Spur - Results Of Repurchase Of Ordinary Shares In
12 December 2002 17:27
Spur - Results Of Repurchase Of Ordinary Shares In Terms Of A General Authority 
Spur Corporation Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/000828/06)                                            
Share code : SUR                                                                
ISIN code : ZAE 000022653                                                       
("Spur" or "the company")                                                       
1.   INTRODUCTION                                                               
Spur has, in accordance with the general authority renewed at the annual general
meeting of shareholders held on 5 December 2002, cumulatively repurchased 3,1%  
of its ordinary shares on the JSE Securities Exchange South Africa ("JSE") ("the
2.   REPURCHASE DETAILS                                                         
The details of the repurchase are as follows:                                   
Dates of the repurchases:            Between 2 November 2000 and           
                                          12 December 2002                      
     Highest price paid during the        310 cents per share                   
     repurchase period:                                                         
Lowest price paid during the         195 cents per share                   
     repurchase period:                                                         
     Number of ordinary shares            3 016 815                             
Value of ordinary shares             R7 228 953                            
     Extent of authority outstanding:     16 509 752 ordinary shares            
                                          representing 16,9% of the             
current issued share                  
3.   OPINIONS                                                                   
Existing cash resources were utilised to fund the repurchase and will be set off
against share capital and share premium.                                        
The directors of Spur have considered the impact of the repurchase and are of   
the unanimous opinion that for a period of twelve months from the date of this  
* the company and the group will be able, in the ordinary course of business, to
pay their debts as they become due;                                             
* the assets of the company and the group will be in excess of the liabilities  
of the company and the group, the assets and liabilities being recognised and   
measured in accordance with the accounting policies used in the latest audited  
annual group financial statements;                                              
* the working capital resources of the company and the group will be adequate   
for their current and foreseeable future business requirements; and             
* the issued share capital and/or reserves are adequate for the purposes of the 
business of the company and the Group for the foreseeable future without taking 
into account any further acquisitions                                           
4.   FINANCIAL EFFECTS                                                          
The table below sets out the pro forma financial effects of the repurchase on   
Spur`s net tangible asset value (Spur has no intangible assets), earnings and   
headline earnings per share based on the audited financial results for the year 
ended 30 June 2002:                                                             
Audited Pro                                   
                                  Before  forma     %                           
                                          After     change                      
     Earnings and headline        41,0    41,8      2,0                         
earnings per share (cents)                                                 
     Net tangible asset value     130,5   127,0     (2,7)                       
     per share (cents)                                                          
     Weighted average number of   93 822  90 805                                
ordinary shares in issue                                                   
The pro forma financial effects have been calculated based on the following     
- The financial effects have been calculated on the assumption that the        
consideration payable for the repurchase (R7,2 million) was financed from the   
Group`s available cash resources at 30 June 2002.                               
 - The effect on net tangible asset value assumes that the repurchase was       
implemented on 30 June 2002.                                                    
 - The calculation of the pro forma headline earnings per share after the       
repurchase assumes that the repurchase was effected on 1 July 2001 and that the 
interest forfeited on the cash resources utilised for the repurchase was        
calculated at a pre tax rate of 10% per annum and                               
 - The shares repurchased have been ignored for purposes of calculating the pro 
forma earnings per share, headline earnings per share and net tangible asset    
value per share.                                                                
5.   LISTING ON THE JSE                                                         
As the shares have been bought by a subsidiary of Spur and not by the company   
itself, no application will be made to the JSE for the termination of the       
listing of the repurchased shares.                                              
Cape Town                                                                       
12 December 2002                                                                
BARNARD JACOBS MELLET CORPORATE FINANCE                                         
(PROPRIETARY) LIMITED                                                           
Date: 12/12/2002 05:10:19 PM Produced by the JSE SENS Department                


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