ARGENT INDUSTRIAL LIMITED - 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 1 155 544 ordinary
shares, representing 1.33% 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
R5 999 914.75.


      Date of        Number of        Highest price      Lowest price   Aggregate value
    repurchase         ordinary       per ordinary       per ordinary

                        shares           share             shares
                     repurchase

  20 March              1 155 544          R5.90            R5.14        R5 999 914.75
  2019 to 3
  July 2019


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.


Prior to the Repurchase, the Company had repurchased in aggregate 4 825 206
ordinary shares. The total number of ordinary shares repurchased since the AGM is
5 980 750, representing 6.86% of the issued ordinary share capital as at the date of the
AGM.


The ordinary shares repurchased have been de-listed and will be cancelled
immediately.


Argent is entitled to repurchase a further 11 458 078 ordinary shares (13.14% 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 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 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
15 July 2019

Sponsor: PSG Capital

Date: 15/07/2019 08:02:00

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