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THE BIDVEST GROUP LIMITED - REPURCHASE OF ORDINARY SHARES IN BIDVEST

Release Date: 27/03/2003 17:39
Code(s): BVT
Wrap Text

THE BIDVEST GROUP LIMITED - REPURCHASE OF ORDINARY SHARES IN BIDVEST The Bidvest Group Limited (Incorporated in the Republic of South Africa) (Registration number 1946/021180/06) Share code BVT ISIN ZAE ZAE000008132 ("Bidvest") Repurchase of ordinary shares in Bidvest Introduction In terms of general authorities granted to Bidvest to repurchase its ordinary shares, the latest being a special resolution passed by Bidvest shareholders on October 31 2002 ("the general authority"), a maximum of 31 189 158 ordinary shares (being 10% of the issued share capital) could be acquired. 2. Implementation As at the close of business on March 27 2003, a subsidiary of Bidvest had acquired, in the open market, a total of 9 280 837 ordinary shares, equivalent to approximately 3% of the issued share capital at the time of the granting of the general authority, for a total consideration of R383 309 196. The repurchases were carried out over the period October 2000 to March 2003. The highest price paid was R44,71 per share and the lowest price paid was R39,50 per share, at an average price of R41,30. The extent of the authority outstanding is 21 908 321 ordinary shares equivalent to approximately 7% of the issued share capital. 3 Source of funds Repurchases to date have been funded from available resources. 4 Opinion of the directors The directors of Bidvest have considered the impact of the share repurchase and are of the opinion that: 4.1 Bidvest will be able, in the ordinary course of business, to pay its debts for a period of 12 months from the date of this announcement. 4.2 The consolidated assets of Bidvest are in excess of the consolidated liabilities, measured in accordance with the accounting policies used in the unaudited interim financial statements for the six months ended December 31 2002. 4.3 The ordinary share capital and consolidated reserves of Bidvest will be adequate for a period of 12 months from the date of this announcement. 4.4 The working capital of Bidvest will be adequate for a period of 12 months from the date of this announcement. 5. Effect on Earnings and Net Asset Value Before After Change (cents) (cents) %
Attributable earnings per share 235,9 237,5 0,7 Headline earnings per share 243,2 245,0 0,7 Net asset value per share 1823 1771 (2,8) Tangible net asset value per 1609 1552 (3,5) share Assumptions The pro forma financial effects ("after") are calculated on Bidvest"s unaudited results for the six months ended December 31 2002, assuming: * The accounting policies employed by Bidvest for the six months ended December 31 2002 have been applied in making these calculations. * For the purposes of calculating the earnings and headline earnings related figures, it was assumed that all the repurchases were carried out on or before 1 July 2002 in respect of 6 941 691 shares repurchased subsequent to December 31 2002. The effects of the 2 339 146 shares repurchased prior to December 31 2002 were factored into the interim results for the 6 months to December 31 2002. * All the repurchases were financed by cash on which interest was received at an after tax rate of 8% per annum. * All the calculations have been based on a weighted average number of shares in issue of 310 402 402 and a total number of shares in issue of 312 587 934. JSE Securities Exchange South Africa ("JSE") Listing As all the shares repurchased have been repurchased by a subsidiary of Bidvest, none of the shares will be cancelled and the JSE listing in respect of those shares will not be terminated. Johannesburg March 27 2003 Merchant Bank Investec Bank Limited Lead Sponsor Investec Securities Limited Joint sponsor Deutsche Securities

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