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THE HOUSE OF BUSBY LIMITED - REPURCHASE OF ORDINARY SHARES IN BUSBY
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009173/06
(Share code BSB ISIN ZAE000013637)
("Busby")
Repurchase of ordinary shares in Busby
1. Introduction
General authority for Busby to repurchase its ordinary shares was granted in
terms of a special resolution passed by Busby shareholders and registered by the
Registrar of Companies on 15 November 2001 ("the general authority"). A maximum
of 15 219 016 ordinary shares could be acquired in terms of the general
authority.
2. Implementation
Since the announcement dated 21 May 2002 regarding the repurchase of ordinary
shares in Busby, Busby has in terms of the general authority mentioned above
acquired a further 9 271 264 shares, equivalent to 12% of the total issued share
capital of the company, in the open market for a total consideration of R 11, 1
Mil at 120 cents per share on 18 November 2002. The group has now on a
cumulative basis acquired 20% of its issued share capital in terms of the above
general authority.
No further shares can be acquired by Busby in terms of the existing general
authority.
3 Source of funds
Repurchases to date have been funded from available funding facilities.
4 Opinion of the directors
The directors of Busby have considered the impact of the share repurchase and
are of the opinion that:
4.1. Busby will be able, in the ordinary course of business, to pay its debts
for a period of 12 months from the date of this announcement.
4.2. The consolidated assets of Busby and its subsidiaries are in excess of the
consolidated liabilities, measured in accordance with the accounting
policies used in the reviewed preliminary results for the year ended 30
June 2002.
4.3. The ordinary share capital and consolidated reserves of Busby and its
subsidiaries will be adequate for a period of 12 months from the date of
this announcement.
4.4. The working capital of Busby and its subsidiaries will be adequate for a
period of 12 months from the date of this announcement.
5. Effect on Headline Earnings and Net Asset Value
Before After %
(cents) (cents) Change
Headline earnings per share 26.4 28.5 8,0
Earnings per share 3.1 1.9 -38.7
Net tangible asset value per 260 280 7,7
share 279 302 8,2
Net asset value per share
Assumptions
The pro forma financial effects are calculated on Busby`s reviewed
preliminary results for the year ended 30 June 2002, and assuming that the
repurchase was carried out on 1 July 2001 and was financed by existing funding
facilities at an after tax interest cost of 9,68%. The accounting policies
employed by Busby for the year ended 30 June 2002 have been applied in making
these calculations.
8. JSE listing
Application will be made for the termination of the listing of the relevant
shares in Busby on the JSE Securities Exchange South Africa.
Johannesburg
19 November 2002
Sponsor
Investec Securities
Date: 19/11/2002 11:17:53 AM Produced by the JSE SENS Department
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