| Fri 11 Oct 2002, 15:54 | | Compu-clearing Outsourcing Limited - Further Repur |
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Compu-Clearing Outsourcing Limited - Further Repurchase By Compu-Clearing Of Its
Own Securities
Compu-Clearing Outsourcing Limited
(Incorporated in the Republic of South Afirca)
(Registration number 1998/015541/06)
JSE Share code: CCL ISIN: ZAE000016564
("Compu-Clearing" or "the Company" or "the Group")
FURTHER REPURCHASE BY COMPU-CLEARING OF ITS OWN SECURITIES
1. Introduction
Shareholders are referred to the announcement made by Compu-Clearing on 3
July 2001, advising them that the Company had repurchased 6 210 400 of its own
shares (representing 12,97% of its ordinary issued share capital at that time
("the original ordinary issued share capital")) in the open market.
Since then Compu-Clearing has acquired an additional 1 390 627 of its own shares
(representing 3,1% of its current ordinary issued share capital) ("the further
repurchase") on the open market through a wholly-owned subsidiary acting in
terms of special resolutions passed at the Annual General Meeting held on 7
December 2001 and registered by the Registrar of Companies on 1 February 2002.
2. Details of the further share repurchase
Since the date of the previous announcement, the board of directors of the
company report as follows in terms of the further repurchase:
* the period of the further repurchase was from 9 November 2001 to 8 October
2002;
* the highest price paid was R1,39 per share;
* lowest price paid was R1,09 per share;
* the total consideration paid was R1 828 554;
* average price paid was R1,31 per share;
* 4 068 807 ordinary shares (representing 9,0% of its current issued ordinary
share capital) may still be repurchased in terms of the general authority
granted on 7 December 2001;
* 45 059 072 ordinary shares were in issue on the day of granting the general
authority.
3. Total share repurchase programme
Compu-Clearing`s repurchase programme commenced on 16 May 2000 and continued
thereafter on a day-to-day basis as market conditions allowed. A total of 7 601
027 shares have been repurchased, representing 15,9% of the original ordinary
issued share capital.
The highest price that has been paid is R1,40 per share and the lowest price
that has been paid is R1,00 per share. The total consideration paid was R9 108
505 and the average price paid was R1,20 per share.
4. Source of funds
Share repurchases to date have been funded from available cash resources and
the intention is that future repurchases will also be funded from available
cash.
5. Directors` statement
Having considered the effect of the purchases made so far, the directors of
Compu-Clearing remain of the opinion that:
* Compu-Clearing and its subsidiaries will be able in the ordinary course of
business to pay their debts for a period of 12 months from the date of this
announcement;
* the consolidated assets of Compu-Clearing and its subsidiaries will be in
excess of their consolidated liabilities, measured in accordance with the
accounting policies used in the annual financial results for the year ended 30
June 2002; and
* the ordinary share capital and consolidated reserves of Compu-Clearing and
its subsidiaries will be adequate for a period of 12 months from the date of
this announcement;
* the working capital of Compu-Clearing and its subsidiaries will be adequate
for the period of 12 months from the date of this announcement.
6. Financial effects
The table below sets out the financial effects of the repurchase on Compu-
Clearing`s earnings per share and net asset value per share:
Before the After the
repurchase repurchase Percentage
(cents) (cents) change
Earnings per share 12,4 12,5 0,8
Headline earnings per share 11,7 11,7 -
Net asset value per share 71,4 70,7 (1,0)
Tangible net asset value per share 71,4 70,7 (1,0)
Assumptions
* The pro forma financial effects are calculated at 30 June 2002 by assuming
that the purchases subsequent to that date, being 437 100 shares at the cost of
R560 970 to date, had been carried out on 1 July 2001 with the funds in hand.
This would have resulted in a loss of interest received, calculated at a rate of
6,1% per annum, after tax.
* The effect of the repurchase of 7 163 927 shares at a cost of R8 547 535
prior to 30 June 2002 has already been accounted for in the reviewed figures.
The accounting policies employed by the group for the year ended 30 June 2002
have been applied in these calculations. The calculations have been based on a
weighted number of shares in issue for the year of 41 144 302.
7. JSE Securities Exchange South Africa ("JSE") listing
Compu-Clearing has taken the decision to cancel 2 000 000 of the shares that
it has repurchased. The balance will be held in the subsidiary that effected the
repurchases as treasury stock. Application will be made to the JSE in this
regard.
8. Conclusion
The board of directors of Compu-Clearing will continue to repurchase
securities as and when deemed appropriate.
Johannesburg
11 October 2002
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
Auditors
KMPG
Date: 11/10/2002 03:43:00 PM Produced by the JSE SENS Department
