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Peregrine -
Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE code: PGR ISIN code: ZAE000015152
Repurchase of shares in terms of the general authority granted
1. Introduction
Peregrine Corporate Advisory Services (Pty) Limited is authorized to announce
that Peregrine has cumulatively repurchased 8 384 008 (3,42%) of its ordinary
shares ("the repurchase") on the open market of the JSE Securities Exchange
South Africa ("JSE") in terms of the general authority granted by shareholders
on 12 September 2001 and 4 October 2002. The shares repurchased will not be
cancelled but have been acquired by a subsidiary of Peregrine and held as
treasury stock. The total number of shares held by a subsidiary of Peregrine as
treasury stock is less than 10% of the total issued capital of Peregrine.
2. Details of the repurchase
Period of the repurchase 5 February 2002 to 19 June
2003
Highest price paid 266 cents
Lowest price paid 146 cents
Average price paid 192 cents
Number of shares 8 384 008
repurchased
Value of shares R16 082 135
repurchased
Extent of authority The company may repurchase a
outstanding further
27 530 302 shares (12,82% of
the number of shares in issue
as at the date of the
authority granted on 4
October 2002) in terms of the
current general authority,
this authority being valid
until the company"s next
annual general meeting to be
held in September 2003.
3. Source of funds for the repurchase
The repurchase has been funded from available cash resources.
4. Opinion of the board of Peregrine
The board of Peregrine has considered the effect of the repurchase and is of the
opinion that, for a period of 12 months following the date of this announcement:
- the company and the group will be able to repay their debts, in the ordinary
course of business;
- the company"s and the group"s consolidated assets, fairly valued according to
generally accepted accounting practice and on a basis consistent with the last
financial year of the company, will exceed their consolidated liabilities;
- the company"s and the group"s ordinary capital and reserves will be sufficient
to meet their needs; and
- the company and the group will have sufficient working capital to meet their
needs.
5. Financial effects of the repurchase
Based on the assumptions set out below, the following table sets out the pro
forma financial effects of the repurchase on Peregrine"s earnings per share, net
asset value per share and net tangible asset value per share, which pro forma
financial effects are calculated on the audited results of Peregrine for the
year ended 31 March 2003, which were published on SENS on 2 June 2003
Before the Pro forma % increase /
repurchase after the (decrease)
repurchase
Earnings per
share (cents) 5,8 5,7 (1.7%)
Headline 25,84 25.95 0.4%
earnings per
share (cents)
Net asset value
per share 202,5 203,1 0.3%
(cents)
Net tangible
asset value per 93,9 92,8 (1.1%)
share (cents)
Number of
ordinary share 245 115 757 245 115 757 -
in issue
Assumptions:
The calculations assume that the shares purchased post 31 March 2003, the
group"s financial year end, were repurchased during the twelve months prior to
31 March 2003 and the interest income (after applying a tax rate of 30%) was
reduced by R221 000. For the purpose of calculating earnings per share and
headline earnings per share, a weighted average number of shares of 230 579 793
(being the weighted average number of shares as used in the audited results less
the weighted average number of shares purchased post year end) has been used.
For purposes of calculating net asset value per share and net tangible asset
value per share, 232 306 292 (being the number of shares in issue less the
shares held as treasury stock) has been used.
Sandton
23 June 2003
Corporate advisor and sponsor
Peregrine Corporate Advisory Services (Pty) Ltd
Date: 23/06/2003 05:21:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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