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General repurchase announcement
EPE CAPITAL PARTNERS LTD
(Incorporated in the Republic of Mauritius)
(Registration number: C138883 C1/GBL)
ISIN: MU0522S00005
Share Code: EPE
(“Ethos Capital” or “the Company”)
GENERAL REPURCHASE ANNOUNCEMENT
1. INTRODUCTION
The Board of Directors of the Company ("Board") hereby, in term of paragraph 11.27 of the Listings
Requirements of the JSE Limited (“JSE”), advises shareholders that the Company, in accordance with
the general authority granted by shareholders at the Company’s annual general meeting held on 13
November 2017 (“General Authority”), has cumulatively repurchased from shareholders, through the
order book operated by the JSE, and in a series of unrelated transactions without any prior
understanding or arrangement between the Company and these shareholders, 5,605,723 ordinary
shares (“Shares”) in the aggregate, representing 3.02% of the Company's issued share capital at the
time of the General Authority (excluding treasury shares) ("Repurchase").
The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on
26 September 2018, hence requiring the publication of this announcement.
2. DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows:-
14 Dec 2017 to 26
Dates of Repurchase Sept 2018
Total number of Shares repurchased 5,605,723
Total value of Shares repurchased R46,561,005
Highest price paid per Share repurchased 900c
Lowest price paid per Share repurchased 740c
The number of Shares which may still be repurchased by the Company in terms
of the General Authority 31,534,277
The percentage of Shares which may still be repurchased by the Company in
terms of the General Authority 16.98%
Shares in issue at the date the General Authority was granted (excluding
treasury shares) 185,700,000
Shares in issue currently (excluding treasury shares) 180,094,277
Number of Shares held in treasury after the Repurchase 7,405,723
As all the Shares have been repurchased by the Company as authorised by its Constitution and the
provisions of the Mauritius Companies Act 2001, such Shares will not be cancelled and remain listed as
they will be held in treasury.
3. STATEMENT BY THE BOARD
The Board has considered the impact of the Repurchase and is of the opinion that for a period of twelve
months following the date of the last approval by the Board for a Repurchase programme:-
3.1 the Company will be able, in the ordinary course of business, to pay its debts;
3.2 the assets of the Company will be in excess of the liabilities of the Company, measured in
accordance with the accounting policies used in the latest audited annual financial statements;
3.3 the share capital and reserves of the Company will be adequate for ordinary business
purposes;
3.4 the working capital of the Company will be adequate for ordinary business purposes; and
3.5 the Company has passed the solvency and liquidity test and since the test was performed,
there have been no material changes to the financial position of the Company.p
4. SOURCE OF FUNDS
The Repurchase was funded from the Company’s available cash resources.
5. IMPACT ON FINANCIAL INFORMATION
The Company’s cash balances decreased by R46,773,165 as a result of the Repurchase and, with the
classification of the Repurchase Shares as treasury shares, share capital will reduce by the same
amount. The annualised interest foregone on the cash required to effect the Repurchase is estimated
to amount to about R3,540,000 after tax, assuming an average interest rate of 7.8% as earned in the
previous financial year. The Repurchase will have the effect of reducing the number of shares in issue
used for purposes of the net asset value per share, earnings per share and headline earnings per share
calculations by 5,605,723 Shares.
6. REPURCHASE PROGRAMME
A portion of the Repurchases, totalling 5,061,486 Shares, was effected during a prohibited period in
terms a repurchase programme entered into prior to the prohibited period, in accordance with the JSE
Listings Requirements.
Ebene, Mauritius (with simultaneous circulation in Johannesburg)
27 September 2018
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27/09/2018 12:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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