ARGENT INDUSTRIAL LIMITED - General repurchase of ordinary shares

General repurchase of ordinary shares

ARGENT INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1993/002054/06)
Share code: ART
ISIN: ZAE000019188
("Argent" or "the Company" or "the Group")

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meeting held on 18 August 2023 ("the AGM"),
shareholders approved the repurchase of ordinary shares by way of a special resolution.
Shareholders were further advised that any repurchases under the general authority would be
at market value in accordance with the provisions set out under the relevant special resolution.
The general authority granted by shareholders at the AGM authorised the board of Argent to
repurchase up to 20% of the issued ordinary share capital of Argent.

Shareholders are hereby advised that Argent has repurchased 989 360 ordinary shares,
representing 1.77% of the issued ordinary share capital as at the date on which the authority to
repurchase the ordinary shares was granted, out of the Company's available cash resources.
The ordinary shares were repurchased for an aggregate value of R15 059 241.27.

    Date of              Number of      Highest price      Lowest price      Aggregate value
    repurchases           ordinary       per ordinary      per ordinary
                            shares              share             share
                       repurchased
    12 December            989 360             R15.65            R14.57       R15 059 241.27
    2023 to 16
    January 2024

The repurchases were made in terms of the general authority granted by shareholders at the
AGM and were effected through the order book operated by the JSE trading system without any
prior understanding or arrangement between the Company and the counterparties. The general
repurchase of ordinary shares requirements have been complied with in terms of
paragraph 5.72(a) of the JSE Listings Requirements.

The ordinary shares repurchased were de-listed and cancelled on 6 February 2024.

Argent is entitled to repurchase a further 9 834 318 ordinary shares (17.64% of the ordinary
shares in issue as at the date of the authority), in terms of the current general authority, which
is valid until Argent's next annual general meeting.

As at the date of this announcement, the Company held nil ordinary shares in treasury.

The ordinary shares were repurchased from excess working capital resources of the Company
and the interest that would have been generated for the Group's banking facility is minimal.

OPINION OF THE BOARD OF THE COMPANY

The board of Argent has considered the effect of the repurchases and is of the opinion that, for
a period of 12 months following the date of this announcement:

-    the Company and the Group will be able, in the ordinary course of business, to repay their
     debts;
-    the consolidated assets of the Company and the Group will be in excess of the
     consolidated liabilities of the Company and the Group;
-    the Company's and the Group's share capital and reserves will be adequate for the
     purposes of the business of the Company and the Group; and
-    the Company and the Group will have sufficient working capital for ordinary business
     purposes.

Umhlanga
07 February 2024

Sponsor: PSG Capital

Date: 07-02-2024 10:30:00
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.