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L.A. GROUP - Repurchase of shares
L.A. GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1936/008786/06)
Share Code: LAR ISIN: ZAE000028676
Share Code: LAN ISIN: ZAE000028684
("L.A. Group" or "the company")
Repurchase of shares
1. Repurchase
Sasfin Bank Limited is authorised to announce the repurchase of 4 495 000 `N`
ordinary shares of the company`s own shares on the open market on 30 October
2002 and 31 October 2002, acting on the general authority granted to the
directors of L.A. Group by the company`s shareholders at the annual general
meeting held on 29 July 2002.
2. Details of the share repurchase
`N` ordinary shares
Dates of repurchase 30 and 31 October 2002
Number of `N` ordinary shares repurchased 4 495 000 (10,3%)
Total value of `N` ordinary shares repurchased R7 797 417,84
Highest value paid per `N` ordinary share R1,72
Lowest value paid per `N` ordinary share R1,70
Number of `N` ordinary shares that may still 476 792 (1,1%)
be repurchased in terms of general authority
3. Source of funds
The repurchase was effected using the existing cash resources and new borrowing
facilities of the company.
4. Directors` opinion regarding general repurchase
The directors of L.A. Group have considered the effects of the repurchase and
are unanimously of the opinion that:-
4.1 the company and its subsidiaries will be able in the ordinary course of
business to pay its debts for a period of 12 months after the date of this
announcement;
the consolidated assets of the company and its subsidiaries valued according to
Generally Accepted Accounting Practice, will be in excess of its consolidated
liabilities for a period of 12 months after the date of this announcement;
the company`s ordinary capital and the reserves of the company and its
subsidiaries are adequate for the purposes of the business of the company for a
period of 12 months after the date of this announcement; and
the working capital available to the company and its subsidiaries is sufficient
for its requirements for a period of 12 months after the date of this
announcement.
5. Financial effects
The table below sets out the financial effects of the repurchase:
Before(1 After(2 Change
) )
Earnings per share 25,8 26,6 2,9%
(cents)
Headline earnings per 25,9 26,7 3,0%
share (cents)
Net asset value per 401,5 418,9 4,32%
share (cents)
Tangible net asset
value per share (cents) 398,5 415,6 4,29%
Weighted average number
of ordinary and `N`
ordinary shares in 57 071 52 576
issue (`000) (3)
Number of ordinary and
`N` ordinary shares in 59 227 54 732
issue (`000)(3)
Notes:
1. Based on the published interim results of L.A. Group for the six months
ended 31 August 2002.
2. Calculated on the assumption that the transaction was implemented on 1
March 2002 and after taking into account the following:
a maximum potential Secondary Tax on Companies impact on the repurchases made;
and
a pre-tax cost of funding applicable to the period of 15,25%.
3. Based on the number of ordinary and `N` ordinary shares in issue after
taking into account 657 300 ordinary and 6 612 622 `N` ordinary shares held in
treasury by a subsidiary.
6. Cancellation of securities
The shares repurchased will be cancelled and the listing thereof on the JSE
Securities Exchange South Africa will be terminated.
Cape Town
4 November 2002
Sponsor and Corporate Advisor
Sasfin Bank Limited
Date: 04/11/2002 02:05:00 PM Produced by the JSE SENS Department
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