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Schamin - Repurchase of ordinary shares in Scharrig Mining Limited
SCHARRIG MINING LIMITED
(Registration Number 1992/001973/06)
(Incorporated in the Republic of South Africa)
("Schamin" or "the company")
Share Code: SCN ISIN Code: ZAE000006474
Repurchase of ordinary shares in
Scharrig Mining Limited
1. INTRODUCTION
The Directors of Schamin are authorised to announce the repurchase of 4 488 262
(3,50% of the issued ordinary shares) of Schamin"s shares on the open market of
the JSE Securities Exchange South Africa ("JSE") in accordance with the general
authority granted to the Directors by Schamin shareholders at the annual general
meeting held on 4 September 2003 ("the share repurchase")
2. AUTHORISED REPURCHASE LIMITS
Terms of the special resolution:
- the general authority is limited to a maximum of 20% of Schamin"s issued share
capital of the share in the applicable class; and
- any repurchase may not be made at a price more than 5% above the weighted
average of the market value of the securities for the five business days
immediately preceding the date of such repurchase.
A maximum of 25 645 068 ordinary shares may be repurchased in terms of the
general authority obtained from shareholders.
3. IMPLEMENTATION
The programme commenced on 10 November 2000, after approval therefor was
obtained at the general meeting held on 25 August 2000, and continued on a day-
to-day basis as market conditions allowed. As at the date of this announcement
Schamin has acquired on the JSE, 4 488 262 Schamin shares equivalent to
approximately 3,50% of the issued share capital of Schamin, for a total
consideration of R2 754 320. The highest price paid was 80 cents per ordinary
share and the lowest was 42 cents per ordinary share.
4. EXTENT OF AUTHORITY OUTSTANDING
The extent of the authority outstanding is 21 156 806 ordinary shares equivalent
to 16,50% of the total issued ordinary share capital of Schamin.
5. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources in accordance
with the repurchase programme. Future repurchases will also be funded from
available cash resources.
6. OPINION OF THE DIRECTORS
The Directors of Schamin have considered the impact of the share repurchase and
are of the opinion that:
6.1 Schamin will be able, in the ordinary course of business, to pay its debts
for a period of 12 months from date of this announcement;
6.2 the consolidated assets of Schamin and its subsidiaries are in excess of
the consolidated liabilities measured in accordance with the accounting policies
listed in the audited annual financial statements for the year ended 30 March
2003;
6.3 the ordinary share capital and consolidated reserves of Schamin and its
subsidiaries will be adequate for a period of 12 months from the date of this
announcement; and
6.4 the working capital of Schamin and its subsidiaries will be adequate for a
period of 12 months from the date of this announcement.
7. FINANCIAL EFFECTS
The effect on earnings and net asset value per ordinary share before and after
the repurchase of approximately 3.50% of the issued ordinary share capital is as
follows:
Before After % Change
Shares in issue 128 225 340 123 737 078
Earnings per share (cents) 17,0 17,4 2,35
Headline earning per share (cents) 14,4 14,7 2,08
Net asset value per share (cents) 135 139 2,96
Tangible net asset value
per share (cents) 135 139 2,96
Assumptions
The pro forma financial effects are calculated on Schamin"s audited results for
the year ended 1 March 2003 and assuming that the repurchases to date have been
carried out on 1 April 2002 and were financed by excess cash on hand on which
interest was received at an after tax rate of 6,17% per annum.
8. JSE LISTING
All the shares repurchased have been repurchased by a subsidiary of Schamin.
The shares will be cancelled and the JSE will be approached immediately after
the publication of this announcement, to have the listing in respect of those
shares terminated.
Boksburg
16 September 2003
Sponsor
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 17/09/2003 07:05:04 AM Produced by the JSE SENS Department
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