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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 Code: ZAE 000012373
(“Mustek” or “the Company”)
REPURCHASE OF ORDINARY SHARES IN MUSTEK
1. Introduction
Shareholders are hereby advised that Mustek has acquired a further 3 327 587 ordinary shares
in the issued share capital of Mustek on the open market for a purchase consideration in
aggregate of R24 000 938,96 (“the general repurchase”). This is in addition to the 3 277 107
ordinary shares acquired for a purchase consideration of R20 406 733,00 announced on SENS
on 16 April 2014. 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 3,07% 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 16 April 2014 and continued on a day-to-day basis as
market conditions allowed and in accordance with the JSE Limited (“JSE”) Listings
Requirements until 12 December 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 800 cents and 680 cents per share
respectively.
3. Extent of general authority outstanding
The extent of the general authority outstanding for the financial year ending 30 June 2015 is
20 282 263 ordinary shares, representing 19,01% 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 2014;
*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:
Notes Before After Change
(cents) (cents) (%)
Earnings per ordinary share 1 100,07 102,28 2,20
Headline Earnings per ordinary share 1 100,72 102,95 2,21
Net asset value per ordinary share 2 858,67 862,98 0,50
Net tangible asset value per ordinary share 2 802,40 804,90 0,31
Number of shares in issue 106 682 760 103 355 173 (3,12)
Notes:
1. The amounts in the “Before” column represent the audited earnings and headline earnings
per share disclosed in the financial results for the year ended 30 June 2014. 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 audited net asset value and net tangible
asset value per share as disclosed in the financial results for the year ended 30 June 2014. The
amounts in the “After” column represent the audited net asset value and net tangible asset
value based on the financial results for the year ended 30 June 2014, adjusted for the general
repurchase, had it been effected on 30 June 2014.
3. There are no other post balance sheet events requiring adjustments to the pro forma
financial information.
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
15 December 2014
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited
Date: 15/12/2014 02:31:00 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,
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