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Repurchase of ordinary shares in Mustek
MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST ISIN: ZAE000012373
(“Mustek” or “the Company”)
REPURCHASE OF ORDINARY SHARES IN MUSTEK
1. Introduction
Shareholders are hereby advised that Mustek has acquired 3 277 107 ordinary shares in the issued share capital of
Mustek on the open market for a purchase consideration in aggregate of R20 406 733 (“the general repurchase”). The
general repurchase was effected in terms of a general authority to Mustek’s directors (“the directors”), which was
granted in terms of a special resolution passed by the members at Mustek’s Annual General Meeting (“AGM”) held on
13 December 2013 and comprises 3,02% of the total issued ordinary shares of Mustek at the date of the AGM. Mustek
does not hold any treasury shares.
2. Implementation
The general repurchase commenced on 28 February 2014 and continued on a day-to-day basis as market conditions
allowed and in accordance with the JSE Limited (“JSE”) Listings Requirements until 15 April 2014. The Company confirms
that the repurchases were effected through the order book operated by the JSE and done without any prior understanding
or arrangement between the Company and the counter parties. The highest and lowest prices paid by Mustek for the
ordinary shares were 700 cents and 580 cents per share respectively.
3. Extent of general authority outstanding
The extent of the general authority outstanding for the current financial year is 18 409 526 ordinary shares,
representing 16,98% of the total issued ordinary share capital of Mustek.
4. Sources of funds
The general repurchase has been funded from available cash resources.
5. Opinion of directors
The directors have considered the effect of the general repurchase and are satisfied that:
- Mustek and Mustek’s subsidiaries (“the Mustek group”) 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;
- the assets of Mustek and the Mustek group will be in excess of the liabilities of Mustek and the Mustek group for
a period of 12 months from the date of this announcement. For this purpose, the assets and liabilities should be
recognised and measured in accordance with the accounting policies used in the audited financial statements for the
year ended 30 June 2013;
- the ordinary capital and reserves of Mustek and the Mustek group will be adequate for a period of 12 months from
the date of this announcement; and
- the working capital of Mustek and the Mustek group will be adequate for a period of 12 months from the date of
this announcement.
6. Financial effects
The pro forma financial effects set out below are the responsibility of the directors of Mustek and are provided for
illustrative purposes only. Due to the nature of pro forma financial information, it may not give a fair reflection of
shareholders’ financial position, changes in equity, results of operations or cash flows after the repurchase.
The pro forma financial effects on the earnings, headline earnings, net asset value and net tangible asset value per
ordinary share, before and after the general repurchase are set out below.
Before After Change
Per ordinary share Notes (cents) (cents) (cents)
Earnings per ordinary share 1 41,30 42,16 2,09
Headline Earnings per ordinary share 1 42,15 43,05 2,11
Net asset value per ordinary share 2 785,30 790,28 0,63
Net tangible asset value per ordinary share 2 731,63 734,93 0,45
Notes:
1. The amounts in the “Before” column represent the unaudited earnings and headline earnings per share disclosed in
the interim results for the six months ended 31 December 2013. The amounts in the “After” column represent the
earnings and headline earnings per share after the general repurchase on the following assumptions:
- the general repurchase was effective 1 July 2013; and
- an after tax rate of 4,3% per annum on the cash resources required to fund the general repurchase.
2. The amounts in the “Before” column represent the unaudited net asset value and net tangible asset value per share
as disclosed in the financial results for the six months ended 31 December 2013. The amounts in the “After” column
represent the unaudited net asset value and net tangible asset value based on the financial results for the six
months ended 31 December 2013, adjusted for the general repurchase, had it been effected on 31 December 2013.
7. JSE listing
The ordinary shares that have been repurchased will be cancelled and de-listed in due course.
8. Conclusion
Mustek will continue to repurchase securities as and when opportunities arise.
Midrand
16 April 2014
Sponsor: Deloitte&Touche Sponsor Services (Pty) Ltd
Date: 16/04/2014 03:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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