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VENFIN LIMITED - REPURCHASE ANNOUNCEMENT
Venfin Limited
(Incorporated in the Republic of South Africa)
(Reg. No. 1948/031037/06)
ISIN: ZAE000026498
JSE Share code: VNF
(`VenFin`)
REPURCHASE ANNOUNCEMENT
1. INTRODUCTION
VenFin herewith announces the repurchase of a further 15 432 987 (3.2% of
the issued ordinary shares) VenFin ordinary shares through the order book
operated by 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`).
Taking into account the 14 699 120 (3.02%) VenFin ordinary shares
repurchased up to 3 May 2004, the aggregate number of VenFin ordinary
shares repurchased in terms of this general authority amounts to 30 132 107
(6.2%) VenFin ordinary shares.
The repurchases were effected in accordance with 5.72 (a) of the JSE
Listings Requirements.
2. AUTHORISED REPURCHASE LIMITS
In terms of the special resolution:
* the general authority is limited to a maximum of 20% of VenFin`s
issued share capital; and
* 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 repurchases of the 15 432 987 (3.2%) VenFin ordinary shares commenced
on 5 May 2004 and continued on a day-to-day basis as market conditions
allowed. Details are as follows:-
* Number of ordinary shares repurchased 15 432 987
* Value of ordinary shares repurchased R312.8 million
* Highest price paid per ordinary share R21.00
* Lowest price paid per ordinary share R19.75
* Average price paid per ordinary share
including costs R20.27
* The total number of ordinary shares repurchased
to date by the company in terms of the
general authority 51 697 727
* Ordinary shares in issue on 30 June 2003 486 493 650
* Ordinary shares cancelled on 21 June 2004 3 500 000
* Ordinary shares in issue on date of this
announcement 482 993 650
4. SOURCE OF FUNDS
Repurchases to date have been 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 %
(note(1) (note(2) Change
) )
Headline earnings per share (cents) 73.9 74.0 +0.1
Earnings per share (cents) 24.0 23.2 -3.4
Net asset value per share (at 2594 2628 +1.3
valuations) (cents)
Net asset value per share (cents) 1615 1586 -1.8
Tangible net asset value per share 1502 1466 -2.4
(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 (6.2% of the issued ordinary shares) had been
carried out on the corresponding dates during the interim period
to 31 December 2003.
7. JSE LISTING
VenFin has repurchased 3 500 000 VenFin ordinary shares from one of its
subsidiaries and cancelled such shares with effect from 21 June 2004.
Application has been made to the JSE for the immediate termination of the
listing of such shares.
Stellenbosch
22 June 2004
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)CORPORATE FINANCE
Date: 22/06/2004 12:09:02 PM
Produced by the JSE SENS Department
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