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MET
MET
Metropolitan Holdings Limited - Repurchase of Ordinary Shares in Metropolitan
METROPOLITAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/031756/06
ISIN: ZAE000050456
JSE Share Code: MET
NSX Share Code: MTD
("Metropolitan" or "the company")
REPURCHASE OF ORDINARY SHARES IN METROPOLITAN
1. INTRODUCTION
Shareholders are advised that Metropolitan has repurchased ordinary shares in
accordance with the general authority granted by its shareholders at the annual
general meetings held on Wednesday, 18 May 2005 and 31 May 2006.
2. IMPLEMENTATION
During the period 18 April 2006 to 5 June 2006, Metropolitan acquired a total of
15 534 600 ordinary shares, equivalent to 2.62% of its issued ordinary share
capital as at 31 December 2005, at prices ranging from 1219 cents to 1345 cents
per ordinary share, for a total consideration of approximately R199 million
(excluding dealing and other associated costs). These shares were repurchased in
the open market at prices not exceeding the limits prescribed by the JSE Limited
("JSE") and will be cancelled and de-listed as soon as possible.
The board and management of Metropolitan confirm that buying back ordinary
shares at prices up to embedded value as part of an ongoing capital management
programme is an effective and efficient way of adding value for shareholders.
The extent of the outstanding repurchase authority is 118 million Metropolitan
ordinary shares.
3. SOURCE OF FUNDS
The share repurchase has been funded from available cash resources.
4. OPINIONS
The directors of Metropolitan have considered the impact of the share repurchase
and are unanimously of the opinion that:
* the company, and the company and its subsidiaries ("the group"), will, in the
ordinary course of business, be able to pay their debts for a period of 12
months from the date of this announcement;
* the assets of the company and the group, fairly valued in accordance with the
accounting policies used in the latest audited annual group financial
statements, will remain in excess of the liabilities of the company and the
group;
* the issued ordinary share capital and reserves of the company and the group
are adequate for the purposes of the business for a period of 12 months from the
date of this announcement;
* the available working capital of the company and the group is sufficient for
the requirements of the company and the group for a period of 12 months from the
date of this announcement; and
* subsequent to any repurchase, the company will comply with the JSE"s spread
requirements.
5. FINANCIAL EFFECTS
The financial effects have been prepared using accounting policies that comply
with International Financial Reporting Standards and have been prepared for
illustrative purposes only in order to assist shareholders to assess the impact
of the share repurchase on the diluted EPS, diluted HEPS, NAV, TNAV and embedded
value per share. The presentation of the financial effects is the
responsibility of the directors and due to its nature may not fairly reflect the
financial position of the company after the share repurchase.
As reported After all %
31 December repurchases Change
2005 (cents)
(cents)
Diluted earnings per share 257.05 261.10 1.6
Diluted headline earnings per 257.05 261.10 1.6
share
Net asset value 824 814 (1.2)
Net tangible asset value per 1 048 1 044 (0.5)
share
Embedded value per share 1 499 1 503 0.3
Assumptions: The shares were acquired out of cash resources that earned an after
tax rate of 5.3% for the full year.
Cape Town
19 July 2006
Sponsor in South Africa
Merrill Lynch South Africa (Pty) Limited
Date: 19/07/2006 02:00:15 PM Produced by the JSE SENS Department
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