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Repurchase Of Ordinary Shares In Moneyweb - In Terms Of A General Authority
Release Date: 04/08/2003 15:08:01 Code(s): MNY
Repurchase of Ordinary Shares in Moneyweb - In Terms of a General Authority
MONEYWEB HOLDINGS LIMITED
(Registration No:1998/025067/06)
Share code:MNY ISIN:ZAE000025409
("Moneyweb" or "the Company")
REPURCHASE OF ORDINARY SHARES IN MONEYWEB - IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
Moneyweb has, in accordance with the general authority obtained at the annual
general meeting of shareholders held on 21 October 2002 and renewed at the
annual general meeting of shareholders held on 28 July 2003 ("the general
authority"), cumulatively repurchased 7.08% of its issued ordinary share capital
on the JSE Securities Exchange South Africa ("the JSE") ("the repurchase").
2. DETAILS OF THE REPURCHASE
The details of the repurchase between 23 June 2003 and 31 July 2003 (both dates
inclusive) are as follows:
(Announced on 17 July 2003) 17 Jul 03 23 Jun 03
to to
31 Jul 03 16 Jul 03
--------- ---------
Number of ordinary shares repurchased 2 693 270 3 326 806
Highest price paid per ordinary share purchased 37 cents 30 cents
Lowest price paid per ordinary share purchased 30 cents 29 cents
Total value of ordinary shares repurchased R961 375 R997 592
Number of ordinary shares which may still be
repurchased by Moneyweb in terms of the
general authority 10 979 924 13 673 194
Percentage of ordinary shares which may still
be repurchased by the Company in terms of the
general authority 12.92% 16.1%
3. SOURCE OF FUNDS
The repurchase was implemented using existing cash resources of Moneyweb and the
value of the shares repurchased will be set off against share capital and share
premium respectively.
4. DIRECTORS" OPINION
The directors of Moneyweb have considered the impact of the repurchase and are
of the unanimous opinion that for a period of twelve months from the date of
this announcement:
* the Company and the group will be able, in the ordinary course of business, to
pay their debts as they become due;
* the assets of the Company and the group, fairly valued in accordance with
South African Statements of Generally Accepted Accounting Practice, will be in
excess of the liabilities of the Company and the group;
* the working capital resources of the Company and the group will be adequate
for its current and foreseeable future business requirements; and
* the issued share capital and/or reserves are adequate for the purposes of the
business of the Company and the group for the foreseeable future.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The table below sets out, for illustrative purposes only, the pro forma
financial effects of the repurchase on Moneyweb"s net loss, headline earnings,
net asset value and net tangible asset value per share, based on the audited
Annual Financial Statements for the year ended 31 March 2003.
Pro-forma
After After
1st 2nd
Repur- Repur- Change
Before(1) chase(2) chase(3) %(3)
Loss per share (4) (cents) -16,0 -16.7 -17,4 -8,8
Headline earnings per share (4)(cents) 1,9 1,9 1,9 -
Net asset value per share (5)(cents) 50,4 51,3 51,8 2,8
Net tangible asset value
per share (5)(cents) 10,9 10,2 9,3 -14,7
Weighted and closing number
of shares in issue (6)(`000) 85 000 81 673 78 980 -7.08
The pro forma financial effects have been calculated based on the following
assumptions:
(1)the information in the "Before" column was extracted from the audited Annual
Financial Statements for the year ended 31 March 2003
(2)the financial effects of and the assumptions pertaining to the 1st repurchase
were set out in the announcement dated 17 July 2003;
(3) The "After 2nd Repurchase" column reflects the combined effect of both sets
of repurchases set out in paragraph 2. above. The change % column compares the
"After 2nd Repurchase" column with the "Before" column.
(4)the calculation of the pro forma loss per share and headline earnings per
share in the "After 2nd Repurchase" column, assumes that the combined repurchase
was effected on 1 April 2002 and interest of R160 635 (after
taxation),(calculated at an after tax rate of 8.2%), on the cash resources of
R1 958 967 utilised for the repurchase has been excluded from the pro forma
earnings;
(5)the effect on net tangible asset value and net asset value assumes that the
repurchase was implemented on 31 March 2003.
(6)The 6 020 076 shares repurchased in total are being held as treasury shares
by a wholly owned subsidiary of Moneyweb and are excluded from the "After 2nd
Repurchase" calculation.
6. LISTING ON THE JSE
The shares that have been repurchased will not be cancelled as they are being
held as treasury shares and accordingly no application will be made to the JSE
for the termination of the listing thereof.
Rosebank
4 August 2003
Sponsor
LPC Manhattan Sponsors
Date: 04/08/2003 03:08:09 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
