| Wed 1 Oct 2003, 12:50 | | Results of repurchase of ordinary shares by way o |
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Brandcorp -
Brandcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/006647/06)
("Brandcorp" or "the company")
Share Code: BRC
ISIN: ZAE000013611
RESULTS OF REPURCHASE OF ORDINARY SHARES BY WAY OF A GENERAL AUTHORITY
1. Introduction
HSBC Investment Services (Africa) (Pty) Limited is authorised to announce that
Brandcorp has, cumulatively, repurchased 2,394,779(3.2%)of its ordinary shares
on the open market of the JSE Securities Exchange South Africa("JSE") in
accordance with the general authority granted to the company at the annual
general meeting of Brandcorp shareholders held on 4 December 2002 ("the
repurchase"). The repurchase of securities was effected through the order book
operated by the JSE trading system and done without any prior understanding or
arrangement between the company and any counter party.
2. Details of the Repurchase of Ordinary Shares
Period of repurchase of ordinary shares: 1 September 2003 - 30 September 2003
Highest price paid for ordinary shares
repurchased: 302 cents
Lowest price paid for ordinary shares
repurchased : 289 cents
Number of ordinary shares repurchased: 2,394,779
Value of ordinary shares repurchased: R7,066,757
Extent of general authority
outstanding: 12,644,013 ordinary shares
Representing 16,8% of the net issued
ordinary shares as at 4 December 2002
3. Source of Funds
Share repurchases to date have been funded from available cash resources and
the intention is that future repurchases will also be funded from available
cash.
4. Opinions
The Directors of Brandcorp have considered the impact of the share repurchase
and are unanimously of the opinion that :
- The company and the group will be able in the ordinary course of business to
pay their debts for a period of 12 months from the date of this announcement;
- The assets of the company and the group, fairly valued in accordance with
statements of generally accepted accounting practice, will remain in excess
of the liabilities of the company and the group for a period of 12 months
from the date of this announcement;
- The issued ordinary capital and reserves of the company and the group are
adequate for the purposes of business for a period of 12 months from the
date of this announcement; and
- The working capital available to the company and the group is sufficient for
the company"s and the group"s ordinary business purposes for a period of 12
months
from the date of this announcement.
- The conditions set out in paragraph 5.72 (a) of the JSE Listings requirements
have
been complied with
5. Financial Effects
The table below sets out the financial effects of the repurchase on Brandcorp"s
earnings per share, headline earnings per share, net asset value per share and
tangible net asset value per share:
Increase/
(Decrease)
Before After %
Earnings per share (cents)* 59.9 61.3 2.3%
Headline earnings per share (cents)* 58.2 59.5 2.2%
Net asset value per share (cents)* 247.3 245.7 (0.7)%
Tangible net asset value per share(cents)* 245.6 243.9 (0.7)%
Weighted number of shares in issue ** 71,223,612 68,828,833 (3.4)%
(net of shares held by subsidiary
Number of ordinary shares in issue** 70,528,344 68,133,565 (3.4)%
(net of shares held by subsidiary)
* The pro forma financial effects are calculated on the Brandcorp Group"s
financial statements for the year ended 30 June 2003, being the most recent
reporting period. The calculations assume that the repurchase had been made on
1 July 2002 and the interest income was reduced by 10% per annum calculated on
the amount of the repurchase price. The accounting policies employed by the
group for the financial period ended 30 June 2003 have been applied in making
these calculations.
** As the ordinary shares are being repurchased by Brandcorp, such shares
shall be cancelled and the share capital reduced. For the purposes of
calculating earnings per share, headline earnings per share, net asset value per
share and tangible net asset values per share, the number of ordinary shares in
issue has been reduced
by the number of ordinary shares repurchased.
6. Ordinary Shares Listed of the JSE
As all the 2,394,779 shares have been repurchased by Brandcorp, an application
will be made to the JSE for the termination of the listing of these shares.
1 October 2003
Johannesburg
SPONSOR
HSBC
Date: 01/10/2003 12:40:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
