net asset value per share (NAV) and net tangible asset value per
share (NTAV) of the Company based on the annual financial results for the 12
months ended 31 March 2002, being the most recent reporting period. The EPS, NAV
and NTAV have been calculated by assuming:
- that the share repurchase was concluded on 1 April 2001;
- that the funds utilised to repurchase the shares were sourced from the
company`s cash on hand on which interest of 10% was earned;
- a company tax rate of 30%; and
- by applying the same accounting policies used in the Company`s latest audited
annual financial statements.
Before After Percentage
(cents) (cents) Increase/(Decrease)
EPS 41.4 42.0 1.5%
NAV 413.3 417.1 0.9%
NTAV 321.3 322.7 0.4%
Shares in issue 25 482 24 837 (2.5%)
6. TREASURY SHARES
The shares in question were purchased by a subsidiary of the Company and are
treated as treasury shares at group level.
Cape Town
03 September 2002
Sponsor
BoE Securities (Pty) Limited
Member of the JSE Securities Exchange
Date: 03/09/2002 05:21:00 PM Produced by the JSE SENS Department
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