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The House of Busby -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: ZAE0000013637
Repurchase of ordinary shares in The House of Busby (`Busby`)
1. Introduction
Shareholders are advised that Busby has repurchased a further 5 400 000 (9.09%)
of the Busby issued ordinary shares, through the order book operated by the JSE
Securities Exchange South Africa (`JSE`) and in accordance with the general
authority granted by Busby shareholders at the annual general meeting held on 14
January 2005 (`the general authority`).
Taking into account the 2 033 320 (3.42%) Busby ordinary shares repurchased as
detailed in the announcement dated 4 April 2005, the aggregate number of Busby
ordinary shares repurchased in terms of this general authority amounts to 7 433
320 (12.51%) Busby ordinary shares.
2. Implementation
As at the close of business on the 4 May 2005, Busby has acquired a total of 5
400 000 ordinary shares, equivalent to 9.09% of the issued share capital, for a
total consideration of R21 743 419 (including costs). The repurchase was
carried out on the 4 May 2005. The price paid per share was R4.00.
The extent of the authority outstanding is 4 454 357 ordinary shares equivalent
to 7.49% of the total issued share capital.
3. Source of funds
Repurchases to date have been funded from available cash and it is intended that
all future purchases will also be funded from available cash.
4. Opinion of the directors
The directors of Busby have considered the impact of the share repurchase and
are of the opinion that:
4.1 Busby 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 Busby and the group will be in excess of the
liabilities, measured in accordance with the accounting policies used
in the unaudited interim financial statements for the six months ended
31 December 2004, for a period of 12 months from the date of this
announcement.
4.3 The ordinary share capital and reserves of Busby and the group will be
adequate for a period of 12 months from the date of this announcement.
4.4 The working capital of Busby 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
Reported After Change
31 December All Based on
2004 Repurchases Unaudited
(cents) (cents) Interim Results
%
Earnings per share 35.7 39.2 9.8
Headline earnings per 36.7 40.4 10.1
share
Net asset value 373 369 (1.1)
Net tangible asset value 348 340 (2.3)
per share
Assumptions
The pro forma financial effects (`after`) are calculated on Busby`s
unaudited results for the six months ended 31 December 2004, assuming:
* The accounting policies employed by 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 from available cash 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 50 366 264
* 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 50
366 264.
6. JSE Securities Exchange South Africa (`JSE`) Listing
All the shares have been repurchased by a subsidiary of Busby. 10% of the total
number of shares repurchased will be retained by a wholly owned subsidiary of
Busby as treasury stock and 1 491 418 (2.51%) Busby ordinary shares will be
cancelled with effect from Monday, 9 May. Application will be made to the JSE
for the cancellation of the listing of such shares.
Johannesburg
5 May 2005
Merchant Bank and Sponsor
Investec Bank Limited
Date: 06/05/2005 11:46:44 AM S
Produced by the JSE SENS Department
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