| To : Business Editor | For immediate release |
JARDINE STRATEGIC NET ASSETS PER SHARE AND SHARE CANCELLATION
9th November 1999 - Jardine Strategic Holdings Limited today reported its net assets per share at 31st October 1999 and announced that it had repurchased and cancelled 4.8% of its own shares held by a wholly-owned subsidiary.
On 31st October 1999 Jardine Strategic's unaudited net assets per share were US$3.61. Of this amount, US$2.83 is attributable to Jardine Strategic's interests in directly held businesses, other than Jardine Matheson, based on market price. The remainder is attributable to the Company's effective holdings in Jardine Matheson's businesses based on market price and adjusted to exclude its share of the market value of Jardine Strategic's businesses.
These calculations are based on unaudited information and on 889.8 million shares outstanding at the end of October 1999, which exclude the cross-holding of 265.5 million shares held by Jardine Matheson and a further 58,668,502 shares then held by a wholly-owned subsidiary of the Company, Wyndham Holdings Inc. ("Wyndham").
On 9th November 1999, Jardine Strategic repurchased and cancelled the 58,668,502 ordinary shares in the Company held by Wyndham. The consideration for the repurchase of US$24.6 million represented the value of such shares in the books of Wyndham and was satisfied by the settlement of an outstanding debt of an equivalent amount. Following the repurchase and cancellation of the shares held by Wyndham, the number of ordinary shares of Jardine Strategic remaining in issue is 1,155,303,192 ordinary shares.
The cancellation of the shares held by Wyndham has no effect on the consolidated financial statements of Jardine Strategic as, pursuant to the accounting policies of the Company, the cost of and related income arising from the shares has been eliminated from shareholders' funds and profit respectively. Shareholders' economic interest in Jardine Strategic is, therefore, unchanged.
For further information, please contact:
| Jardine Matheson Limited Neil M McNamara |
Tel : (852) 2843 8227 (office) |
| Forrest International Limited Sue Gourlay |
Tel : (852) 2522 6475 (office) |
This and other Company announcements can be accessed through the Internet at "http://www.irasia.com/listco/sg/jsh1".
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