|
Coronation Holdings Limited -
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 250
000 `N" ordinary Coronation shares (0.49%) on the open market on 12 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 12 June 2003
`N" ORDINARY SHARES
- Number of `N" ordinary shares repurchased 250 000 (0.49%)*
- Total value of `N" ordinary shares R13 313 501.16
repurchased
- Highest price paid per `N" ordinary share R53.25
repurchased
- Lowest price paid per `N" ordinary share R53.25
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 504 160 (1.98%)*
- Total value of ordinary shares repurchased R27 142 073.01
- Highest price paid per ordinary share R54.49
repurchased
- Lowest price paid per ordinary share R51.09
repurchased
- Number of ordinary shares which may still 4 593 019 (18.02%)
be repurchased in terms of the annual
general authority
`N" ORDINARY SHARES
- Number of `N" ordinary shares repurchased 3 035 774 (5.97%)*
- Total value of `N" ordinary shares R159 674 042.88
repurchased
- 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 7 139 569 (14.03%)
still be repurchased in terms of the annual
general 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 the Group 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 the Group 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 the Group is sufficient for the
Company and the Group"s 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 12 June repurchases
31 Mar 2003 to
2003 12 June
2003
Headline earnings per 41 40 30 (26.83
share (cents) )
Attributable earnings (121) (122) (139) (14.88
per share (cents) )
Net asset value per 4 835 4 833 4 818 (0.35)
share (cents)
Net tangible asset value 4 824 4 822 4 806 (0.37)
per share (cents)
Notes:
The pro forma financial effects are based on the consolidated financial
statements for the 6 months ended31 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 calculations, 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
17 June 2003
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 17/06/2003 04:15:27 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
