To view the PDF file, sign up for a MySharenet subscription.

METAIR INVESTMENTS LIMITED - CANCELLATION OF S408873 General repurchase of shares

Release Date: 10/12/2018 15:39
Code(s): MTA
Wrap Text
CANCELLATION OF S408873 General repurchase of shares

METAIR INVESTMENTS LIMITED
(Reg No. 1948/031013/06)
(Incorporated in the Republic of South Africa)
Share code : MTA
ISIN code : ZAE000090692
(“Metair” or the “Company”)

GENERAL REPURCHASE OF SHARES

1. INTRODUCTION

    Metair shareholders (“Shareholders”) are referred to the announcement published on SENS on
    22 October 2018, wherein Shareholders were advised that the Company had established a share
    repurchase programme in terms of which the Company and / or its subsidiaries may repurchase
    up to 9 949 294 ordinary shares (“Shares”), being 5% of the Company’s issued share capital,
    pursuant to and in accordance with the authority granted by Shareholders at the Company’s annual
    general meeting held on Wednesday, 2 May 2018 (“General Authority”).

    In terms of paragraph 11.27 of the JSE Limited Listings Requirements (“Listings Requirements”),
    Shareholders are advised that the Company has cumulatively repurchased 5 969 577 Shares,
    which represent 3% of the issued shares of the Company, on the open market of the JSE Limited
    (“Repurchase”). The Repurchase was funded from the Company’s available cash resources.

2. DETAILS OF THE REPURCHASE

    Dates of repurchases of securities:                             Between 22 October 2018 and
                                                                      7 December 2018, both days
                                                                      inclusive
    Highest price paid per Share:                                   R19.84 per share
     Lowest price paid per Share:                                    R14.13 per share
    Value of Shares repurchased:                                     R104 369 314.05
    The number of Shares which may still be repurchased by          3 979 717
    the Company in terms of the General Authority:
    The percentage of Shares which may still be repurchased         2%
    by the Company in terms of the General Authority:
    Total shares in issue as at the date of this                    198 985 886
    announcement:

3. STATEMENT BY THE BOARD

   The directors of Metair (“Directors”) confirm that, after considering the effect of the Repurchase,
   for a period of 12 months after the date of this announcement:

       i.   Metair and its subsidiaries (the “Group”) will be able in the ordinary course of business to
            pay its debts;
      ii.   the assets of Metair and the Group will be in excess of the liabilities of Metair and the Group;
     iii.   the share capital and reserves of Metair and the Group will be adequate for ordinary
            business purposes; and
      iv.   the working capital of Metair and the Group will be adequate for ordinary business purposes.
  
   The Directors further confirm that paragraph 5.72(a) of the Listings Requirements has been
   complied with. All repurchased Shares will not be cancelled and will remain listed as they will be
   held in treasury.

4. IMPACT OF THE REPURCHASE ON THE FINANCIAL INFORMATION

   The impact of the Repurchase on the company’s financial position is limited to a reduction in cash
   of R104 872 734.31 and an increase in treasury shares to 732 822 Shares. There will be no impact
   on the issued share capital.


Johannesburg
10 December 2018

Sponsor
One Capital

Date: 10/12/2018 03:39:59 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.

Share This Story