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The House Of Busby Limited - Repurchase Of Ordinary Shares In The House Of Busby
Release Date: 05/04/2005 07:03:53 Code(s): BSB
The House Of Busby Limited - Repurchase of ordinary shares in The House of Busby
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009173/06
Share code: BSB ISIN: ZAE000013637
Repurchase of ordinary shares in The House of Busby
1. Introduction
In terms of general authorities granted to The House of Busby to repurchase its
ordinary shares, the latest being a special resolution passed by The House of
Busby shareholders on 14 January 2005 (`the general authority`), a maximum of 11
887 677 ordinary shares (being 20% of the issued share capital) could be
acquired.
2. Implementation
As at the close of business on 1 April 2005, The House of Busby has acquired, in
the open market, a total of 2 033 320 ordinary shares, equivalent to 3.42% of
the issued share capital at the time of the granting of the general authority,
for a total consideration of R7 866 154. The repurchases were carried out over
the period 31 March 2005 to 1 April 2005. The highest price paid was R3.90 per
share and the lowest price paid was R3.70 per share, an average price of R3.84
(excluding costs).
The extent of the authority outstanding is 9 854 357 ordinary shares equivalent
to 16.58% of the total issued share capital.
3 Source of funds
Repurchases to date have been funded from the general facilities, all future
purchases will also be funded from this source.
4 Opinion of the directors
The directors of The House of Busby have considered the impact of the share
repurchase and are of the opinion that:
4.1 The House of Busby 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 consolidated assets of The House of Busby and its subsidiaries 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 31 December 2004.
4.3 The ordinary share capital and consolidated reserves of The House of Busby
and its subsidiaries will be adequate for a period of 12 months from the date of
this announcement.
4.4 The working capital of House of Busby and its subsidiaries 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 23.3 24.0 3.00
Headline earnings per share 32.5 33.7 3.69
Net asset value 342 341 (0.29)
Net tangible asset value per 315 313 (0.63)
share
Assumptions
The pro forma financial effects (`after`) are calculated on The House of
Busby`s unaudited results for the six months ended 31 December 2004, assuming:
- The accounting policies employed by The House of Busby for the six months
ended 31 December 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 or before 1
July 2004.
- All the repurchases were financed by our general facility on which interest
accrues at an after tax rate of 5.85 % per annum.
- All the calculations have been based on a weighted average number of shares
in issue of 55 766 264.
- For the purposes of calculating the net asset and net tangible asset value,
it was assumed that the repurchases were carried out on 31 December 2004, using
the number of shares in issue at that date of 55 766 264.
6. JSE Securities Exchange South Africa (`JSE`) Listing
All the shares have been repurchased by a subsidiary of The House of Busby.
These shares will be held in the subsidiary company as treasury stock.
Johannesburg
4 April 2005
Merchant Bank and Sponsor
Investec Bank Limited
Date: 05/04/2005 07:03:57 AM
Produced by the JSE SENS Department
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