| Wed 30 Oct 2002, 17:21 | | Rebserve - Repurchase of shares on the open market |
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Rebserve - Repurchase of shares on the open market
Rebserve Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Share code: RBV
ISIN: ZAE000034484
("Rebserve" or "the company")
Repurchase of shares in Rebserve on the open market
1. Repurchase
The directors of Rebserve are authorised to announce the repurchase of a further
6 383 783 (3,3% of the issued ordinary shares) of the company`s own shares on
the open market, acting on the general authority granted to the directors by
Rebserve shareholders at the annual general meeting held on Friday 18 January
2002 ("the general authority"). These purchases were conducted from 11 December
2001 to 29 October 2002.
2. Details of the share repurchases between 11 December 2001 and
29 October 2002
The details of the share repurchases between 11 December 2001 and
29 October 2002 are set out below:
* Number of ordinary shares repurchased 6 383 783
* Percentage of the company`s issued ordinary shares 3,3%
* Total value of ordinary shares purchased R43 394 937
* Highest value paid per ordinary share purchased 780 cents
* Lowest value paid per ordinary share purchased 555 cents
Of the 6 383 783 shares repurchased by the company, 4 349 438 shares were
purchased on or prior to 18 October 2002, which date was the last day to trade
in Rebserve shares "cum" the dividend of 30 cents per share declared by the
company for the year ended 30 June 2002.
3. Details of the cumulative share repurchases
The details of the cumulative share repurchases as at 16:00 on
29 October 2002 are set out below:
* Number of ordinary shares repurchased 12 283 783
* Percentage of the company`s issued ordinary shares 6,3%
* Total value of ordinary shares purchased R88 738 808
* Highest value paid per ordinary share purchased 800 cents
* Lowest value paid per ordinary share purchased 555 cents
* Number of ordinary shares which may still be
repurchased by the company in terms of the
general authority 32 362 149
* Percentage of the company`s issued ordinary shares which
may still be repurchased by the company in terms of the
general authority 16,7%
4. Source of funds
The share repurchase was implemented using existing cash resources.
5. Directors` opinion
The directors of Rebserve have considered the effects of the share repurchase
and are unanimously of the opinion that:
* the company and its Group will be able to meet their debt obligations in the
ordinary course of business for a period of 12 months after the date of this
announcement;
* the assets of the company and its Group, fairly valued in accordance with
Generally Accepted Accounting Practice ("GAAP"), will remain in excess of the
liabilities of the company and its Group;
* the issued capital and reserves of the company and its Group are adequate for
the purposes of the business for a period of 12 months after the date of this
announcement; and
* the working capital available to the company and its Group is sufficient for
the company and its Groups` requirements for a period of 12 months after the
date of this announcement.
6. Financial effects of the repurchase
The table below sets out the financial effects of the repurchase of 3,3% of
Rebserve`s issued ordinary share capital on its diluted headline earnings per
share, net tangible asset value per share and net asset value per share:
Before the After the Increase
repurchase repurchase (Decrease)
Earnings per share (cents) 2 103,2 104,2 1,0%
Diluted headline earnings per 110,6 111,7 1,0%
share (cents)
Net tangible asset value per 295,3 289,8 (1,9%)
share (cents)
Net asset value per share 458,0 455,2 (0,6%)
(cents)
Notes:
1. The financial effects are based on the Rebserve reviewed results for the year
ended 30 June 2002 which were published in the press on 26 August 2002.
2. This assumes that the ordinary shares repurchased since 30 June 2002 had been
repurchased on 1 July 2001 with the funds in hand on which there would have been
a loss of interest received, calculated at an after-tax rate of 7,0% per annum.
7. Stock Exchange listing
The shares repurchased will not be cancelled but will be retained by a wholly-
owned subsidiary of Rebserve. Accordingly, the shares will continue to be listed
on the JSE Securities Exchange South Africa.
Sandton
31 October 2002
Sponsor
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
Date: 30/10/2002 05:17:59 PM Produced by the JSE SENS Department
