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Capital Alliance Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1952/000756/06)
Share code CPT ISIN ZAE000011904
("Capital Alliance")
Repurchase of ordinary shares in Capital Alliance
Introduction
Authority for Capital Alliance to repurchase its securities was renewed in a
special resolution passed by members at the annual general meeting held on 15
October 2002 ("the general authority"). A maximum of 37 548 897 ordinary shares,
being 20% of the issued share capital, may be acquired in terms of this
resolution.
2. Implementation
As at the close of business on 5 February 2003, Capital Alliance had acquired,
in the open market, a total of 10 558 854 ordinary shares, equivalent to 5.62%
of the issued share capital at the time of the granting of the general
authority, for a total consideration of R103 751 490.01. The repurchases were
carried out over the period September 2002 to February 2003. The highest price
paid was R9,80 per share and the lowest price paid was R8,80 per share, an
average price of R9,76.
The extent of the authority outstanding is 26 990 043 ordinary shares equivalent
to 14.38% of the total issued share capital.
3 Source of funds
Repurchases to date have been funded from available cash and it is intended that
all future purchases will also be funded from available cash.
4 Opinion of the directors
The directors of Capital Alliance have considered the impact of the share
repurchase and are of the opinion that:
4.1 Capital Alliance 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 Capital Alliance and its subsidiaries are in
excess of the consolidated liabilities, measured in accordance with the
accounting policies used in the unaudited interim financial statements for the
six months ended 30 September 2002.
4.3 The ordinary share capital and consolidated reserves of Capital Alliance and
its subsidiaries will be adequate for a period of 12 months from the date of
this announcement.
4.4 The working capital of Capital Alliance and its subsidiaries will be
adequate for a period of 12 months from the date of this announcement.
5. Effect on Earnings and Net Asset Value
Before After Change
(cents) (cents) %
Attributable earnings per share 82.57 83.05 0.58
Headline earnings per share 124.98 125.84 0.69
Embedded value per share 1332.01 1334.97 0.22
Net asset value 846.72 845.33 (0.16)
Assumptions
The pro forma financial effects ("after") are calculated on Capital
Alliance unaudited results for the six months ended 30 September 2002, assuming:
* The accounting policies employed by Capital Alliance for the six months ended
30 September 2002 have been applied in making these calculations.
* For the purposes of calculating the earnings and headline earnings related
figures, it was assumed that all the repurchases were carried out on or before 1
October 2002.
* All the repurchases were financed by excess cash on hand on which interest was
received at an after tax rate of 8.5% per annum.
* All the calculations have been based on a weighted average number of shares in
issue of 178 849 000 and a total number of shares in issue of 178 736 000.
6 JSE Securities Exchange South Africa ("JSE") Listing
As all the shares repurchased have been repurchased by a subsidiary of Capital
Alliance, none of the shares will be cancelled and the JSE listing in respect of
those shares will not be terminated.
Johannesburg
7 February 2003
Merchant Bank
Investec Bank Limited
Sponsor
Investec Bank Limited
Date: 06/02/2003 05:01:04 PM Produced by the JSE SENS Department
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