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BAW
BAW
Barloworld Limited - Repurchase of Barloworld Ordinary Shares
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
("Barloworld or the Company")
REPURCHASE OF BARLOWORLD ORDINARY SHARES
1. INTRODUCTION
Barloworld herewith announces the repurchase of 6 310 097 Barloworld ordinary
shares (3.00% of the issued ordinary shares) on the open market of the JSE
Limited ("JSE"), in accordance with the general authority granted by Barloworld
shareholders at the annual general meeting held on 26 January 2006 to repurchase
up to 20% ("the repurchase").
2. IMPLEMENTATION
The repurchases of the 6 310 097 Barloworld ordinary shares commenced on 24 May
2006 and continued on a day-to-day basis as market conditions allowed.
Details are as follows:-
Number of ordinary shares repurchased 6 310 097
Value of ordinary shares repurchased R712 088 491
Highest price paid per ordinary share R120.42
Lowest price paid per ordinary share R105.20
Average price paid per ordinary share R112.85
The number and percentage of ordinary shares
which may still be repurchased by the company
in terms of the general authority 35 753 524 (17.00%)
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources.
4. OPINION OF THE DIRECTORS
The directors of Barloworld have considered the impact of the repurchases and
are of the opinion that:-
4.1 Barloworld and the Group will be able in the ordinary course of business to
pay its debts for a period of 12 months after the date of this announcement;
4.2 the assets of Barloworld and the Group are in excess of the liabilities of
the Company and the Group for a period of 12 months after this announcement;
4.3 the ordinary share capital and consolidated reserves of Barloworld and the
Group will be adequate for a period of 12 months after the date of this
announcement; and
4.4 the working capital of Barloworld and the Group will be adequate for a
period of 12 months after the date of this announcement.
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 Barloworld"s 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 its 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 879.6 888.3 1.0
Headline earnings 875.7 884.3 1.0
Diluted basic 859.9 867.8 0.9
earnings
Diluted headline 856.1 863.9 0.9
earnings
Net asset value 579.1 560.0 -3.3
Net tangible asset 447.5 424.3 -5.2
value
Notes
1. The "Before the repurchase" numbers are based on the audited results for the
group as at 30 September 2005.
2. The "After the repurchase" earnings and headline earnings per share is based
on the repurchase of 6,310,097 ordinary shares at the beginning of the period.
Earnings per share increases due to the anti-dilutive effect of a lower weighted
number of ordinary shares in issue during the year, partly offset by a reduction
in earnings as a result of the interest effect (after tax) of reduced cash
resources applied to fund the repurchase. The interest effect assumes an
interest rate of 7.5% per annum before tax.
3. The "After the repurchase" net asset and net tangible asset value per share
assumes the repurchase of 6,310,097 ordinary shares at 30 September 2005. Net
asset value per share reduces due to a decrease in share capital and premium,
partly offset by a lesser number of total ordinary shares in issue.
6. JSE LISTING
The shares that have been repurchased will be cancelled and an application made
to the JSE to terminate the listing in respect thereof, in due course.
Sandton
20 June 2006
Sponsor
J.P. Morgan Equities Limited
Date: 20/06/2006 03:42:19 PM Produced by the JSE SENS Department
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