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Mettle - GENERAL REPURCHASE OF SHARES ON THE OPEN MARKET
Mettle Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/010795/06)
JSE Share code: MEL ISIN: ZAE000028569
("Mettle" or "the company")
GENERAL REPURCHASE OF SHARES ON THE OPEN MARKET
1) REPURCHASE
Mettle has repurchased 30 730 000 of its issued ordinary shares,
representing 4,92% of its issued share capital on the open market,
acting on the general authority granted to the directors by shareholders
at the annual general meeting on 20 September 2002.
In accordance with the Listings Requirements of the JSE Securities
Exchange South Africa ("JSE"), the Company discloses the following
information:
2) DETAILS OF SHARE REPURCHASES
Total number of shares repurchased 30 730 000
Percentage of the Company`s share capital
in issue on the date of granting
of the General Authority 4,92%
Total value of shares purchased R 17 551 100
Highest price paid 58 cents
Lowest price paid 57 cents
Period of repurchase 25/09/02 -01/10/02
Number of shares which may still
be repurchased by the company
in tems of the general authority
representing 15,08% of the
company`s share capital
in issue on the date of the
granting of the general authority 94 233 180
Shares in issue on the date
of the granting of the general authority 624 815 900
3) SOURCE OF FUNDS
Funds generated in the ordinary course of business were used to fund the
share repurchases.
4) DIRECTORS STATEMENT
The Directors have considered the effect of the repurchase and are of
the opinion that:
4.1) The ability of the Company and its subsidiaries to continue to pay
their debt in the ordinary course of business will not be affected by
the repurchases for the period of 12 months from the date of this
announcement;
4.2) The assets of the Company and its subsidiaries exceed the
liabilities, measured in accordance with the accounting policies used in
the Company`s financial statements for the year ended 31 March 2002;
4.3) The ordinary capital and reserves of the Company are adequate for
the Company`s requirements for the period of 12 months from the date of
this announcement; and
4.4) The working capital of the Company is adequate for the period of
12 months from the date of this announcement.
5) FINANCIAL EFFECTS OF THE REPURCHASE
Based on the Company`s audited financial results for the year ended 31
March 2002, and had the shares been repurchased on 1 April 2001, the
effect on the earnings, headline earnings and net asset value per share
would have been as follows:
Before the After the Percentage
repurchase repurchase change
Net asset value ("NAV")
per share (cents) 58,33 58,39 0,12%
Headline Earnings
per share (cents) 14,49 15,03 3,75%
Earnings per share (cents) 14,63 15,18 3,76%
Notes
-The interest rate used to calculate the interest effect of the buyback
was the average daily call rate of the company for the period 1 April
2001 to 31 March 2002.
-The taxation effect was calculated using the corporate tax rate of 30%.
-The earnings per share was calculated using a weighted number of shares
of
601 516 988, excluding treasury shares.
-The NAV per share was calculated using a closing number of shares of
538 072 961,
excluding treasury shares.
-The tangible asset value per share was not disclosed as the value is
the same as the
NAV.
6) STOCK EXCHANGE LISTING
The shares repurchased will be cancelled and delisted from the JSE.
Application will be made for the delisting of the shares concerned in
due course.
Illovo
2 October 2002
Sponsor
Exchange Sponsors (Pty) Limited
(Registration number 1999/024433/07)
Date: 02/10/2002 05:13:00 PM Produced by the JSE SENS Department
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