|
Transpaco -
Transpaco Limited
(Incorporated in the Republic of South Africa)
(Registration number 1951/000799/06)
Share code TPC ISIN ZAE 000007480
("Transpaco")
Repurchase of ordinary shares in Transpaco
1. Introduction
In terms of a general authority to Transpaco to purchase its shares which was
last renewed on 13 December 2002 ("the general authority") a maximum of 6 542
229 shares (being 20% of the then issued shares) could be acquired.
2. Implementation
As at the close of business on 2 May 2003 Transpaco had purchased in the open
market 2 018 717 Transpaco shares equivalent to approximately 6,2% of the shares
then in issue. The total consideration amounted to R5 329 141. The purchases
were carried out over the period 17 December 2002 to 2 May 2003. The highest and
lowest prices paid were R2,67 and R1,94 per share respectively. The average
price was R2,64 per share
The extent of the authority outstanding is 4 523 512 shares equivalent to
approximately 13,8% of the shares in issue.
3. Source of funds
The purchases have been funded from available financial resources.
4. Opinion of the directors
The directors of Transpaco have considered the impact of the purchases and
are of the opinion that:
4.1 Transpaco will be able to pay its debts in the ordinary course of business
for a period of twelve months from the date of this announcement;
4.2 the consolidated assets of Transpaco and its subsidiaries ("the group") are
in excess of the consolidated liabilities of the group measured in accordance
with the accounting policies used in the unaudited interim group results for the
six months ended 31 December 2002;
4.3 the share capital and consolidated reserves and the working capital of the
group will be adequate for a period of twelve months from the date of this
announcement.
5. Effect on earnings and net asset value
Before After Change
(cents) (cents) (%)
Attributable earnings per share 37,6 39,6 5,4
Headline earnings per share 37,6 39,6 5,4
Net asset value per share 279 279 -
Tangible net asset value per share 276 277 -
Assumptions
The pro forma financial effect in the "After" column is calculated on the
group"s unaudited financial results for the six months ended 31 December 2002 on
the basis of the accounting policies employed by Transpaco for that six-month
period and on the assumptions that:
* the purchases were carried out on 1 July 2002;
* Transpaco would have earned a return of 6,91% after tax at the rate
utilised for the six months ended 31 December 2002 on the purchase
price of the shares;
* there were 28 089 651 shares in issue.
6. JSE Securities Exchange South Africa ("JSE Listing")
The 2 018 717 shares referred to in 2 will be cancelled and application will
be made to the JSE for the termination of the listing of that number of shares.
Johannesburg
12 May 2003
Legal advisor
Werksmans Incorporated
(Registration number 1990/007215/21)
Sponsor
Investec Securities Limited
Member of the JSE
(Registration number. 1972/008905/06)
Date: 12/05/2003 05:00:15 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
