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BRAIT S.A. - REPURCHASE OF SHARES IN BRAIT
BRAIT S.A.
("Brait or the company")
Societe anonyme
Incorporated under the laws of Luxembourg
(R.C. Luxembourg B-13861)
Share code: Brait
ISIN number: LU0011857645
REPURCHASE OF SHARES IN BRAIT
1. Introduction
The board of Brait announces that Brait has acquired 6 451 613 shares in
the issued share capital of Brait over the Luxembourg Stock Exchange for a
purchase consideration of US$ 6 440 517 ("the general repurchase"). The
general repurchase was effected in accordance with the Luxembourg Stock
Exchange Regulations and under the general authority granted on 30 July
2003 at Brait"s Annual General Meeting. The General repurchase comprises
of 6.31% of the total issued share capital.
2. Implementation
The general repurchase was made on 14 November 2003 at a price of 99.83 US
cents (approximately 690 South African cents per share). It is Brait"s
intention not to cancel the shares acquired through the general repurchase
and such shares will be kept as treasury stock.
3. Extent Of General Authority Outstanding
The extent of the general authority outstanding is approximately 3 773 960
shares, representing approximately 3.69% of Brait"s share capital.
4. Sources Of Funds
The general repurchase has been funded from available cash resources.
5. Opinion Of Directors
The Directors have considered the effect of the general repurchase and are
satisfied that, for Brait and the Brait Group and for a period of 12 months
from the date of this announcement:
* they will be able, in the ordinary course of business, to pay their
debts;
* the assets will be in excess of the liabilities, having been
recognised and measured in accordance with the accounting policies
used in the audited financial statements for the year ended 31 March
2003;
* the share capital and reserves will be adequate; and
* the working capital and working capital resources will be adequate.
6. Financial Effects
The pro forma financial effects on the basic, headline, fully diluted basic
and fully diluted headline earnings and net asset value per share before
and after the general repurchase are set out below:
Per share Notes Before After Change
(US cents) (US cents) (%)
Basic and fully
diluted basic
earnings 1,2 (4.0) (4.4) -8.7
Headline and fully
diluted headline
earnings 1,2 (4.0) (4.4) -8.7
Net asset value 3 106.8 107.3 0.5
Notes:
1. The amount in the "Before" column represents the basic, headline,
fully diluted basic and fully diluted headline earnings per share
disclosed in the financial results for the six months ended 30
September 2003. The amounts in the "After" column represent the
basic, headline, fully diluted basic and fully diluted headline
earnings per share after the general repurchase on the assumption that
the general repurchase was effected on 1 April 2003.
2. The amounts in the "After" column represent the basic, headline, fully
diluted basic and fully diluted headline earnings per share after the
general repurchase on the assumption that interest will no longer
accrue to the company on the repurchase consideration at 1.05 % in US
dollars per annum after tax.
3. The amounts in the "Before" column represent the net asset value per
share as disclosed in the financial results for the six months ended
30 September 2003. The amounts in the "After" column represent the
net asset value based on the financial results for the six months
ended 30 September 2003 adjusted for the general repurchase, had it
been effected on 1 April 2003.
Luxembourg
17 November 2003
Sponsors:
Brait Sponsors
D & T Sponsors
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