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DISTRIBUTION AND WAREHOUSING NETWORK LIMITED - REPURCHASE OF ORDINARY SHARES
Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
JSE Share code: DAW
ISIN code: ZAE000018834
("DAWN")
REPURCHASE OF ORDINARY SHARES IN DAWN
1. Introduction
Bishop Corporate Finance (Proprietary) Limited is authorised to announce
that DAWN has acquired a further 7 552 400 ordinary shares in the issued
share capital of DAWN on the open market for a purchase consideration in
aggregate of R8 375 423 ("the general repurchase"). The general repurchase
is in addition to the 9 044 548 shares acquired by DAWN on the open market
during the period 11 November 2002 until 5 May 2003, which repurchase was
announced to shareholders on 8 May 2003. The general repurchase was
effected in terms of a general authority to DAWN"s directors ("the
directors") and comprises 4% of the total issued ordinary shares of DAWN at
the end of the previous financial year being 30 June 2003.
2. Implementation
The general repurchase commenced on 14 May 2003 and continued on a day-to-
day basis as market conditions allowed and in accordance with paragraph
5.72(a) of the JSE Securities Exchange South Africa ("JSE") Listings
Requirements until 13 May 2004. The lowest and highest prices paid by DAWN
for the ordinary shares were 72 cents and 180 cents per share respectively.
3. Extent Of General Authority Outstanding
The extent of the general authority outstanding is approximately 30 244 337
ordinary shares, representing approximately 16% of the total issued
ordinary share capital of DAWN at the end of the previous financial year
being 30 June 2003.
4. Sources Of Funds
The general repurchase has been funded from available cash resources and
existing funding facilities.
5. Opinion Of Directors
The directors have considered the effect of the general repurchase and are
satisfied as to the following for a period of 12 months from the date of
this announcement:
* DAWN and DAWN"s subsidiaries ("the DAWN group") will be able in the
ordinary course of business to pay its debts;
* the assets of DAWN and the DAWN group will be in excess of the
liabilities of DAWN and the DAWN group, having been recognised and
measured in accordance with the accounting policies used in the
audited financial results for the year ended 30 June 2003;
* the adequacy of ordinary capital and reserves of DAWN and the DAWN
group; and
* the adequacy of working capital of DAWN and the DAWN group.
6. Financial Effects
The pro forma financial effects on the earnings, headline earnings, net
asset value and net tangible asset value per ordinary share, before and
after the general repurchase are set out below:
Per ordinary share Notes Before After Change
(cents) (cents) (%)
Headline Earnings 1 14,31 14,59 1,96
Earnings 1 14,00 14,27 1,93
Net asset value 2 70,26 69,46 (1,14)
Net tangible asset value 2 70,26 69,46 (1,14)
Notes:
1. The amounts in the "Before" column represent the unaudited headline
earnings and earnings per share disclosed in the financial results for
the six months ended 31 December 2003. The amounts in the "After"
column represent the unaudited headline earnings and earnings per
share after the general repurchase based on the following assumptions:
* the general repurchase was effective 1 July 2003; and
* an after tax funding cost of 9,1% per annum on the borrowings
required to fund the general repurchase.
2. The amounts in the "Before" column represent the unaudited net asset
value and net tangible asset value per share as disclosed in the
financial results for the six months ended 31 December 2003. The
amounts in the "After" column represent the unaudited net asset value
and net tangible asset value based on the financial results for the
six months ended 31 December 2003 adjusted for the general repurchase,
had it been effected on 31 December 2003.
7. Cancellation Of Shares
The shares acquired through the general repurchase will be cancelled and an
application for their delisting will be made to the JSE.
Johannesburg
18 May 2004
Corporate adviser
Bishop Corporate Finance
Sponsor
D & T Sponsor Services
Date: 18/05/2004 11:30:03 AM Produced by the JSE SENS Department
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