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Corpcapital - Buy-Back Of Shares
Corpcapital Limited
(Registration No. 1983/011384/06)
Incorporated in the Republic of South Africa
Share Code: CPA
ISIN Code: ZAE000034260
("Corpcapital")
BUY-BACK OF SHARES
1. Introduction
Corpcapital Corporate Finance is authorised to announce that Corpcapital Limited
has repurchased 3,9% of its issued shares ("the current buy-back") on the open
market of the JSE Securities Exchange South Africa ("JSE"). Cumulatively,
Corpcapital has repurchased 10,38% of its issued shares ("the buy-backs") in
terms of the general authority granted at the annual general meeting of
Corpcapital shareholders held on 30 January 2002.
2. Details of the current buy-back
Date of the buy-back 12 December 2002
Price paid for shares 160 cents
Number of shares 17 150 000
repurchased
Value of shares R27 440 000
repurchased
Extent of general 9,6%
authority outstanding:
3. Source of funds
Corpcapital has funded the buy-backs from available cash resources.
4. Directors` confirmation
The directors of Corpcapital have considered the effect of the buy-backs and
confirm that, for a period of 12 months after the date of this announcement:
4.1 Corpcapital and its subsidiaries ("the group") will be able to pay their
debts in the ordinary course of business;
4.2 the assets of Corpcapital and the group will continue to be in excess of
their liabilities;
4.3 the ordinary share capital and reserves of Corpcapital and the group will
be adequate; and
4.4 the working capital available to Corpcapital and the group will be
adequate.
5. Financial effects of the buy-backs
The table below sets out the financial effects of the buy-backs on Corpcapital`s
headline earnings, earnings and net asset value per share:
Historical Pro Change
before the forma (%)
buy-backs after
(cents) the buy-
backs
(cents)
Headline earnings per share 36,5 37,2 1,92
Net asset value per share 289,2 295,9 2,32
Earnings per share (18,1) (20,0) (10,50)
Number of shares in issue (in 440,264 394,587 (10,38)
millions)
Note: The pro forma financial effects are calculated on Corpcapital`s
audited consolidated financial statements for the year ended 31 August 2002,
being the most recent reporting period. The calculations assume that the current
buy-back had been made on 1 September 2001 for earnings and headline earnings
per share and on 31 August 2002 for net asset value per share. All appropriate
adjustments to take account of interest income that would have been foregone had
cash resources been used for the current buy-back have been reflected, with no
tax effect thereon as the company incurred a tax loss during the year. The
historical number of shares in issue is shown exclusive of treasury shares.
6. Treasury shares
Up to 10% of the shares repurchased in the buy-backs shall be held by a
subsidiary of Corpcapital as treasury shares and the balance shall be cancelled.
Rosebank
13 November 2002
Lead sponsor Joint sponsor
PricewatersCoopers Corporate Corpcapital Corporate Finance
Finance (Pty) Limited
Date: 13/12/2002 03:29:00 PM Produced by the JSE SENS Department
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