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ARL
ARL
Astral Foods - Repurchase Of Astral Foods Ordinary Shares
Astral Foods Limited
(Incorporated in the Republic of South Africa)
(Reg. No. 1978/003194/06)
(ISIN: ZAE000029757 & JSE Share code: ARL)
("Astral Foods")
REPURCHASE OF ASTRAL FOODS ORDINARY SHARES
1. INTRODUCTION
Astral Foods herewith announces the repurchase of 1 206 140 Astral Foods
ordinary shares (2.7% of the issued ordinary shares) on the open market of
the JSE Limited ("JSE"), in accordance with the general authority granted
by Astral Foods shareholders at the annual general meeting held on 15
February 2006 to repurchase in this financial year up to 20% ("the
repurchase"). Together with previous repurchases, shares cumulatively
repurchased to date amount to 6 664 886 (being 15%) of the issued ordinary
shares as at 15 February 2006.
2. IMPLEMENTATION
The repurchases of the 1 206 140 Astral Foods ordinary shares commenced on
1 June 2006 and continued on a day-to-day basis as market conditions
allowed.
Details are as follows:-
Number of ordinary shares repurchased 1 206 140
Value of ordinary shares repurchased R107 408 000
Highest price paid per ordinary share R105.48
Lowest price paid per ordinary share R77.27
Average price paid per ordinary share R89.05
The number and percentage of ordinary shares
which may still be repurchased by the company
in terms of the current general authority 6 189 436(14%)
Ordinary shares in issue on 15 February 2006 44 519 913
Ordinary shares in issue on date of this
announcement 43 504 969
3. SOURCE OF FUNDS
Repurchases to date have been funded from available cash resources.
4. OPINION OF THE DIRECTORS
The directors of Astral Foods considered the impact of the repurchases and
were of the opinion that:-
4.1 Astral Foods and the Group will be able, in the ordinary course of
business, to pay its debts for a period of 12 months;
4.2 the consolidated assets of Astral Foods and the Group are in excess of
the consolidated liabilities, measured in accordance with the accounting
policies used in the audited annual financial statements for the year ended
30 September 2006;
4.3 the ordinary share capital and consolidated reserves of Astral Foods
and the Group will be adequate for a period of 12 months; and
4.4 the working capital of Astral Foods and the Group will be adequate for
a period of 12 months to accommodate, in terms of the general authority, a
repurchase of a further 3% of the issued share capital of Astral Foods.
The directors further confirm that section 5.72(a) of the JSE Listing
Requirements has been complied with.
5. FINANCIAL EFFECTS
The financial information below is included for the purposes of indicating
the effect of the repurchases on Astral Foods` earnings, headline earnings
and net asset value (NAV) per share as illustrated below. The directors of
the Company are responsible for the financial information below. The
information is for illustrative purposes only and by its nature may not
fairly represent the Company`s financial position, changes in equity,
results of operations or cash flows.
Measure (in cents per Before the After the Change
share) repurchase repurchase (%)
Basic earnings 1 281 1 314 +2
Headline earnings 1 282 1 314 +2
Diluted basic earnings 1 264 1 296 +2
Headline earnings 1 265 1 296 +2
Net asset value 2 942 2 748 -7
Net tangible asset 2 631 2 428 -8
value
Notes
1. The "Before the repurchase" numbers are based on the results for the 12
months ended on 30 September 2006, excluding the after tax interest effect
on earnings as a result of the shares bought back since the date of the
previous announcement, 1 June 2006.
2. The "After the repurchase" numbers are based on the results of the 12
months ended on 30 September 2006, adjusted for the after tax interest
effect on earnings as if all the shares were bought back on 1 June 2006.
3. The weighted average number of shares used in calculating the different
earnings per share figures, has been adjusted with the number of shares
repurchased.
6. JSE LISTING
The 1 206 140 ordinary shares have been purchased by the company and
application to cancel the JSE listing in respect of these ordinary shares
will be made.
Pretoria
11 December 2006
Sponsor
J.P. Morgan Equities Limited
Date: 11/12/2006 17:07:04 Produced by the JSE SENS Department.
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