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KDV - Kaydav Group Limited - General repurchase of shares KAYDAV GROUP LIMITED Incorporated in the Republic of South Africa (Registration number 2006/038698/06) JSE code: KDV & ISIN: ZAE000108940 ("KayDav" or "the company") GENERAL REPURCHASE OF SHARES Shareholders are advised that the company has cumulatively repurchased 10 885 788 of its own ordinary shares ("shares") in terms of a general authority granted by shareholders on 28 April 2011 out of its available cash resources. These repurchases comprise 5.9% of the company`s issued share capital since the granting of the general authority. The repurchases were effected through the order book operated by the JSE trading system without any prior understanding or arrangement between the company and the counter parties. The shares will be de-listed and cancelled upon registration of the shares in the name of KayDav. The shares were repurchased for an aggregate price of R4 559 027 in the following tranches: - 3 112 on 27 May 2011 at 35 cents per share; - 546 888 on 8 June 2011 at 35 cents per share; - 100 000 on 13 October 2011 at 35 cents per share; - 4 305 498 on 1 December 2011 at 40 cents per share; - 5 930 290 on 21 December 2011 at 44 cents per share. KayDav is entitled to repurchase a further 25 841 686 shares (14.1 % of the shares in issue as at the date of the authority) in terms of the current general authority, which is valid until KayDav`s next annual general meeting. OPINION OF THE BOARD OF KAYDAV The board of KayDav has considered the effect of the repurchases and is of the opinion that, for a period of 12 months following the date of this announcement: - the company and the group will be able to repay their debts, in the ordinary course of business; - the assets of the company and the group, will be in excess of the liabilities of the company and the group. - the company`s and the group`s ordinary capital and reserves will be adequate for ordinary business purposes; and - the company and the group will have sufficient working capital for ordinary business purposes. FINANCIAL EFFECTS OF THE REPURCHASES The unaudited pro forma financial effects as set out below have been prepared to assist KayDav shareholders in assessing the cumulative impact of the repurchases on earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share of KayDav as at and for the six months ended 30 June 2011. These unaudited pro forma financial effects have been prepared for illustrative purposes and because of their nature, may not fairly present KayDav`s financial position after the repurchases. The directors of KayDav are responsible for the preparation of the financial effects and they have not been reviewed by KayDav`s auditors. Before the After the % repurchases repurchases change (cents) (cents) Earnings per share 3.2 3.3 +3% Headline earnings per share 3.2 3.3 +3% Diluted earnings per share 3.2 3.3 +3% Diluted headline earnings per 3.2 3.3 +3% share Net asset value per share 60.7 61.7 +2% Tangible net asset value per 52.9 53.4 +1% share NOTES AND ASSUMPTIONS - The figures set out in the "Before the repurchases" column above have been extracted from unaudited interim results for the six months ended 30 June 2011 ("the interim results"). - The figures set out in the "After the repurchases" reflect the pro forma effects on the interim results resulting from the general repurchases of shares effected through the open market between and including 13 October and 21 December 2011 (550 000 shares were acquired between the granting of the general authority and 30 June 2011). - The repurchases are assumed to have been implemented on 1 January 2011 for earnings and headline earnings per share purposes and on 30 June 2011 for net asset and tangible net asset value per share purposes. - It is assumed that the repurchases were funded out of the available cash resources of the company with an after tax interest cost of 6.5% per annum. 23 December 2011 Sponsor Java Capital (Proprietary) Limited Date: 23/12/2011 09:04:33 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
