CCN buys shares worth R1.8m

By Iain Scott, ITWeb group consulting editor

Johannesburg, 05 May 2003

CCN Holdings, formerly NetActive, has bought back 3.8% of its shares for R1.77 million.

CCN, an outsourced customer contact centre services provider, says the share buyback was carried out in terms of a general authority granted by shareholders in November.

In terms of the authority, it may still buy back 16.2% or just more than 11.72 million of its listed shares.

The company used existing cash resources and the value of the 2.79 million shares purchased will be set off against share capital and share premium.

The shares will be held by a wholly owned subsidiary of CCN as treasury stock.

NetActive was renamed CCN last month after the company sold its Internet service provider division and subsequently acquired an outsourced contact services provider from Call Centre Nucleus Holdings.

CCN specialises in the design, implementation and operation of complex multi-channel contact centres.

Had the repurchase taken effect on 31 October last year, it would have increased the reported earnings per share for the six months to that date by 3.5% to 29.6c. The net asset value per share would have been 1.6% higher at 109.7c.