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Venfin Limited - Repurchase Of Ordinary Shares
Venfin Limited
(Incorporated in the Republic of South Africa)
(Reg. No. 1948/031037/06)
(ISIN: ZAE000026498 / Share code: VNF)
("VenFin")
REPURCHASE OF ORDINARY SHARES
1. INTRODUCTION
VenFin herewith announces the repurchase of 14 699 120 VenFin ordinary
shares (3.02% of the issued ordinary shares) on the open market of 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 2003 ("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 repurchasing programme commenced on 8 March 2004 and continued on a day
to-day basis as market conditions allowed. Details are as follows:-
Total number of ordinary shares repurchased 14 699 120
Total value of ordinary shares repurchased R309.8million
Highest price paid per ordinary share R21.50
Lowest price paid per ordinary share R20.20
Average price paid per ordinary share
including costs R21.07
The number of ordinary shares which may
still be repurchased by the company in terms
of the general authority 61 033 990
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 and its subsidiaries 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;
5.2 the consolidated assets of VenFin and its 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
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 subsidiaries will be adequate for a
period of 12 months from the date of this announcement.
6. FINANCIAL EFFECTS
Before After %
(note1) (note2) Change
Earnings per share (cents) 24.0 23.4 -2.5%
Headline earnings per share (cents) 73.9 74.0 +0.1%
Net asset value per share (at 2594 2609 +0.6%
valuations) (cents)
Net asset value per share (cents) 1615 1600 -0.9%
Tangible net asset value per share 1502 1484 -1.2%
(cents)
Note 1: Based on VenFin"s interim results for the six months ended 31 December
2003.
Note 2: The financial effects are calculated based on the assumption that the
repurchases had been carried out on the corresponding dates during the
interim period to 31 December 2003.
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
3 May 2004
SPONSOR
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 03/05/2004 12:01:04 PM Produced by the JSE SENS Department
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