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QUY
QUY
Quyn Holdings Limited - Repurchase of ordinary shares
QUYN HOLDINGS LIMITED
(Registration Number 1998/012245/06)
("Quyn")
(Share code: QUY
ISIN code: ZAE000017257)
REPURCHASE OF ORDINARY SHARES
INTRODUCTION
A general authority for Quyn to repurchase its ordinary shares was granted at
the annual general meeting held on 26 October 2005 ("the general authority"). A
maximum of 14001490 ordinary shares (20%) can be repurchased in terms of the
general authority.
REPURCHASE
Quyn has in terms of the general authority acquired in the open market 3514000
ordinary shares (5.02% of its issued share capital) for a purchase consideration
of R1 728 000 (49cents per ordinary share). The purchase was effected on 17
July 2006. In terms of the general authority Quyn is entitled to repurchase a
further 10 487 490 (14.98% of its issued share capital).
It is the intention of Quyn to acquire further shares in the open market at
prices offered up to a maximum of 50 cents per share. Any shares repurchased in
the future together with those acquired as set out in this announcement as well
as the 6 922 314 shares held by a subsidiary of Quyn will be cancelled and the
listing thereon on the JSE Limited terminated. It is the intention of Quyn to
re-issue such shares at a later stage to empowerment partners.
SOURCE OF FUNDS
The repurchase has been funded from existing cash resources as will any future
repurchases.
OPINION OF THE DIRECTORS
The directors of Quyn have considered the impact of the repurchase and are of
the opinion that for a period of 12 months from the date of this announcement:
* Quyn and its subsidiaries will be able, in the ordinary course of business,
to pay their debts.
* The consolidated assets of Quyn and its subsidiaries will be in excess of
the consolidated liabilities measured in accordance with the accounting
policies used in the audited results for the year ended 28 February 2006.
* The ordinary share capital and consolidated reserves of Quyn and its
subsidiaries will be adequate.
* The working capital of Quyn and its subsidiaries will be adequate.
FINANCIAL EFFECT
The financial effect of the repurchase is based on the audited results for the
year ended 28 February 2006 assuming the repurchase was effected on 1 March 2005
and financed from existing cash resources. The accounting policies adopted by
Quyn for the year ended 28 February 2006 have been applied in making these
calculations.
Before After %
Repurchase Repurchase Increase
Headline earnings per share (cents) 11.9 13.4 12.6
Earnings per share (cents) 29.2 30.7 5.1
Tangible net asset value
per share (cents) 76.1 77.7 2.1
Net asset value per share (cents) 76.1 77.7 2.1
Assumptions:
The financial effects of the repurchase are based on audited results for the
year ended 28 February 2006 assuming the repurchase was effected on 1st March
2005 and financed from existing cash resources, at an interest cost of 10.5%.
The pro-forma financial information is the responsibility of the directors. The
financial effects have been prepared for illustrative purposes only and may not
fairly present the issuers financial position, changes in equity, results of
operations or cash flow.
LISTING ON THE JSE LIMITED
Application will be made to the JSE Limited for the termination of the shares
repurchased, together with those held by a subsidiary of Quyn.
By order
Johannesburg
18 July 2006
Sponsor
LPC Manhattan Moela (Pty) Ltd
Date: 18/07/2006 05:02:05 PM Produced by the JSE SENS Department
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