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INMINS LIMITED -
Inmins Limited
(Registration number 1969/004321/06)
Share code: INM ISIN: ZAE000003588
("Inmins")
Repurchase of ordinary shares
1. Introduction
A general authority for Inmins to repurchase its ordinary shares was granted
at the annual general meeting of Inmins held on 18 March 2003 ("the general
authority"). A maximum of 7 715 908 ordinary shares (20%) could be repurchased
in terms of the general authority.
2. Implementation
Inmins has in terms of the general authority acquired in the open market 1
934 082 ordinary shares (5,01% of its issued share capital) for a consideration
of R2 050 127 (106 cents per share) ("the repurchase"). The repurchase was
effected on 7 May 2003. In terms of the general authority, Inmins is entitled to
repurchase a further 5 781 826 ordinary shares (14,99% of its issued share
capital) during the current financial year.
3. Source of funds
The repurchase was funded from existing cash resources.
4. Opinion of the directors
The directors of Inmins have considered the impact of the repurchase and are
of the opinion that, for a period of 12 months from the date of this
announcement:
4.1 Inmins and its subsidiaries will be able in the ordinary course of
business to pay their debts;
4.2 the consolidated assets of Inmins and its subsidiaries will be in excess
of the consolidated liabilities, measured in accordance with the accounting
policies used in the audited results for the year ended 30 September 2002;
4.3 the ordinary share capital and consolidated reserves of Inmins and its
subsidiaries will be adequate;
4.4 the working capital of Inmins and its subsidiaries will be adequate.
5. Financial effect
The financial effect of the repurchase is based on the audited results for
the year ended 30 September 2002, assuming that the repurchase was effected on 1
October 2001 and financed from existing cash resources. The accounting policies
adopted by Inmins for the year ended 30 September 2002 have been applied in
making these calculations.
Before the After the %
repurchase repurchase increase
Headline earnings per share (cents) 29,6 31,1 5,1
Earnings per share (cents) 28,7 30,3 5,6
Tangible net asset value per share (cents) 134,5 135,9 1,0
Net asset value per share (cents) 134,5 135,9 1,0
6. Listing on the JSE Securities Exchange South Africa ("the JSE")
Application has been made to the JSE for the termination of the listing of
the shares repurchased.
By order of the board
Germiston
12 May 2003
Corporate adviser
Lanark Financial Services (Proprietary) Limited
(Registration number 1999/021799/07)
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 12/05/2003 05:48:34 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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