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Coronation Holdings Limited - 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 419 605 ordinary Coronation shares (1.42%) and a further 2 173 532 `N`
ordinary Coronation shares (3.42%) on the open market during the period
28 August 2002 to 11 September 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, Monday, 15 July 2002 and Wednesday, 28 August 2002. In aggregate
Coronation has acquired 5.81% of its ordinary shares and 14.07% of its `N`
ordinary shares since 1 October 2001.
2. Details of share repurchases between 28 August 2002 and 11 September 2002
Details of the share repurchases made between Wednesday, 28 August 2002 and
Wednesday, 11 September 2002, as at 17:00 on Thursday, 12 September 2002, are
set out below:
ORDINARY SHARES
Number of ordinary shares repurchased 419 605
(1.42%)
Total value of ordinary shares repurchased R21 372
392.78
Highest value paid per ordinary share repurchased R51.19
Lowest value paid per ordinary share repurchased R49.28
`N` ORDINARY SHARES
Number of `N` ordinary shares repurchased 2 173 532
(3.42%)
Total value of `N` ordinary shares repurchased R111 184
645.84
Highest value paid per `N` ordinary share R51.88
repurchased
Lowest value paid per `N` ordinary share R49.74
repurchased
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 1 719 550
(5.81%)
Total value of ordinary shares repurchased R94 945
170.59
Highest value paid per ordinary share repurchased R59.28
Lowest value paid per ordinary share repurchased R49.28
Number of ordinary shares which may still be 4 200
repurchased by the Company in terms of the annual 290 (14.19%)
general authority
`N` ORDINARY SHARES
Number of `N` ordinary shares repurchased 8 938 732
(14.07%)
Total value of `N` ordinary shares repurchased R481 499
358.00
Highest value paid per `N` ordinary share R59.81
repurchased
Lowest value paid per `N` ordinary share R49.74
repurchased
Number of `N` ordinary shares which may still be 3 770 706
repurchased by the Company in terms of the annual (5.93%)
general authority
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:
Pro forma Pro forma Cumula
31 March after bringing tive
2002 repurchas into effect change
interim es to cumulative (%)
results 27 August repurchases
2002 to 11
September
2002
Headline earnings per 264 272 275 4.17
share (cents)
Attributable earnings 267 275 279 4.49
per share (cents)
Net asset value per 5 480 5 491 5 508 0.51
share (cents)
Net tangible asset value 5 470 5 485 5 502 0.59
per share (cents)
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
Application will be made to the JSE Securities Exchange South Africa for the
termination of the listing of the 1 719 550 ordinary shares and the 8 938 732
`N` ordinary shares repurchased, by 30 September 2002.
Sponsor
Deutsche Securities (SA) (Pty) Limited
Cape Town
12 September 2002
Date: 12/09/2002 05:15:00 PM Produced by the JSE SENS Department
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