| Thu 14 Nov 2002, 13:49 | | Coronation - Repurchases of shares on the open mar |
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Coronation - 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 2 367 700 ordinary Coronation shares (8,00%) and a further 3 704 927 `N`
ordinary Coronation shares (5,83%) on the open market during the period 12
September 2002 to 13 November 2002, but excluding the closed portion of the
period, 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, Wednesday, 28 August 2002 and Thursday, 12 September 2002. In aggregate
Coronation has acquired 13,81% of its ordinary shares and 19,90% of its `N`
ordinary shares since 1 October 2001.
2. Details of share repurchases between 12 September 2002 and 13 November 2002
Details of the share repurchases made between Thursday, 12 September 2002 and
Wednesday, 13 November 2002, as at 17:00 on Wednesday, 13 November 2002, are set
out below:
ORDINARY SHARES
* Number of ordinary shares repurchased 2 367 700 (8,00%)*
* Total value of ordinary shares repurchased R123 569 597,77
* Highest value paid per ordinary share repurchased R52,19
* Lowest value paid per ordinary share repurchased R52,19
`N` ORDINARY SHARES
* Number of `N` ordinary shares repurchased 3 704 927 (5,83%)*
* Total value of `N` ordinary shares repurchased R192 092 776,53
* Highest value paid per `N` ordinary share repurchased R52,19
* Lowest value paid per `N` ordinary share repurchased R51,36
*Percentage based on the number of shares in issue at 1 October 2001.
3. Details of cumulative share repurchases during the current financial year
The share repurchases detailed under paragraph 2 above comprise the cumulative
share repurchases from 1 October 2002 to the date of this announcement.
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:
8 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, attributable earnings per share, net asset value
per share and net tangible asset value per share are set out below:
30 Sep 2002 Pro forma after Cumulative
results repurchases to change (%)
13 November 2002
Headline earnings per share
(cents) 583 599 2,74
Attributable earnings per share
(cents) 557 572 2,69
Net asset value per share
(cents) 5 838 5 889 0,87
Net tangible asset value per
share (cents) 5 470 5 877 0,74
Notes:
The shares repurchased prior to 30 September 2002 as detailed in the
announcement of 12 September 2002, were cancelled and delisted prior to 30
September 2002. The repurchase and subsequent cancellation of these shares was
taken into account in determining Coronation`s results to 30 September 2002, as
published on 11 November 2002.
The pro forma financial effects are based on the consolidated financial
statements for the 12 months ended 30 September 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 and attributable earnings per share calculation, and on 30
September 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 9,6% and a tax rate of 30%.
7. Stock Exchange listing
Application will be made to the JSE Securities Exchange South Africa for the
termination of the listing of the 2 367 700 ordinary shares and the 3 704 927
`N` ordinary shares repurchased, as soon as possible.
Cape Town
14 November 2002
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 14/11/2002 08:15:00 AM Produced by the JSE SENS Department
