MICROmega in share buy-back
Listed diversified investment company MICROmega Holdings has announced to shareholders that it has cumulatively repurchased 5,597,285 of its own shares.
This equates to 5.55% of its issued share capital. The shares were purchased at an aggregate price of R16.861 million between the period of August 2012 to July 2013.
The repurchase were granted by MICROmega shareholders in July 2012, and the company is entitled to repurchase a further 14,563,250 shares (14.45% of the shares in issue).
The board of MICROmega said that it has considered the effect of the repurchases and is of the opinion that, for the next year:
- the company and the group will be able to repay their debts, in the ordinary course of business;
- the assets of the company and the group, will be in excess of the liabilities of the company and the group;
- the company’s and the group´s ordinary capital and reserves will be adequate for ordinary business purposes; and
- the company and the group will have sufficient working capital for ordinary business purposes.
In its reporting of its year-end results to 31 December 2012, the company highlighted an increase in operating profits by 37% to R14 million (2011: R10 million).
Headline earnings per share increased by 59% to 32.58 cents per share (2011: 20.50 cents per share), while earnings per share increased by 70.43% to 12.39 cents per share (2011: 7.27 cents per share).
MICROmega currently has a market cap of R223.34 million and opened trade in the JSE at R2.20 on Wednesday (31 July 2013).
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