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MKL
MKL
Makalani - Repurchase Of Makalani Linked Units
MAKALANI HOLDINGS LIMITED
Registration number 2005/000726/06
(Incorporated in the Republic of South Africa)
ISIN: ZAE000066700
JSE Code: MKL
("Makalani" or "the Company")
REPURCHASE OF MAKALANI LINKED UNITS
1. Introduction
Makalani herewith announces the repurchase of 2 566 671 Makalani
linked units ("the linked units"), representing 10.27% of the issued
share and debenture capital of Makalani, on the open market of the
JSE Limited ("JSE") in accordance with the general authority granted
by Makalani"s linked unitholders at the annual general meeting held
on 23 October 2006 ("the repurchases"). In terms of the general
authority, Makalani is authorised to repurchase a maximum of 20% of
its issued share and debenture capital.
2. Implementation
The repurchases of the linked units commenced on 1 November 2006 and
continued on a day-to-day basis as market conditions allowed.
Details are as follows:-
Number of linked units repurchased 2 566 671
Value of linked units repurchased R249 246 457
Highest price paid per linked unit R97.50
Lowest price paid per linked unit R92.50
Average price paid per linked unit R97.11
The number and percentage of linked units which may still be
repurchased by the Company in terms of the general authority is 2
433 329 (9.73%).
3. Source of funds
The repurchases to date have been funded from available cash
resources.
4. Opinion of the directors
After considering the impact of the repurchases the directors of
Makalani are of the opinion that, for a period of 12 months from the
date of this announcement:-
- the Company will be able, in the ordinary course of business, to pay
its debts;
- the assets of the Company will be in excess of the liabilities of
the Company (for this purpose the assets and liabilities have been
recognised and measured in accordance with the accounting policies used
in the latest audited annual financial statements);
- the Company"s share and debenture capital and reserves will be
sufficient to meet its needs; and
- the Company will have sufficient working capital to meet its needs.
5. Financial effects
The financial effects presented below have been prepared for
illustrative purposes only and because of their nature, may not give
a fair reflection of Makalani"s financial position, changes in
equity, results of operations or cash flows going forward. The table
below indicates the effect of the repurchases on Makalani"s earnings
and headline earnings per linked unit and the preparation thereof is
the responsibility of the directors.
Before(1) After(2) Change
(cents) (cents) (%)
Headline earnings per 793 802
linked unit 1
Basic earnings per 206 229
share 11
Notes
1. The "Before" column is based on the audited results of Makalani for
the period ended 30 June 2006.
2. The "After" column was calculated as if the linked units were
repurchased on 30/06/2006 for balance sheet purposes and as if they were
repurchased on 01/07/2005 for income statement purposes.
3. The effect of the repurchases on net asset value and net tangible
asset value per linked unit is negligible.
4. The basic earnings per share and headline earnings per linked unit
were calculated assuming that interest will no longer accrue to Makalani
on the repurchase consideration at 7.3% per annum before tax.
6. JSE listing
Of the linked units that have been repurchased, 66 671 linked units
will be cancelled and an application will be made to the JSE in due
course to terminate the listing in respect thereof. The balance of
the linked units will be held as treasury stock.
Sandton
10 November 2006
Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Date: 10/11/2006 04:16:08 PM Produced by the JSE SENS Department
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