|
QUY
QUY
Quyn - Trading Statement and Repurchase of Ordinary Shares
QUYN HOLDINGS LIMITED
(Registration Number 1998/012245/06)
("Quyn" or "the Company")
(Share code: QUY & ISIN code: ZAE000017257)
TRADING STATEMENT AND REPURCHASE OF ORDINARY SHARES
1. TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("the JSE"),
listed companies are required to publish a trading statement as soon as
they become reasonably certain that the financial results for the period to
be reported on next will be more than 20% different from those of the
previous corresponding period.
Accordingly, shareholders are advised that the group results for the six
months ending 31 August 2006 have shown an improvement when compared to the
previous corresponding period. Consequently, headline earnings per share
are expected to be between 810% and 820% and earnings per share are
expected to be between 1050% and 1060% higher than those achieved in the
previous corresponding period.
The increase is attributable to the fact that the group has moved off its
historic low base coupled with the profitable disposal of an investment
property which accounted for approximately 40% of earnings.
The above information has not been reviewed or reported on by the company"s
auditors. The company"s unaudited results for the six months ending 31
August 2006 are expected to be published by 31 October 2006.
2. REPURCHASE OF ORDINARY SHARES
2.1 Introduction
A general authority for Quyn to repurchase its ordinary shares was granted
at the annual general meeting held on 26 October 2005 and renewed at the
annual general meeting held on 29 September 2006 ("the general authority").
A maximum of 14 001 490 ordinary shares (20%) can be repurchased in terms
of the general authority.
2.2 Repurchase
Quyn has, in terms of the general authority, acquired in the open market 7
170 338 ordinary shares (10.1% of its issued share capital) for a purchase
consideration of R 3 556 496 (50 cents per ordinary share). The purchase
was effected in July and August 2006. In terms of the general authority
Quyn is entitled to repurchase a further 6 831 152 (9.9% of it"s 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 thereof on the JSE terminated. It is the
intention of Quyn to re-issue such shares at a later stage to empowerment
partners. The terms of Paragraph 5.72 (a) of the Listings Requirements have
been complied with.
2.3 Source of funds
The repurchase has been funded from existing cash resources, as will be any
future repurchases.
2.4 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 assets of Quyn and the group will be in excess of the liabilities
of Quyn and the group measured in accordance with the accounting group
policies 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.
2.5 Financial effects
The financial effects of the repurchase based on the audited results for
the year ended 28 February 2006 are shown in the table below. These pro
forma figures have been prepared for illustrative purposes only in order to
give shareholders an indication of the effects of the repurchase. Because
of the nature of the pro forma figures, they may not give a true picture of
the company"s financial position.
Before After %
Repurchase Repurchase Increase
Headline earnings per share (cents) 11.9 13.9 16.8
Earnings per share (cents) 29.2 31.2 6.8
Tangible net asset value per share
(cents) 76.1 78.8 3.5
Net asset value per share (cents) 76.1 78.8 3.5
Assumptions:
The financial effects of the repurchase on earnings and net asset value are
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, at an interest cost of 9.5%. The accounting policies adopted by
Quyn for the year ended 28 February 2006 have been applied in making these
calculations.
2.6 Termination of Listing on the JSE
Application will be made to the JSE for the termination of the listing of
the shares repurchased, together with those held by a subsidiary of Quyn.
2.7 Directors" responsibility
The Directors of the company collectively and individually accept full
responsibility for the accuracy of the information contained in this
announcement and certify that to the best of their knowledge and
belief, there are no other facts, the omission of which would make any
statement in this announcement false or misleading and that they have
made all reasonable enquiries to ascertain such facts.
Johannesburg
20 October 2006
Sponsor
LPC Manhattan Moela (Pty) Ltd
Date: 20/10/2006 03:55:08 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
