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ARL
ARL
Astral Foods Limited - Repurchase Of Astral Foods Ordinary Shares
Astral Foods Limited
(Incorporated in the Republic of South Africa)
(Reg. No. 1978/003194/06)
(ISIN: ZAE000029757 & JSE Share code: ARL)
("Astral Foods or the Company")
REPURCHASE OF ASTRAL FOODS ORDINARY SHARES
1. INTRODUCTION
Astral Foods herewith announces the repurchase of 1 508 407 Astral Foods
ordinary shares (3.4% of the issued ordinary shares) on the open market of
the JSE Limited ("JSE"), in accordance with the general authority granted
by Astral Foods shareholders at the annual general meeting held on 15
February 2006 to repurchase up to 20% ("the repurchase"). Together with
previous repurchases, shares cumulatively repurchased to date amount to 5
458 746(being 12.3%) of the issued ordinary shares.
2. IMPLEMENTATION
The repurchases of the 1 508 407 Astral Foods ordinary shares commenced on
28 November 2005 and continued on a day-to-day basis as market conditions
allowed.
Details are as follows:-
Number of ordinary shares repurchased 1 508 407
Value of ordinary shares repurchased 121 564 474
Highest price paid per ordinary share R92.39
Lowest price paid per ordinary share R69.04
Average price paid per ordinary share R80.59
The number and percentage of ordinary shares
which may still be repurchased by the company
in terms of the general authority 3 445 237
(7.7%)
Ordinary shares in issue on 15 February 2006 44 519 913
Ordinary shares in issue on date of this
announcement 44 627 513
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources.
4. OPINION OF THE DIRECTORS
At the time of the granting of the general authority the directors of
Astral Foods considered the impact of the repurchases and were of the
opinion that:-
4.1 Astral Foods and the Group will be able, in the ordinary course of
business, to pay its debts for a period of 12 months;
4.2 the consolidated assets of Astral Foods and the Group are in excess of
the consolidated liabilities, measured in accordance with the accounting
policies used in the audited annual financial statements for the year ended
30 September 2004;
4.3 the ordinary share capital and consolidated reserves of Astral Foods
and the Group will be adequate for a period of 12 months; and
4.4 the working capital of Astral Foods and the Group will be adequate for
a period of 12 months.
The directors further confirm that section 5.72(a) of the JSE Listing
Requirements has been complied with.
5. FINANCIAL EFFECTS
The financial information below is included for the purposes of indicating
the effect of the repurchases on Astral Foods" earnings, headline earnings
and net asset value (NAV) per share is illustrated below. The directors of
the Company are responsible for the financial information below. The
information is for illustrative purposes only and by it nature may not
fairly represent the Company"s financial position, changes in equity,
results of operations or cash flows.
Measure (in cents Before the After the Change
per share) repurchase repurchase (%)
Basic earnings 688 703 +2%
Headline earnings 687 702 +2%
Diluted basic 670 684 +2%
earnings
Headline earnings 668 683 +2%
Net asset value 2814 2397 -15%
Net tangible asset 2510 2082 -17%
value
Notes
The "Before the repurchase" numbers are based on the results for the 6
months ended on 31 March 2006, excluding the after tax interest effect on
earnings as a result of the shares bought back during this period.
The "After the repurchase" numbers are based on the results of the 6 months
ended on 31 March 2006 adjusted for the after tax interest effect on
earnings as if all the shares were bought back on 1 October 2005.
The weighted average number of shares used in calculating the different
earnings per share figures, has been adjusted with the number of shares
repurchased.
6. JSE LISTING
A total of 501 652 ordinary shares have been repurchased by a wholly-owned
subsidiary of Astral Foods, while 1 006 755 ordinary shares have been
purchased by the company and application to cancel the JSE listing in
respect of the
1 006 755 ordinary shares will be made.
Pretoria
1 June 2006
Sponsor
J.P. Morgan Equities Limited
Date: 01/06/2006 03:23:11 PM Produced by the JSE SENS Department
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