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Rebserv Holdings Limited - Repurchase of shares in Rebserve on the open market
Rebserv Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Share code: RBV ISIN: ZAE000034484
("Rebserve" or "the company")
Repurchase of shares in Rebserve on the open market
1. Repurchase
The directors of Rebserve are authorised to announce the repurchase of a further
5 160 989 (2,7% of the issued ordinary shares) of the company"s own shares on
the open market, acting on the general authority granted to the directors by
Rebserve shareholders at the annual general meeting held on Friday 17 January
2003 ("the general authority"). These purchases were conducted from 30 October
2002 to 20 March 2003.
2. Details of the share repurchases between 30 October 2002 and 20 March 2003
The details of the share repurchases between 30 October 2002 and 20 March 2003
are set out below:
- Number of ordinary shares repurchased 5 160 989
- Percentage of the company"s issued ordinary shares 2,7%
- Total value of ordinary shares purchased R35 273 121
- Highest value paid per ordinary share purchased 775 cents
- Lowest value paid per ordinary share purchased 605 cents
3. Details of the cumulative share repurchases
The details of the cumulative share repurchases as at 16:00 on 20 March 2003 are
set out below:
- Number of ordinary shares repurchased 17 444 772
- Percentage of the company"s issued ordinary shares 9,0%
- Total value of ordinary shares purchased R124 011 929
- Highest value paid per ordinary share purchased 800 cents
- Lowest value paid per ordinary share purchased 555 cents
- Number of ordinary shares which may still be repurchased
by the company in terms of the general authority 30 447 450
- Percentage of the company"s issued ordinary shares which
may still be repurchased by the company within the current
financial year in terms of the general authority 15,7%
4. Source of funds
The share repurchase was implemented using existing cash resources.
5. Directors" opinion
The directors of Rebserve have considered the effects of the share repurchase
and are unanimously of the opinion that:
- the company and the group will be able to meet their debt obligations in the
ordinary course of business for a period of 12 months after the date of this
announcement;
- the assets of the company and the group, fairly valued in accordance with
Generally Accepted Accounting Practice (GAAP), will remain in excess of the
liabilities of the company and the group;
- the issued capital and reserves of the company and the group are adequate for
the purposes of the business for a period of 12 months after the date of this
announcement; and
- the working capital available to the company and the group is sufficient for
the company and the group"s requirements for a period of 12 months after the
date of this announcement.
6. Financial effects of the repurchase
The table below sets out the financial effects of the repurchase of 2,7% of
Rebserve"s issued ordinary share capital on its earnings per share, diluted
headline earnings per share, net tangible asset value per share and net asset
value per share:
Before the After the Increase
repurchase repurchase Decrease)
Earnings per share (cents)2 58,6 58,7 0,2%
Diluted headline earnings
per share (cents)2 61,4 61,5 0,2%
Net tangible asset value
per share (cents) 305,1 304,3 (0,2%)
Net asset value
per share (cents) 470,6 470,3 (0,1%)
Notes:
1. The financial effects are based on the Rebserve unaudited results for the six
months ended 31 December 2002 which were published in the press on 24 February
2003.
2. This assumes that the ordinary shares repurchased since 31 December 2002 had
been repurchased on 1 July 2002 with the funds in hand on which there would have
been a loss of interest received, calculated at an after-tax rate of 7,0% per
annum.
7. Stock Exchange listing
The shares repurchased will not be cancelled but will be retained by a wholly-
owned subsidiary of Rebserve. Accordingly, the shares will continue to be listed
on the JSE Securities Exchange South Africa.
