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IMR Investments Limited - Repurchase of shares in IMR Investments Limited on the
open market
IMR INVESTMENTS LIMITED
(Formerly the Appleton Group Limited)
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share Code: IMR ISIN: ZAE 000027470
("IMR Investments" or "the company")
Repurchase of shares in IMR Investments Limited on the open market
1. Introduction
Merchant Sponsors is authorised to announce the repurchase of 2 993 956 (8,69%
of the issued ordinary shares) of the company"s own shares on the open market,
acting on the general authority granted to the directors of IMR Investments at
the general meeting held on Monday, 26 August 2002 ("the general authority").
This purchase was conducted on 2 June 2003.
2. Details of the share repurchase
Price paid per share 6 cents
Number of ordinary shares repurchased 2 993 956
Value of shares repurchased R 179 637
Extent of general authority outstanding 11.31%
3. Source of funds
The repurchase was funded from existing resources.
4. Directors opinion
The directors of IMR Investments have considered the effect of the share
repurchase and confirm that, for a period of 12 months after the date of this
announcement:
the company will be able to meet its debt obligations in the ordinary course of
business;
the assets of the company, fairly valued in accordance with Generally Accepted
Accounting Practice, will remain in excess of the liabilities of the company;
the capital and reserves of the company will be adequate; and
the working capital of the company will be adequate.
5. Financial effects of the share repurchase
The table below sets out the financial effects of the share repurchase on IMR
Investments" earnings, headline earnings and net asset value per share:
Before the After the Increase
repurchase repurchase (Decrease)%
(1) (2)
Earnings per share (6,47) (7,24) (11,9)
(cents) 3
Headline earnings per (0,87) (1,03) (18,3)
share (cents) 3
Net asset value and net
tangible asset value per 27,81 30,19 8,6
share (cents) 4
Notes
1. Extracted from the annual financial results of IMR Investments for the year
ended 28 February 2003, which were published in the press on Friday, 30 May
2003.
2. The pro forma financial effects on earnings per share, headline earnings
per share, net asset value per share and net tangible asset value per share
after the repurchase.
3. The effect on earnings per share and headline earnings per share is based
on 27 386 550 ordinary shares in issue for the period from 1 March 2002 to
28 February 2003, on the assumption that 2 993 956 ordinary shares were
repurchased on 1 March 2002 with the funds in hand on which there would
have been a loss of interest received, calculated at an after-tax rate of
8,4% per annum.
4. The effect on net asset value per share and net tangible asset value per
share is based on 27 386 550 ordinary shares in issue at 28 February 2003,
on the assumption that 2 993 956 ordinary shares were repurchased on 28
February 2003 with the funds in hand.
The shares repurchased will be cancelled by IMR Investments.
Johannesburg
3 June 2003
Corporate Advisor Sponsor
Merchantec Merchant Sponsors
