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African Life Assurance Co Limited -
AFRICAN LIFE ASSURANCE CO LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1911/003818/06
(Share code: AFI ISIN: ZAE000000246)
("Aflife" or "the company")
SPECIFIC REPURCHASE OF SHARES
Introduction
During 2002 the company decided to repurchase those shares held by The African
Life Employee Shareholders Scheme Trust ("the Trust") which were surplus to the
needs of the Trust, and in order that the Trust complies with the section 20.9
of the Listings Requirements of the JSE Securities Exchange South Africa ("the
JSE"). The Listings Division gave Aflife an extension to 7 April 2003 in order
to comply with this transitional requirement.
At the annual general meeting of Aflife held on 22 August 2002 ("the AGM"), the
requisite majority of shareholders approved the special resolution granting the
company a specific authority to repurchase up to 4 million shares from the Trust
at a price not exceeding R18,49 per share.
Shareholders are advised that in terms of the aforementioned special resolution,
Aflife has acquired with effect from 7 April 2003, 1 million Aflife shares which
as at 1 April 2003 were surplus to the needs of the Trust.
Terms of the repurchase
The terms of the repurchase are as follows:
-the effective date is 7 April 2003;
-the purchase consideration is R12,00 per share;
-the aggregate purchase consideration will be settled by setting it off against
the loan account due by the Trust to the company. Therefore the repurchase will
not have any cash flow implications or entail the payment of any amount by
Aflife;
-the shares will be acquired by a subsidiary of Aflife and will be held as
treasury shares.
Financial effects of the repurchase
The repurchase will have no material financial effect on Aflife.
Opinion
The directors of the Aflife have considered the impact of the share repurchase
and are unanimously of the opinion that:
-the company, and the company and its subsidiaries ("the Group"), will be able
in the ordinary course of business to pay their debts for a period of 12 months
from the date of this announcement;
-the assets of the company and the Group, fairly valued in accordance with
statements of generally accepted accounting practice, will remain in excess of
the liabilities of the company and the Group;
-the issued ordinary share capital and reserves of the company and the Group are
adequate for the purposes of the business for a period of 12 months from the
date of this announcement; and
-the working capital available to the company and the Group is sufficient for
the company"s and the Group"s requirements for a period of 12 months from the
date of this announcement.
7 April 2003
Johannesburg
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
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