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VenFin Limited - Repurchase of Shares
VenFin Limited
(Incorporated in the Republic of South Africa)
(Reg. No. 1948/031037/06)
(ISIN: ZAE000026498 / Share code: VNF)
("VenFin")
1. INTRODUCTION
VenFin herewith announces the repurchase of 14 746 966 (3.03% of the issued
ordinary shares) VenFin ordinary shares on the open market on the JSE Securities
Exchange South Africa ("JSE"), since and in accordance with the general
authority granted by VenFin shareholders at the annual general meeting held on
29 October 2002 ("the repurchase").
2. AUTHORISED REPURCHASE LIMITS
In terms of the special resolution:
(a) the general authority is limited to a maximum of 20% of
VenFin"s issued share capital; and
(b) any repurchase may not be made at a price greater than 10%
above the weighted average of the market value of the
ordinary shares for the five business days immediately
preceding the date of such repurchase.
A maximum of 97 298 730 ordinary shares could be repurchased in terms of
the general authority obtained from shareholders.
3. IMPLEMENTATION
The programme commenced on 28 November 2002 and continued on a day-to-day
basis as market conditions allowed except for the "closed periods" before the
publications of the results for the six months ended 31 December 2002 and for
the year ended 30 June 2003. Details are as follows:-
Total number of ordinary shares repurchased 14 746 966
Total value of ordinary shares repurchased R237.0 million
Highest price paid per ordinary share R18.50
Lowest price paid per ordinary share R15.44
Average price paid per ordinary share
including costs R16.07
The number of ordinary shares which may still
be repurchased by the company in terms of the
general authority 84 048 110
Ordinary shares in issue on 30 June 2003 486 493 650
Ordinary shares in issue on date of this
announcement 486 493 650
4. SOURCE OF FUNDS
Repurchases to date have been, and future repurchases will also be, funded
from available cash resources.
5. OPINION OF THE DIRECTORS
The directors of VenFin have considered the impact of the repurchases and
are of the opinion that:-
5.1 VenFin will be able, in the ordinary course of business, to pay its debts
for a period of 12 months from the date of this announcement;
5.2 the consolidated assets of VenFin and its group subsidiaries are in excess
of the consolidated liabilities, measured in accordance with the accounting
policies used in the audited annual financial statements for the year ended 30
June 2003;
5.3 the ordinary share capital and consolidated reserves of VenFin and its
group subsidiaries will be adequate for a period of 12 months from the date of
this announcement; and
5.4 the working capital of VenFin and its group subsidiaries will be adequate
for a period of 12 months from the date of this announcement.
6. FINANCIAL EFFECTS
As disclosed in VenFin"s audited results for the year ended 30 June 2003,
published on SENS on 9 September 2003, VenFin purchased a total of 14 246 966
ordinary VenFin shares for a total amount of R228.3 million (average of R16.02
per share) during the period under review. These shares represented 2.93% of
the issued listed ordinary shares of VenFin. The financial effects of these
repurchases were already accounted for in the audited results for the year ended
30 June 2003.
Subsequently, an additional 500 000 VenFin shares were repurchased at R17.20 per
share, representing 0.10% of the issued ordinary shares. The total shares
repurchased in accordance with the general authority granted on 29 October 2002,
now amounts to 14 746 966 and represents 3.03% of the issued ordinary shares of
VenFin.
The financial effects of the 500 000 VenFin shares repurchased subsequent to 30
June 2003 are not material and are therefore not disclosed.
7. JSE LISTING
As all the ordinary shares have been repurchased by a wholly-owned subsidiary of
VenFin, none of the ordinary shares will be cancelled nor will the JSE listing
in respect of those shares be terminated.
Stellenbosch
12 September 2003
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 12/09/2003 08:00:17 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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