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Peregrine Holdings Limited - Repurchase Of Shares In Terms Of The General
Release Date: 07/06/2004 12:45:01 Code(s): PGR
PEREGRINE HOLDINGS LIMITED - REPURCHASE OF SHARES IN TERMS OF THE GENERAL
AUTHORITY GRANTED
Peregrine Holdings Limited
(Registration number 1994/006026/06)
(`Peregrine` or `the company`)
JSE code: PGR
ISIN code: ZAE000015152
REPURCHASE OF SHARES IN TERMS OF THE GENERAL AUTHORITY GRANTED
1. Introduction
Java Capital (Pty) Ltd is authorised to announce that Peregrine has
cumulatively repurchased 7 997 017 (3.26%) of its ordinary shares (`the
repurchase`) through the order book operated by the JSE Securities Exchange
South Africa (`JSE`) trading system, in terms of the general authority
granted by shareholders on 3 October 2003. The repurchases were done
without any prior understanding or arrangement between the company and the
counter parties. The shares will be cancelled on or about 14 June 2004.
Following on the share cancellation, the total number of shares held by a
subsidiary of Peregrine as treasury stock, excluding share`s held by the
group`s share trusts, will be 23 513 358, being 9.94% of the total issued
capital of Peregrine.
2. Details Of The Repurchase
Period of the 22 January 2004 to 3 June 2004
repurchase
Highest price paid 229 cents
Lowest price paid 215 cents
Average price paid 221 cents
Number of shares 7 997 017
repurchased
Value of shares R17 656 632
repurchased
Extent of authority The company may repurchase a
outstanding further 41 526 134 shares (16.94%
of the number of shares in issue
as at the date of the authority
granted on 3 October 2003) in
terms of the current general
authority, this authority being
valid until the company`s next
annual general meeting to be held
in September 2004.
3. Source Of Funds For The Repurchase
The repurchase has been funded from available cash resources.
4. Opinion Of The Board Of Peregrine
The board of Peregrine has considered the effect of the repurchase and is
of the opinion that, for a period of 12 months following the date of this
announcement:
* the company and the group will be able to repay their debts, in the
ordinary course of business;
* the company`s and the group`s assets, will be in excess of the
liabilities of the company and the group. For this purpose, the assets
and liabilities should be recognised and measured in accordance with
the accounting policies used in the latest audited group annual
financial statements;
* the company`s and the group`s ordinary capital and reserves will be
adequate for ordinary business purposes; and
* the company and the group will have sufficient working capital for
ordinary business purposes.
5. Financial Effects Of The Repurchase
Based on the assumptions set out below, the following table sets out the
pro forma financial effects of the repurchase on Peregrine`s earnings per
share, net asset value per share and net tangible asset value per share,
which pro forma financial effects are calculated on the audited results of
Peregrine for the year ended 31 March 2004, which were published on SENS on
20 May 2004.
Before the Pro forma % increase /
repurchase after the (decrease)
repurchase
Earnings per
share 20,6 20,9 1.24%
(cents)
Headline earnings
per 33,2 33,9 2.20%
share (cents)
Net asset value
per 205,1 204,0 (0.54%)
share (cents)
Net tangible
asset 112,8 108,1 (4.13%)
value per share
(cents)
Number of
ordinary 245 115 757 236 618 740 (3.47%)
shares in issue
Assumptions:
The calculations assume that the shares repurchased post 31 March 2004 were
repurchased on 1 April 2003. Interest income (after applying a tax rate of
30%) has been reduced by R1,035 million. For the purpose of calculating
earnings per share and headline earnings per share, a weighted average
number of shares of 198 809 776 (being the weighted average number of
shares as used in the audited results less the number of shares purchased
post year end) has been used. For purposes of calculating net asset value
per share and net tangible asset value per share, 195 596 071 shares (being
the number of shares in issue less the shares held as treasury stock by
both a subsidiary of Peregrine and the group`s share trusts) has been used.
Sandton
7 June 2004
Sponsor
Java Capital (Pty) Ltd
