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Remgro Limited - Repurchase Of Remgro Ordinary Shares
REMGRO LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1968/006415/06
SHARE CODE: REM
ISIN: ZAE000026480
(`Remgro` or `the company`)
REMGRO - REPURCHASE OF REMGRO ORDINARY SHARES
1. Introduction
Remgro herewith announces that:
Since announcing its annual results on 21 June 2005, the company has repurchased
a further 5 187 563 ordinary shares.
This brings the total repurchases which is in accordance with the general
authority granted by Remgro shareholders at the annual general meeting held on
24 August 2004, to 16 967 602 ordinary shares (or 3.49%).
2. Authorised repurchase limits
In terms of the general authority:
- repurchases are limited to a maximum of 20% of Remgro`s ordinary issued
share capital; and
- any repurchase may not be made at a price higher 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 repurchases.
20% of Remgro`s ordinary issued share capital amounts to a maximum of 97 298 730
ordinary shares which can be repurchased in terms of the general authority.
3. Implementation
Remgro commenced repurchasing the 16 967 602 ordinary shares on 27 August 2004
and continued on a daily basis, as market conditions allowed, except for the
`closed period` before the announcement of the results for the interim period
ended 30 September 2004 and the `closed period` before the announcement of the
results for the year ended 31 March 2005.
Details are as follows:-
Repurchases Repurchases
before after
31 March 31 March
2005 2005
Number of ordinary shares 11 780 039 5 187 563
repurchased
Value of ordinary shares R1 063.4 R570.6
repurchased million million
Highest price paid per R 95.06 R 110.00
ordinary share
Lowest price paid per R 79.00 R110.00
ordinary share
Average price paid per R 90.66 R 110.46
ordinary share including
cost
The number of ordinary 80 331 128
shares, which may still be
repurchased by the company
in terms of the general
authority
Ordinary shares in issue 486 493 650
on 31 March 2005
4. Source of funds
Repurchases to date have been funded from available cash resources.
5. Opinion of the directors
After considering the impact of the repurchases the directors of Remgro are
of the opinion that, for a period of 12 months from the date of this
announcement:-
- Remgro and its subsidiary companies will be able, in the ordinary course of
business, to pay their debts;
- The assets of Remgro and its subsidiary companies will exceed the
liabilities of the company and its subsidiary companies, measured in accordance
with the accounting policies used in the audited annual financial statements for
the year ended 31 March 2005;
- The ordinary share capital and reserves of Remgro and its subsidiary
companies will be adequate; and
- The working capital of Remgro and its subsidiary companies will be
adequate.
6. Financial effects
Before1 After?
(cents) (cents)
Basic earnings per 1771.0 1783.8
ordinary share
Headline earnings 1001.8 1006.5
per ordinary share
Net asset value 7177.2 7135.6
per ordinary share
Net tangible asset 6410.0 6360.1
value per ordinary
share
Notes
1. Based on the audited results for the year ended 31 March 2005. 2.42% of the
3.49% is already accounted for in these figures.
2. The current situation, including the additional 1.07% repurchased after the
financial year-end, was calculated as if the shares were repurchased on
31/3/2005 for balance sheet purposes and as if it was repurchased on 1/4/2004
for income statement purposes.
3. It is impractical to calculate the pro forma effects, that is removing the
effect of all repurchases, as the ordinary shares were not repurchased in one
transaction, but in several transactions over a period of time on a day-to-day
basis.
7. JSE listing
The ordinary shares have been repurchased by a wholly owned subsidiary of
Remgro and are held as treasury shares. None of the ordinary shares will
therefore be cancelled nor will the listing in respect of those shares be
terminated.
Mariza Lubbe
Secretary
Stellenbosch
20 July 2005
Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
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