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Metropolitan Holdings Limited - Repurchase Of Ordinary Shares In Metropolitan
Metropolitan Holdings Limited
Registration number 2000/031756/06
JSE code: MET
NSX code: MTD
ISIN code: ZAE000050456
("Metropolitan" or the "Company")
REPURCHASE OF ORDINARY SHARES IN METROPOLITAN
1. INTRODUCTION
Shareholders are advised that Metropolitan has repurchased ordinary shares in
accordance with the general authority granted by its shareholders at the Annual
General Meeting held on Wednesday, 18 May 2005.
2. IMPLEMENTATION
Metropolitan acquired a total of 20 567 189 ordinary shares, equivalent to 3.17%
of the issued share capital, during the period 19 September 2005 to 10 November
2005 at prices ranging from 1015 cents to 1139 cents per ordinary share for a
total consideration of approximately R224 million (excluding dealing and other
associated costs). These shares were repurchased in the open market at a price
not exceeding the limits as prescribed by the JSE Limited ("JSE") and will be
cancelled and delisted as soon as possible.
The extent of the authority outstanding is 109 million Metropolitan ordinary
shares.
3. SOURCE OF FUNDS
The share repurchase has been funded from available cash resources.
4. OPINIONS
The Directors of Metropolitan have considered the impact of the share repurchase
and are unanimously of the opinion that:
- the Company, and the Company and its subsidiaries ("the Group"), 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;
- the assets of the Company and the Group, fairly valued in accordance with
the accounting policies used in the latest audited group annual financial
statements, will remain in excess of the liabilities of the Company and the
Group;
- the issued ordinary share capital and reserves of the Company and the Group
are adequate for the purposes of the business for a period of 12 months from the
date of this announcement;
- the working capital available of the Company and the Group is sufficient
for the Company"s and the Group"s requirements for a period of 12 months from
the date of this announcement; and
- subsequent to any repurchase the Company will comply with the JSE"s spread
requirements.
5. FINANCIAL EFFECTS
As After % Change
Reported All
30 June Repurcha
2005 ses
(cents) (cents)
Diluted earnings per 86.20 87.83 1.9
share
Diluted headline earnings 86.20 87.83 1.9
per share
Net asset value 779 770 (1.2)
Net tangible asset value 889 883 (0.7)
per share
Embedded value per share 1 296 1 301 0.4
Assumptions: The shares were acquired out of cash resources that earned an after
tax rate of 2.7% for the half year.
Cape Town
14 November 2005
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 14/11/2005 10:49:25 AM Produced by the JSE SENS Department
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