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Coronation - Repurchases of shares on the open market
Coronation Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1902/001739/06)
(Ordinary share code: CRH)
(ISIN: ZAE000001772)
(`N" ordinary share code: CRN)
(ISIN: ZAE000010369)
("Coronation" or "the Company")
Repurchases of shares on the open market
1. Repurchases
The directors of Coronation are authorised to announce the repurchases by
Natrust Equities (Pty) Limited, a wholly owned subsidiary of the Company, of 271
226 ordinary Coronation shares (1.06%) and 293 650 `N" ordinary Coronation
shares (0.58%) on the open market on 2 June 2003, acting on the general
authority granted to the directors by Coronation shareholders at the annual
general meeting held on Tuesday, 14 January 2003 ("the annual general
authority").
2. Details of share repurchases on 2 June 2003
ORDINARY SHARES
Number of ordinary shares repurchased 271 226
(1.06%)*
Total value of ordinary shares repurchased R14 670
017.14
Highest price paid per ordinary share repurchased R54.49
Lowest price paid per ordinary share repurchased R53.76
`N" ORDINARY SHARES
Number of `N" ordinary shares repurchased 293 650
(0.58%)*
Total value of `N" ordinary shares repurchased R15 976
555.82
Highest price paid per `N" ordinary share R54.49
repurchased
Lowest price paid per `N" ordinary share R54.26
repurchased
* Percentage based on the number of shares in issue at 31 March 2003.
3. Details of cumulative share repurchases since renewed annual general
authority (14 January 2003)
The cumulative share repurchases from 14 January 2003 to the date of this
announcement are set out below:
ORDINARY SHARES
Number of ordinary shares repurchased 325 953
(1.28%)*
Total value of ordinary shares repurchased R17 465
843.71
Highest price paid per ordinary share repurchased R54.49
Lowest price paid per ordinary share repurchased R51.09
Number of ordinary shares which may still be 4 771 438
repurchased in terms of the annual general (18.72%)
authority
`N" ORDINARY SHARES
Number of `N" ordinary shares repurchased 1 649 399
(3.24%)*
Total value of `N" ordinary shares repurchased R84 594
815.13
Highest price paid per `N" ordinary share R54.49
repurchased
Lowest price paid per `N" ordinary share R50.13
repurchased
Number of `N" ordinary shares which may still be 8 528 807
repurchased in terms of the annual general (16.76%)
authority
* Percentage based on the number of shares in issue at 31 March 2003.
4. Source of funds
The share repurchases were implemented using existing cash resources.
5. Directors" opinion
The directors of Coronation have considered the effects of the share repurchases
and are unanimously of the opinion that:
- the Company and its subsidiaries will be able to meet their debt obligations
in the ordinary course of business for a period of 12 months from the date of
this announcement;
- at the date of this announcement the Company"s consolidated assets, valued
according to South African Statements of Generally Accepted Accounting Practice,
exceed its consolidated liabilities;
- the Company"s issued capital and the reserves of the Company and its
subsidiaries are adequate for the purposes of their businesses for a period of
12 months from the date of this announcement; and
- the working capital available to the Company and its subsidiaries is
sufficient for the Company and its subsidiaries" requirements for a period of 12
months from the date of this announcement.
6. Financial effects of the repurchases
The pro forma financial effects of the share repurchases on Coronation"s
headline earnings per share, attributable earnings per share, net asset value
per share and net tangible asset value per share are set out below:
Results Pro forma Pro forma Cumula
for the after bringing tive
Six repurchase into effect change
months s on cumulative (%)
ended 2 June repurchases
31 Mar 2003 to
2003 2 June
2003
Headline earnings per 41 39 36 (12.02
share (cents) )
Attributable earnings (121) (124) (130) 7.44
per share (cents)
Net asset value per 4 835 4 831 4 831 (0.08)
share (cents)
Net tangible asset value 4 824 4 819 4 819 (0.10)
per share (cents)
Notes:
The pro forma financial effects are based on the consolidated financial
statements for the 6 months ended 31 March 2003, being the most recent reporting
period. The calculations assume that the ordinary and `N" ordinary shares had
been repurchased on 1 October 2002 for the pro forma headline earnings per share
and attributable earnings per share calculation, and on 31 March 2003 for the
net asset value per share and net tangible asset value per share calculations.
The calculations further assume an interest rate applicable to call funds of 12%
p.a. and a taxation rate of 30%.
Cape Town
4 June 2003
Sponsor
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