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NEW CLICKS HOLDINGS LIMITED - REPURCHASE OF ORDINARY SHARES
NEW CLICKS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/000645/06)
JSE share code: NCL
ISIN: ZAE000014585
(`New Clicks`)
New Clicks - Repurchase of ordinary shares
1. Introduction
In terms of a general authority granted to New Clicks to
repurchase its ordinary shares by a special resolution passed
by New Clicks shareholders at the annual general meeting on 26
January 2004 (`the general authority`), a maximum of 71 336 156
ordinary shares (being 20% of the issued share capital) could
be acquired.
2. Implementation
In terms of paragraph 11.27 of the JSE Listings Requirements,
New Clicks announces that it has acquired, in the open market,
a total of 10 771 390 ordinary shares, equivalent to 3.02% of
the issued share capital at the time of the granting of the
general authority, for a total consideration of R82 060 482.
The repurchases were carried out between 18 June 2004 and 15
July 2004. The highest price paid was R7.63 per share and the
lowest price paid was R7.30 per share, an average price of
R7.62.
The requirements of paragraph 5.72 of the JSE Listings
Requirements have been complied with in repurchasing these
shares.
All the shares have been repurchased by a subsidiary of New
Clicks and are being held in the subsidiary company as treasury
stock.
The extent of the authority outstanding is 60 564 766 ordinary
shares, equivalent to 16.98% of the total issued share
capital.
3. Source of funds
Repurchases to date have been funded from available cash,
received from the sale of New Clicks` Australian operations,
and it is intended that all future repurchases will also be
funded from available cash.
4. Opinion of the directors
The directors of New Clicks have considered the impact of the
share repurchase and are of the opinion that:
4.1 New Clicks and the group will be able, in the ordinary course
of business, to pay its debts for a period of 12 months from the
date of this announcement.
4.2 The assets of New Clicks and the group are in excess of the
consolidated liabilities, measured in accordance with the
accounting policies used in the unaudited interim financial
statements for the six months ended 29 February 2004.
4.3 The ordinary share capital and reserves of New Clicks and the
group will be adequate for a period of 12 months from the date of
this announcement.
4.4 The working capital of New Clicks and the group will be
adequate for a period of 12 months from the date of this
announcement.
5. Effect on earnings and net asset value
Before After Change
(cents) (cents) %
Earnings per share 44.1 44.7 1.4
Headline earnings per share 45.9 46.6 1.5
Fully diluted earnings per 43.5 44.1 1.3
share
Fully diluted headline 45.2 45.9 1.5
earnings per share
Net asset value 473 464 (1.9)
Net tangible asset value per 441 431 (2.3)
share
Assumptions
The pro forma financial effects (`after`) are calculated on New
Clicks` unaudited results for the six months ended 29 February
2004, assuming:
* The accounting policies employed by New Clicks for the six
months ended 29 February 2004 have been applied in making these
calculations.
* For the purposes of calculating the earnings and headline
earnings related figures, it was assumed that all the
repurchases were carried out on 1 September 2003.
* All the repurchases were financed by excess cash on hand on
which interest was received at an after tax rate of 6.3 % per
annum.
* The calculations have been based on a weighted average number
of shares in issue of 344 321 000 and a fully diluted weighted
average number of shares in issue of 349 658 000.
* For the purposes of calculating the net asset and net
tangible asset value, it was assumed that the repurchases were
carried out on 29 February 2004, using the number of shares in
issue at that date of 348 415 000.
Cape Town
19 July 2004
Corporate Finance and Sponsor
Investec Bank Limited
Date: 19/07/2004 02:19:38 PM Produced by the JSE SENS Department
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