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SASANI LIMITED - GENERAL REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
SASANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1955/000259/06)
("the company")
Share code: SSA ISIN: ZAE000017851
GENERAL REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
1. Repurchase
Shareholders are advised that 5 008 255 ordinary shares (7% of the issued
share capital of the company) have been repurchased in terms of the general
authority granted by shareholders to the directors of the company at the
annual general meeting held on 8 November 2002 (`the general authority").
The shares were purchased on 14 November 2002, at 4.1% above the weighted
average of the market value of the securities for the five business days
preceding the repurchase date.
2. Details of the repurchase
2.1. The details of the repurchase are as follows:
- Number of ordinary shares repurchased 5 008 255
- Percentage of issued share capital 7%
- Total value of ordinary shares repurchased R2 554 108.95
- Price paid per ordinary share
- highest price 51cents
- lowest price 50.99 cents
- Number of ordinary shares which may
be repurchased in terms of the general authority 13 155 100
- Percentage of issued share capital which may
still be repurchased in terms of the general
authority 13%
2.2. The repurchase was effected from existing cash resources.
3. Directors` opinion
The directors of the company have considered the effects of the repurchase and
are unanimously of the opinion that, for a period of twelve months from the date
of this announcement
- the company and the group will be able in the ordinary course of business
to pay their debts;
- the assets of the company and the group, fairly valued in accordance with
the accounting policies used in the latest audited group annual financial
statements, will be in excess of the liabilities of the company and the
group;
- the issued share capital of the company and the group will be adequate for
the purposes of the company and the group; and
- the working capital available to the company and the group will be adequate
for the company and the group.
4. Financial effects of the repurchase
The table below sets out the financial effects of the repurchase on the
company:, based on the audited results of the company for the year ended 30
June 2002 and on the assumption that the repurchase was effected on 1 July
2001 with funds on hand, the result would have been a loss of interest,
calculated at an after-tax interest rate of 7,24%.
Before the After the % Increase/
repurchase repurchase (decrease)
Headline
earnings per 13,9 14,7 6
share (cents)
Earnings per
share (cents) (0.7) (1,1) (57)
Net asset
value per 233 252 8
share (cents)
Tangible net
asset value 156 168 8
per share
(cents)
5. Listing on the JSE Securities Exchange South Africa
The shares repurchased will not be cancelled but will be held by a wholly-
owned subsidiary of the group and their listing will therefore not be
effected.
By order of the board.
Johannesburg
19 NOVEMBER 2002
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
Date: 21/11/2002 02:18:26 PM Produced by the JSE SENS Department
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