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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
Subsequent to the repurchase of 1 934 082 shares announced on 12 May 2003,
Inmins has in terms of the general authority acquired in the open market a
further 3 025 574 ordinary shares (7,84 % of its issued share capital at the
time the authority was granted ) for a consideration of R3 025 574 (100 cents
per share) ("the repurchase"). The repurchase was effected on
28 May 2003. In terms of the general authority, Inmins is now entitled to
repurchase a further 2 756 252 ordinary shares (7,14% of its issued share
capital) during the current financial year.
Number of ordinary shares in issue on 31 March 2003: 38 579 541
Number of ordinary shares in issue after the above
transactions have been processed: 33 619 885
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 combined financial effect, as detailed in the table below, of both
repurchases referred to above, is based on the unaudited results for the six-
month period ended 31 March 2003, assuming that the repurchase was effected on 1
October 2002 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, with the exception of the change in accounting
policies wherein "profit on disposal of assets" has now been excluded from
headline earnings.
Before the After the %
repurchase repurchase increase
Headline earnings per share (cents) 15,6 17,9 14,7
Earnings per share (cents) 15,8 18,2 14,7
Tangible net asset value per share (cents) 150,4 157,2 4,5
Net asset value per share (cents) 150,4 157,2 4,5
6. Listing on the JSE Securities Exchange South Africa ("the JSE")
Application will be made to the JSE for the termination of the listing of the
shares repurchased.
By order of the board
Germiston
3 June 2003
Corporate adviser
LANARK FINANCIAL SERVICES
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 02/06/2003 05:15:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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