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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
28 November 2018 (“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. At the AGM, shareholders granted a general authority to 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 1 024 224
ordinary shares, representing 1.17% of the issued ordinary share capital as at
the date of 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 R4 839 199.47.
Date of Number of Highest price Lowest price Aggregate value
repurchase ordinary per ordinary per ordinary
shares share shares
repurchase
16 November 1 024 224 R4.90 R4.30 R4 839 199.47
2018 to 6
December
2018
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 has been complied with in terms of paragraph 5.72(a) of the
JSE Listings Requirements.
The ordinary shares repurchased will be de-listed and cancelled upon
registration of the ordinary shares in the name of Argent.
Argent is entitled to repurchase a further 16 414 604 ordinary shares (18.83%
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 4 682 941 ordinary
shares in treasury, which shares includes the shares that are the subject of this
announcement.
The impact of the repurchase of the ordinary shares on the financial information
of the Company is immaterial. The ordinary shares were repurchased from
excess cash resources of the Company.
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 for a period of 12 months after the date of
this announcement;
- the consolidated assets of the Company and the Group will be in excess
of the consolidated liabilities of the Company and the Group for a period
of 12 months after the date of this announcement;
- 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
for a period of 12 months after the date of this announcement; and
- the Company and the Group will have sufficient working capital for
ordinary business purposes for a period of 12 months after the date of this
announcement.
Umhlanga
12 December 2018
Sponsor: PSG Capital
Date: 12/12/2018 03:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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