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ATLANTIC LEAF PROPERTIES LIMITED - Posting of integrated report and notice of annual general meeting, no change statement and proposed share buyback

Release Date: 31/05/2019 10:00
Code(s): ALP     PDF:  
 
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Posting of integrated report and notice of annual general meeting, no change statement and proposed share buyback

Atlantic Leaf Properties Limited
(Incorporated in Jersey)
(Registration number: 128426)
SEM share code: ALPL.N0000
JSE share code: ALP
ISIN: MU0422N00009
www.atlanticleaf.mu
("Atlantic Leaf" or "the Company")


POSTING OF INTEGRATED REPORT AND NOTICE OF ANNUAL GENERAL MEETING, NO CHANGE STATEMENT AND PROPOSED SHARE BUYBACK


POSTING OF INTEGRATED REPORT AND NOTICE OF ANNUAL GENERAL MEETING AND NO CHANGE STATEMENT

Shareholders are advised that the Company's integrated annual report, incorporating the audited financial
statements for the year ended 28 February 2019 (the "Integrated Report") on which the auditors expressed
an unmodified audit opinion, was posted today, Friday 31 May 2019, and contains no changes from the
summarised audited financial statements for the year ended 28 February 2019, which were published on the
website of the Stock Exchange of Mauritius Ltd ("SEM") and on the Stock Exchange News Service ("SENS")
of the JSE Limited ("JSE") on Tuesday, 23 April 2019. A copy of the Company’s Integrated Report including
the audit report is available on the Company's website:
http://www.atlanticleaf.mu/investors/financials/.

Notice is hereby given that the annual general meeting of Atlantic Leaf shareholders will be held at c/o Ocorian
Limited, 11 Old Jewry, London EC2R 8DU on 9 July 2019 at 09h00 UK time (10h00 South African time /
12h00 Mauritian time) to transact the business as stated in the notice of annual general meeting which is
included in the Integrated Report.

The salient dates and times in relation to the annual general meeting are set out in the table below:


  Key events                                                                                  Date
  
  Distribution of 2019 Integrated Report and notice of annual general meeting             Friday, 31 May 2019
  to shareholders                                                                                       
  
  Record date to be recorded in the register in order to be entitled to vote at
                                                                                         Friday, 28 June 2019
  the annual general meeting
  Last day to lodge forms of proxy for the annual general meeting by 09h00
                                                                                          Monday, 8 July 2019
  UK time (10h00 South African time / 12h00 Mauritian time)
  Annual general meeting at 09h00 UK time (10h00 South African time /                    Tuesday, 9 July 2019
  12h00 Mauritian time                                                                   
  
  Results of annual general meeting                                                   Wednesday, 10 July 2019


PROPOSED SHARE BUYBACK

Shareholders and the general public are informed that on Friday, 31 May 2019, the board of directors of
Atlantic Leaf (the "Board") resolved, subject to shareholder approval, to put in place a share buyback
programme that would authorise the Board, should circumstances justify this, to repurchase up to 4.99% of
the issued share capital of the Company as at 30 April 2019, representing a maximum of 9 429 933 ordinary
shares in the Company (the "Proposed Share Buyback"). Should shareholders vote in favour of the general
authority to repurchase shares at the upcoming annual general meeting, the Proposed Share Buyback will run
from Wednesday, 10 July 2019 and will endure until the conclusion of the subsequent annual general meeting
of shareholders of the Company in 2020. The Proposed Share Buyback would be at a price calculated based
on the prevailing market price at the time of the repurchase, being at least ZAR 0.01 and not more than 10%
above the weighted average of the market value of the shares as traded on the JSE for the five business days
immediately preceding the date that any repurchase is effected.

Any shares that are bought back by the Company will be held as treasury shares.

The Board is of the opinion that it could be in the best interest of shareholders to proceed with the Proposed
Share Buyback due to the fact that the price at which the issued shares of Atlantic Leaf trade from time to time
represents a significant discount to the intrinsic value of the Company. The Board is further of the view that
the shares repurchased at a discount to their net asset value could be an efficient use of Atlantic Leaf's cash.
In the absence of any other mitigating factors, the Proposed Share Buyback is generally expected to be value
enhancing and will benefit the shareholders of Atlantic Leaf as a whole given that the pricing at which the
Proposed Share Buyback would be effected would be less than the intrinsic value of those shares.

Any amendment to these terms will be announced on the SEM website and on the SENS.

An Explanatory Statement, detailing the terms of the Proposed Share Buyback, has been included in the notice
of annual general meeting that has been distributed to the shareholders of the Company today.

Atlantic Leaf has a primary listing on the Main Board of the JSE and a secondary listing on the Official Market
of the SEM.

By order of the Board

31 May 2019

For further information please contact:

JSE sponsor
Java Capital                                              +27 11 722 3050
Company secretary
Ocorian Secretaries (Jersey) Limited                      +44 1534 507000
SEM authorised representative and sponsor
Perigeum Capital Ltd                                      +230 402 0890



This notice is issued pursuant to the JSE Listings Requirements and SEM Listing Rules 11.16 and 15.24 and Rule 5(1)
of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of Atlantic Leaf accepts full
responsibility for the accuracy of the information contained in this announcement.

Date: 31/05/2019 10:00:00 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.

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