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Sable Holdings Limited
(Registration number 1968/010636/06)
("Sable" or "the Company")
SHARE CODE: SBL ISIN: ZAE000006383
REPURCHASE BY SABLE OF ITS OWN SECURITIES
Introduction
At the Annual General Meetings held on 29 January 2001 and 21 January 2002,
Sable received authority to repurchase 1 761 082 and 1 711 000 respectively
of its own shares in the open market. All repurchases have been made in
terms of special resolutions passed and renewed at the above general
meetings.
Since 29 January 2001, a total of 1 235 712 shares were repurchased ("the
share repurchases"). Of the share repurchases, 250 413 shares were
repurchased on 14 June 2001 representing 2,8% of the share capital in issue
at the time, and were cancelled on 3 September 2001. The balance of the
share repurchases, being 985 299 shares representing 11,52% of the current
ordinary issued share capital are listed on the JSE Securities Exchange
South Africa ("JSE") and being held as treasury stock. 135 000 shares,
representing 1,58% will be cancelled in order to comply with the JSE Listing
Requirements regarding treasury stock.
Sable's share repurchase program commenced on 31 January 2001 and continued
thereafter on a day-to-day basis as market conditions allowed.
Sable has inadvertently not made any announcements regarding the share
repurchases in the market, and therefore this announcement refers to all of
the repurchased shares.
Prices Paid
The highest price paid was R4.50 per share and the lowest price paid was
R3.10 per share. The total consideration paid was R 4 252 798 and the
average price paid was R3.44 per share.
Source of funds
Share repurchases to date have been funded from available cash resources and
the intention is that future repurchases will also be funded from available
cash.
Directors' statement
Having considered the effect of the share repurchases made so far, the
directors of Sable remain of the opinion that:
- Sable and its subsidiaries will be able in the ordinary course of business
to pay their debts for a period of 12 months from the date of this
announcement;
- the consolidated assets of Sable and its subsidiaries will be in excess of
their consolidated liabilities, measured in accordance with Statements of
Generally Accepted Accounting Practice;
the issued ordinary share capital and consolidated reserves of Sable and its
subsidiaries will be adequate for a period of 12 months from the date of
this announcement; and
- the working capital of Sable and its subsidiaries will be adequate for a
period of 12 months from the date of this announcement.
Financial effects
The table below sets out the financial effects of the share repurchase on
earnings, net asset value and net tangible asset value per share of Sable
based on the results for the year ended 30 June 2001:
Before the After the %
Repurchase Repurchase Change
(cents) (cents)
Earnings per share 101.3 113.6 12.1
Headline earnings per share 70.8 78.1 10.3
Net and Tangible NAV per share 878 943 7.4
Assumptions
The pro forma financial effects are calculated at 30 June 2001 by assuming
that all the share repurchases to date, being 1 235 712 shares at the cost
of R 4 252 798, had been carried out on 1 July 2000 with cash funds on hand,
resulting in an after-tax loss of interest received, calculated at a rate of
7,6 per cent per annum. The company tax rate utilised is 30%. The accounting
policies employed by the group for the year ended 30 June 2001 have been
applied in these calculations.
Stock exchange listing
Application will be made to the JSE for the termination of the listing of
135 000 of the currently listed Sable repurchased shares, acquired in terms
of the general repurchase. The balance of the shares numbering 850 299 will
be held in a Sable subsidiary as treasury stock.
Bryanston
25 March, 2002
SPONSOR
SASFIN BANK LIMITED
