|
Decillion -
DECILLION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011692/06)
Share code: DEC
ISIN: ZAE000017612
("Decillion" or "the company")
REPURCHASE OF ORDINARY SHARES IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
The directors of Decillion announce the repurchase of a further 5.42% of the
company"s ordinary shares on the JSE Securities Exchange South Africa ("JSE")
("the repurchase"), resulting in a cumulative 18% repurchase for the year from
the date of the Annual General Meeting in June 2002. The shares repurchased are
to be held as treasury stock by a subsidiary company of Decillion.
2. RESULTS OF THE REPURCHASE
The details of the repurchase are as follows:
Dates of the repurchase: 21/12/2002 to
25/04/2003
Highest price paid during the 105 cents
repurchase period:
Lowest price paid during the 78 cents
repurchase period:
Number of ordinary shares 11 059 285
repurchased:
Value of ordinary shares R 8 939 592
repurchased:
Extent of authority outstanding: 2%
3. OPINIONS
The repurchase has been funded from available cash resources and future
repurchases will also be funded from available cash.
The directors of Decillion have considered the impact of the repurchase and are
of the unanimous 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 as they become due;
-the assets of the company and the group will be in excess of the liabilities of
the company and the group, the assets and liabilities being recognised and
measured in accordance with the accounting policies used in the latest audited
annual group financial statements;
- the working capital resources of the company and the group will be adequate
for their current and foreseeable future business requirements; and
- the issued share capital and/or reserves are adequate for the purposes of the
business of the company and the group for the foreseeable future without taking
into account any further acquisitions.
4. FINANCIAL EFFECTS
The table below sets out the financial effects of the repurchase on Decillion"s
earnings, headline earnings, net asset value and tangible net asset value per
share for the year ended 31 December 2002:
Before * After %
change
Earnings per share 14.1 14.7 4.26
(cents)
Fully diluted headline 19.3 20.0 3.63
earnings per share
(cents)
Net asset value per share 208.0 216.8 4.23
(cents)
Tangible net asset value 151.2 156.1 3.24
per share (cents)
Weighted number of 174 498 167 053 (4.27)
ordinary shares in issue
(000"s)
The accounting policies employed by the group for the year ended
31 December 2002 have been applied in calculating the financial effects.
The financial effects have been calculated based on the following assumptions:
The shares have been bought back and will be held as treasury shares by a
subsidiary company of Decillion, such shares shall not be cancelled nor the
share capital reduced. However, for the purpose of calculating earnings per
share, headline earnings per share, net asset value per share and net tangible
asset value per share, the number of shares in issue has been reduced by the
number of shares repurchased by the subsidiary.
* The effects of shares bought back prior to 31 December 2002 have already been
accounted for in the before column which is consistent with the treatment per
the accounting policies.
5. LISTING ON THE JSE
As the 11 059 285 shares have been bought back by a subsidiary of Decillion and
not by the company itself, no application will be made to the JSE for the
termination of the listing of the repurchased ordinary shares in Decillion.
Johannesburg
29 April 2003
SPONSOR
BARNARD JACOBS MELLET CORPORATE FINANCE
(PTY) LIMITED
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
