COMPU-CLEARING OUTSOURCING LIMITED
REPURCHASE OF SHARES ON THE OPEN MARKET
COMPU-CLEARING OUTSOURCING LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NUMBER 98/15541/06
"COMPU-CLEARING" OR "THE COMPANY")
REPURCHASE OF SHARES ON THE OPEN
COMPU-CLEARING HAS REPURCHASED 1 467 000 OF ITS OWN SHARES ON THE OPEN MARKET
THROUGH A WHOLLY-OWNED SUBSIDIARY ACTING IN TERMS OF A SPECIAL RESOLUTION
PASSED BY THE MEMBERS AT THE ANNUAL GENERAL MEETING HELD ON 10 MAY 2000 AND
REGISTERED BY THE REGISTRAR OF COMPANIES ON 11 MAY 2000. A MAXIMUM OF 4 788
537 ORDINARY SHARES MAY BE ACQUIRED IN TERMS OF THE RESOLUTION.
IN ACCORDANCE WITH THE LISTINGS REQUIREMENTS OF THE JOHANNESBURG STOCK
EXCHANGE, THE COMPANY DISCLOSES THE FOLLOWING:
TOTAL NUMBER OF SHARES REPURCHASED.
A TOTAL OF 1 467 000 ORDINARY SHARES, COMPRISING 3,06 PER CENT OF THE ISSUED
ORDINARY SHARE CAPITAL OF COMPU-CLEARING, HAVE BEEN REPURCHASED. THE
REPURCHASES COMMENCED ON 16 MAY 2000 AND CONTINUED THEREAFTER ON A DAY-TO-DAY
BASIS AS MARKET CONDITIONS ALLOWED.
THE HIGHEST PRICE PAID WAS R1.20 PER SHARE AND THE LOWEST PRICE PAID WAS R1,04
PER SHARE.
THE TOTAL CONSIDERATION PAID WAS R1 693 126 AND THE AVERAGE PRICE PAID WAS
R1.15 PER SHARE.
SOURCE OF FUNDS
SHARE REPURCHASES TO DATE HAVE BEEN FUNDED FROM AVAILABLE CASH RESOURCES AND
THE INTENTION IS THAT FUTURE REPURCHASES WILL ALSO BE FUNDED FROM AVAILABLE
CASH.
DIRECTORS' STATEMENT
HAVING CONSIDERED THE EFFECT OF THE PURCHASES MADE SO FAR, THE DIRECTORS OF
COMPU-CLEARING REMAIN OF THE OPINION THAT:
-COMPU-CLEARING AND ITS SUBSIDIARIES WILL BE ABLE IN THE ORDINARY COURSE OF
BUSINESS TO PAY THEIR DEBTS FOR A PERIOD OF 12 MONTHS FROM THE DATE OF THIS
ANNOUNCEMENT;
-THE CONSOLIDATED ASSETS OF COMPU-CLEARING AND ITS SUBSIDIARIES WILL BE IN
EXCESS OF THEIR CONSOLIDATED LIABILITIES, MEASURED IN ACCORDANCE WITH THE
ACCOUNTING POLICIES USED IN THE INTERIM REPORT FOR THE SIX MONTHS ENDED 31
DECEMBER 1999;
-THE ORDINARY SHARE CAPITAL AND CONSOLIDATED RESERVES OF COMPU-CLEARING AND ITS
SUBSIDIARIES WILL BE ADEQUATE FOR A PERIOD OF 12 MONTHS FROM THE DATE OF THIS
ANNOUNCEMENT;
-THE WORKING CAPITAL OF COMPU-CLEARING AND ITS SUBSIDIARIES WILL BE ADEQUATE
FOR A PERIOD OF 12 MONTHS FROM THE DATE OF THIS ANNOUNCEMENT.
FINANCIAL EFFECTS
THE TABLE BELOW SETS OUT THE FINANCIAL EFFECTS OF THE SHARE REPURCHASE ON
COMPU-CLEARING'S EARNINGS PER SHARE, NET ASSET VALUE PER SHARE.
SIX MONTHS TO
31 DECEMBER 1999
BEFORE THE AFTER
REPURCHASE REPURCHASE
(CENTS) (CENTS)
EARNINGS PER SHARE 5.30 5.33
NET ASSET VALUE PER SHARE 55.32 53.28
ASSUMPTIONS
THE PRO FORMA FINANCIAL EFFECTS ARE CALCULATED AT 31 DECEMBER 1999 BY ASSUMING
THAT THE PURCHASES TO DATE HAD BEEN CARRIED OUT ON 1 JULY 1999 WITH THE FUNDS
IN HAND ON WHICH THERE WOULD HAVE BEEN A LOSS OF INTEREST RECEIVED, CALCULATED
AT A RATE OF 7,6 PER CENT PER ANNUM, AFTER TAX. THE ACCOUNTING POLICIES
EMPLOYED BY THE GROUP FOR THE SIX MONTHS ENDED 31 DECEMBER 1999 HAVE BEEN
APPLIED IN MAKING THESE CALCULATIONS.
STOCK EXCHANGE LISTING
AS ALL OF THE SHARES HAVE BEEN PURCHASED BY A SUBSIDIARY OF COMPU-CLEARING, AND
NOT BY COMPU-CLEARING ITSELF, NO APPLICATION WILL BE MADE FOR TERMINATION OF
THE LISTING OF THOSE ORDINARY SHARES IN COMPU-CLEARING WHICH HAVE BEEN
REPURCHASED.
SANDTON
23 JUNE 2000
SPONSORING BROKER TO COMPU-CLEARING OUTSOURCING LIMITED
CAHN SHAPIRO INC.
REGISTRATION NO. 87/00230/21
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
PRODUCED BY: MALANGO KAUNDA 23-06-2000 14:45 SENS
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