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Mustek - Repurchase Of Ordinary Shares In Mustek
MUSTEK LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/070161/06)
Share Code: MST ISIN: ZAE000012373
("Mustek")
REPURCHASE OF ORDINARY SHARES IN MUSTEK
1. Introduction
Shareholders are hereby advised that Mustek has acquired 2 533 962 ordinary
shares in the issued share capital of Mustek on the open market for a purchase
consideration in aggregate of R 11 563 313,21 ("the general repurchase"). The
general repurchase was effected in terms of a general authority to Mustek"s
directors ("the directors"), which was granted in terms of a special resolution
passed by the members at Mustek"s Annual General Meeting (""AGM") held on 18
October 2002 and comprises 3,01% of the total issued ordinary shares of Mustek
at the date of the AGM.
2. Implementation
The general repurchase commenced on 22 October 2002 and continued on a day-to-
day basis as market conditions allowed and in accordance with the JSE Securities
Exchange South Africa ("JSE") Listings Requirements until 22 May 2003. The
highest and lowest prices paid by Mustek for the ordinary shares were 520 cents
and 400 cents per share respectively.
3. Extent of general authority outstanding
The extent of the general authority outstanding for the current financial year
is approximately 10 103 047 ordinary shares, representing approximately 10,07%
of the total issued ordinary share capital of Mustek.
4. Sources of funds
The general repurchase has been funded from available cash resources.
5. Opinion of directors
The directors have considered the effect of the general repurchase and are
satisfied that:
- Mustek and Mustek"s subsidiaries ("the Mustek group") will be able in the
ordinary course of business to pay its debts for a period of 12 months after the
date of this announcement;
- the assets of Mustek and the Mustek group will be in excess of the liabilities
of Mustek and the Mustek group for a period of 12 months after the date of this
announcement. For this purpose, the assets and liabilities should be recognised
and measured in accordance with the accounting policies used in the audited
financial statements for the year ended 30 June 2002;
- the adequacy of ordinary capital and reserves of Mustek and the Mustek group
for a period of 12 months after the date of this announcement; and
- the adequacy of working capital of Mustek and the Mustek group for a period of
12 months after the date of this announcement.
6. Financial effects
The pro forma financial effects on the earnings, headline earnings, net asset
value and net tangible asset value per ordinary share, before and after the
general repurchase are set out below:
Notes Before After Change
(cents) (cents) (%)
Earnings 1 57,20 58,43 2,15
Headline Earnings 1 75,43 77,20 2,35
Net asset value 2 463,18 462,95 (0,05)
Net tangible asset 2 451,55 451,04 (0,11)
value
Notes:
1. The amounts in the "Before" column represent the unaudited earnings and
headline earnings per share disclosed in the interim results for the six months
ended 31 December 2002. The amounts in the "After" column represent the earnings
and headline earnings per share after the general repurchase on the following
assumptions:
- the general repurchase was effective 1 July 2002; and
- an after tax rate of 7% per annum on the cash resources required to fund
the general repurchase.
2. The amounts in the "Before" column represent the unaudited net asset value
and net tangible asset value per share as disclosed in the financial results for
the six months ended 31 December 2002. The amounts in the "After" column
represent the unaudited net asset value and net tangible asset value based on
the financial results for the six months ended 31 December 2002, adjusted for
the general repurchase, had it been effected on 1 July 2002.
7. JSE listing
The 2 533 962 ordinary shares repurchased by Mustek in terms of the general
repurchase are to be cancelled and application is to be made to the JSE to
reduce the number of ordinary shares of Mustek listed on the JSE by this number.
8. Conclusion
The directors of Mustek will continue to repurchase securities as and when
opportunities arise.
Midrand
26 May 2003
Sponsor
Deloitte & Touche Sponsor Services
Date: 26/05/2003 08:00:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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