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GND GNDP
GND
Grindrod Limited - Repurchase of ordinary shares on the open market
Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND & GNDP ISIN: ZAE000072328 & ZAE000071106
("the Company")
REPURCHASE OF ORDINARY SHARES ON THE OPEN MARKET
1. Repurchase
The Company has repurchased 14 096 859 (3%) of its ordinary shares on the open
market, acting on the general authority granted to the directors by
shareholders at the annual general meeting on 25 May 2005 and subsequently
renewed at the annual general meeting on 24 May 2006 ("the General Authority").
In accordance with the Listings Requirements of the JSE Limited ("JSE"), the
Company discloses the following information:
2. Details of share repurchases
Ordinary shares
repurchased
* Total number of shares purchased 14 096 859
* Percentage of the Company"s share capital in
issue on the date of granting of the General
Authority on 24 May 2006 3,03%
* Total value of shares purchased R164 287 192
* Highest price paid R13,00
* Lowest price paid R10,38
* Period of repurchases 05.12.2005 - 21.06.2006
* Number of shares which may still be repurchased
by the Company in terms of the current General Authority 82 200 362
* Percentage of shares which may still be repurchased
by the Company in terms of the current General Authority 17,66%
* Shares in issue on the date of granting of the
General Authority on 24 May 2006 465 406 210
3. Source of Funds
Funds generated in the ordinary course of business were used to fund the
share repurchases.
4. Directors statement
The Directors have considered the effect of the repurchases and are of the
opinion that:
4.1 the ability of the Company and its subsidiaries to continue to pay their
debt in the ordinary course of business will not be affected by the
repurchases for the period of 12 months after the date of this
announcement;
4.2 the assets of the Company and its subsidiaries exceed their liabilities,
measured in accordance with the accounting policies used in the Company"s
financial statements for the 12 months ended 31 December 2005;
4.3 the ordinary capital and reserves of the Company are adequate for the
Company"s requirements for the period of 12 months from the date of this
announcement; and
4.4 the working capital of the Company is adequate for the period of 12 months
from the date of this announcement.
The directors confirm that the repurchase was effected through the order book
operated by the JSE trading system and without any prior understanding or
arrangement between the company and the counter party.
5. Financial effects of the repurchase
Based on the Company"s audited financial results for the 12 months ended 31
December 2005, had the shares been repurchased on 1 January 2006, the effect on
the earnings, headline earnings and net worth value per share would have been
as follows:
Measure Before the After the Change
(cents per share) repurchase repurchase (%)
Basic earnings 185.7 191.6 3.2
Headline earnings 185.3 191.1 3.2
Diluted basic earnings 178.6 184.1 3.0
Diluted headline earnings 178.2 183.7 3.0
Net worth per share
- Book value 314 288 (8.4)
- Market value 1 299 1 303 0.3
Notes:
1. Of the shares repurchased, 183 050 ordinary shares have been cancelled and
delisted as part of the issued share capital on 31 December 2005. The
balance of the repurchase of 13 913 809 ordinary shares are held as treasury
shares.
2. The earnings and headline earnings per share after the repurchases, are
based on the Company"s weighted average number of shares in issue for the
year, less the weighted average number of shares repurchased.
Durban
22 June 2006
Sponsor
Exchange Sponsors (Pty) Limited
Date: 22/06/2006 05:04:59 PM Produced by the JSE SENS Department
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