GREENBAY PROPERTIES LIMITED - Repurchase of ordinary shares

Repurchase of ordinary shares

GREENBAY PROPERTIES LTD
(Incorporated in the Republic of Mauritius on 14 August 2014)
(Registration number C124756 C1/GBL)
SEM share code: GFP.N0000
JSE share code: GRP
ISIN: MU0461N00007
("Greenbay" or "the Company")


REPURCHASE OF ORDINARY SHARES



1.       INTRODUCTION

Shareholders are referred to the announcement released on the SEM website and SENS on Thursday, 31 May 2018 with
regard to the implementation of a share buy-back programme, together with the further announcement released on the
SEM website and SENS on Wednesday, 8 August 2018 confirming that the share buy-back programme remained in
place.
In compliance with paragraph 11.27 of the JSE Listings Requirements, the board of directors of Greenbay (the "board")
hereby advises shareholders that Greenbay has cumulatively repurchased 304 714 545 ordinary shares, representing
3,21% of the issued share capital of the Company, in terms of the general authority granted by shareholders at the Annual
General Meeting of the Company held on 31 January 2018 (the "repurchase").

2.       DETAILS OF THE REPURCHASE
                                                                                   SEM                        JSE
 Date of repurchases*                                                   From 12 June 2018 to       From 16 August 2018
                                                                          21 September 2018       to 26 September 2018
 Number of shares repurchased                                                     6 306 500                298 408 045
 Lowest repurchase price per share                                                  EUR0.08                      R1.33
 Highest repurchase price per share                                                 EUR0.08                      R1.40
 Volume weighted average price                                                      EUR0.08                      R1.35
 Total value of shares repurchased                                               EUR509 817               R404 954 279
 
                                                                                            SEM and JSE
 Number of shares that may still be repurchased in terms of the
 general authority                                                                          168 741 970
 Percentage of shares that may still be repurchased in terms of the
 general authority                                                                                1,78%
 Shares in issue on 31 May 2018                                                           9 488 106 526
 Shares in issue on 26 September 2018                                                     9 488 106 526
 Treasury shares held after the repurchase                                                  304 714 545
 * - No shares were repurchased during Greenbay's mandatory closed periods.

The repurchases were effected through the order books operated by the SEM and JSE, respectively, and done without
any prior understanding or agreement between Greenbay and the counterparties. The repurchased shares will be held
as treasury shares.
The shares were repurchased out of existing cash resources of the Company, and all future repurchases will also be
funded from available cash resources.

3.       STATEMENT BY THE BOARD
The board has considered the effect of the repurchase and is of the opinion that, for a period of 12 months following the
date of this announcement:

     -    Greenbay and its subsidiaries will be able, in the ordinary course of business, to pay its debts;
     -    the assets of the Company and the group will be in excess of the liabilities of the Company and the group;
     -    the Company's ordinary share capital and reserves will be adequate for ordinary business purposes; and
     -    the Company will have adequate working capital for ordinary business purposes.

4.     FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE
The impact of the repurchase has been calculated and the board can confirm that the implementation of the repurchase
has reduced cash balances by approximately EUR24 507 284.

The Company has a primary listing on both the Official Market of the SEM and the Main Board of the JSE.

27 September 2018

For further information please contact:
                                              
JSE sponsor                                                                         
Java Capital                                                      
Tel: +27 11 722 3050

SEM authorised representative and sponsor
Perigeum Capital
Tel: +230 402 0890                          

Company Secretary
Intercontinental Trust Ltd
Tel: +230 403 0800

This notice is issued pursuant to JSE Listings Requirements, SEM Listing Rules 11.3 and Rule 5(1) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007. The Board of Directors of Greenbay Properties Ltd accepts full responsibility for the
accuracy of the information contained in this announcement.

Date: 27/09/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.