GNDE - Grindrod Limited - Repurchase Of Ordinary And "n"

24/04/2002 00:00:00

Open Market
(formerly Grindrod Unicorn Group Limited)
(Registration number 1966/009846/06)
(JSE Code: GNN & ISIN Code: ZAE000030805)
(JSE Code: GND & ISIN Code: ZAE000030805)
("the Company")
1. Repurchase
Further to the announcement dated 11 October 2001, the Company has now
repurchased a cumulative total of 6 552 903 (16,6%) ordinary shares and
15 210 226 (23,6%) of its "N" ordinary shares on the open market, acting on
the general authority granted to the directors by shareholders.
In accordance with the Listings Requirements of the JSE Securities
Exchange South Africa ("JSE"), the Company discloses the following
2. Details of share repurchases
Ordinary shares "N" ordinary shares
Repurchase Cumulative Repurchase Cumulative
Total number of 3 523 603 6 552 903 3 742 326 15 210 226
shares purchased
Percentage of the
Company's share
capital in issue
on the date of 8,92% 16,60% 5,81% 23,60%
granting of the
General Authority
Total value of R20 855 219 R31 943 980 R21 271 570 R61 914 894
shares purchased
Highest price 631 cents 631 cents 603 cents 603 cents
Lowest price paid 410 cents 315 cents 510 cents 300 cents
Period of 12/10/01 - 12/10/01 -
repurchases 22/04/02 22/04/02
Number and
percentage of
shares which may
still be 3 274 898 5 880 111
repurchased by 8.29% 9.12%
the Company in
terms of the
General Authority
Shares in issue
on the date of 39 480 504 64 467 185
granting of the
General Authority
3. Source of Funds
Funds generated in the ordinary course of business and from ship sales
were used to fund the share repurchases.
4. Directors statement
The Directors have considered the effect of the repurchases and are of
the opinion that:
4.1 The ability of the Company and its subsidiaries to continue to pay
their debt in the ordinary course of business will not be affected by the
repurchases for the period of 12 months after the date of this announcement;
4.2 The assets of the Company and its subsidiaries exceed their
liabilities, measured in accordance with the accounting policies used in the
Company's financial statements for the year ended 31 December 2001;
4.3 The ordinary capital and reserves of the Company are adequate for
the Company's requirements for the period of 12 months from the date of this
announcement; and
4.4 The working capital of the Company is adequate for the period of
12 months from the date of this announcement.
5. Financial effects of the repurchase
Based on the Company's audited financial results for the year ended
31 December 2001, had the shares been repurchased on 1 January 2001, the
effect on the earnings, headline earnings and net asset value per share
would have been as follows:
Before the After the Percentage
(cents per share) repurchase repurchase change
Earnings 120.3 124,1 3,17
Headline earnings 121.3 125,1 3,20
Net asset value at 31 724.0 728,0 0,49
December 2001
1. A further 7 265 929 "N" ordinary shares will be cancelled as part
of the issued share capital, which will result in a total of 10 355 529 "N"
ordinary shares having been cancelled since the beginning of the buy-back
programme. A total of 6 552 903 ordinary shares and 4 854 697 "N" ordinary
shares are held as treasury shares.
2. The earnings and headline earnings per share after the repurchase
are based on the Company's issued share capital less shares repurchased on a
weighted average basis.
6. Stock Exchange listing
The shares cancelled will not continue to be listed on the JSE.
Application will be made for the delisting of the shares concerned in due
25 April 2002
Merchant Bank Sponsor
Marriott Merchant Bank Exchange Sponsors (Pty)
Limited Limited

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