| Wed 20 Aug 2003, 13:21 | | Repurchase of shares in terms of the general autho |
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Repurchase of shares in terms of the general authority granted
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
Introduction
Further to the SENS announcement published on 23 June 2003 relating to the
repurchase of 8 384 008 shares ("the previous repurchase"), Peregrine Corporate
Advisory Services (Pty) Limited is authorized to announce that Peregrine has
cumulatively repurchased 7 397 473 (3,02%) 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.
Details of the repurchase
Period of the repurchase 19 June 2003 to 18 August
2003
Highest price paid 152 cents
Lowest price paid 130 cents
Average price paid 139 cents
Number of shares 7 397 473
repurchased
Value of shares R10 289 647
repurchased
Extent of authority The company may repurchase a
outstanding further
20 132 829 shares (9,33% 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 on 3 October 2003.
Source of funds for the repurchase
The repurchase has been funded from available cash resources.
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.
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 take into account the previous repurchase and 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 5,8 5,6 (3,4%)
(cents)
Headline
earnings per 25,84 26,20 1,4%
share (cents)
Net asset
value per 202,5 205,1 1,3%
share (cents)
Net tangible
asset 93,9 91,1 (3,0%)
value per
share (cents)
Number of
ordinary 245 115 757 245 115 757 -
share in issue
Assumptions:
The calculations assume that the shares purchased post 31 March 2003 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 R617 062. For the
purpose of calculating earnings per share and headline earnings per share, a
weighted average number of shares of 226 881 057 (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, 224 909 092
shares (being the number of shares in issue less the shares held as treasury
stock) has been used.
Sandton
20 August 2003
Corporate advisor and sponsor
Peregrine Corporate Advisory Services (Pty) Ltd
Date: 20/08/2003 12:42:56 PM
Produced by the JSE SENS Department
