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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
Further to the announcement on 30 June 2006, shareholders are advised that
Coronation has now purchased an additional 6.2% of its own shares 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 35 315 852 Coronation ordinary shares commenced on
19 June 2006 and continued on a day-to-day basis as market conditions
allowed.Details are as follows:-
Additional Cumulative
shares repurchases
Number of ordinary shares repurchased 23 799 404 35 315 852
Value of ordinary shares repurchased R136 991 917 R200 167 619
Highest price paid per ordinary share R5.90 R5.90
Lowest price paid per ordinary share R5.42 R5.12
Average price paid per ordinary share R5.76 R5.67
The number and percentage of ordinary shares which may still be repurchased
by the Company in terms of the general authority is 41 460 466 (10.8%).
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 51.0 5.0
Headline earnings 47.6 50.0 5.0
Diluted basic 45.3 47.6 5.0
earnings
Diluted headline 44.5 46.6 5.0
earnings
Net asset value 57.7 3.5 -94.0
Net tangible asset 57.7 3.5 -94.0
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.
5. 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
28 August 2006
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 28/08/2006 07:00:06 AM Produced by the JSE SENS Department
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