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CML
CML
Coronation Fund Managers Limited - Repurchase Of Coronation Ordinary Shares
Coronation Fund Managers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/009318/06)
ISIN: ZAE000047353
Share code: CML
("Coronation" or "the Company")
REPURCHASE OF CORONATION ORDINARY SHARES
1. INTRODUCTION
Coronation herewith announces the repurchase of 11 516 448 Coronation ordinary
shares (3.00% of the issued ordinary shares of Coronation) on the open market of
the JSE Limited ("JSE"), in accordance with the general authority granted by
Coronation shareholders at the annual general meeting held on 25 January 2006 to
repurchase up to 20% of its issued share capital ("the repurchase").
2. IMPLEMENTATION
The repurchases of the 11 516 448 Coronation ordinary shares commenced on 19
June 2006 and continued on a day-to-day basis as market conditions allowed.
Details are as follows:-
Number of ordinary shares repurchased 11 516 448
Value of ordinary shares repurchased R63 175 702
Highest price paid per ordinary share R5.50
Lowest price paid per ordinary share R5.12
Average price paid per ordinary share R5.46
The number and percentage of ordinary shares which may still be repurchased by
the Company in terms of the general authority is 65 259 870 (17.00%).
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources.
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
debts 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 30 September 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 respective counterparties.
5. FINANCIAL EFFECTS OF THE REPURCHASE
The directors of Coronation are responsible for the preparation of the financial
information below which has been included for the purposes of indicating the
effect of the repurchases on Coronation"s earnings, headline earnings net asset
value and net tangible asset value per share as illustrated below.
Measure
(in cents Before the After the Change
per share) repurchase repurchase (%)
Basic earnings 48.5 49.3 2.0
Headline earnings 47.6 48.4 2.0
Diluted basic 45.3 46.0 2.0
earnings
Diluted headline 44.5 45.2 2.0
earnings
Net asset value 57.7 41.8 -28
Net tangible asset 57.7 41.8 -28
Value
Notes
1. The amount in the "Before" column represents the basic, headline, fully
diluted basic and fully diluted headline earnings per share disclosed in the
financial results for the year ended 30 September 2005. The amounts in the
"After" column represent the basic, headline, fully diluted basic and fully
diluted headline earnings per share after the general repurchase on the
assumption that the general repurchase was effected on 1 October 2004.
2. The amounts in the "After" column represent the basic, headline, fully
diluted basic and fully diluted headline earnings per share after the general
repurchase on the assumption that interest will no longer accrue to Coronation
on the repurchase consideration at 5.75% per annum before tax.
3. The amounts in the "Before" column represent the net asset value and net
tangible asset value per share as disclosed in the financial results for the
year ended 30 September 2005. The amounts in the "After" column represent the
net asset value and net tangible asset value per share based on the financial
results for the year ended 30 September 2005 adjusted for the general
repurchase, had it been effected on 1 October 2004.
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.
Cape Town
30 June 2006
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 30/06/2006 07:30:05 AM Produced by the JSE SENS Department
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