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ADAPT IT HOLDINGS LIMITED - General Repurchase of Shares

Release Date: 15/07/2019 17:26
Code(s): ADI     PDF:  
 
Wrap Text
General Repurchase of Shares

Adapt IT Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/017276/06)
Share code: ADI ISIN: ZAE000113163
(“Adapt IT” or ”the Company”)

GENERAL REPURCHASE OF SHARES

1. INTRODUCTION

In compliance with paragraph 11.27 of the Listings Requirements of JSE Limited, the board of directors
of Adapt IT (“the Board”) hereby advises shareholders that Adapt IT Proprietary Limited, a wholly owned
subsidiary of Adapt IT, has cumulatively repurchased 13 344 222 Adapt IT ordinary shares, representing
8.31% of the Company’s issued share capital as at the time that the general authority was granted by
shareholders at the annual general meeting (“AGM”) held on 23 November 2018.

On 7 February 2019, shareholders were advised that Adapt IT Proprietary Limited had cumulatively
repurchased 4 836 650 Adapt IT ordinary shares. 8 026 607 Adapt IT ordinary shares were subsequently
cancelled and delisted on 28 February 2019 (“Cancellation”). A further 8 507 572 Adapt IT ordinary
shares were repurchased during the period between 7 February 2019 and 20 May 2019 (“Repurchase”).

2. DETAILS OF THE REPURCHASE

Details of the Repurchase are as follows:
Date of repurchases:                            7 February 2019 to 20 May 2019
Number of shares repurchased:                   8 507 572
Lowest repurchase price per share:              498 cents
Highest repurchase price per share:             649 cents
Volume weighted average price:                  569 cents
Total value of shares repurchased:              R48 386 854

The Repurchase was effected through the order book operated by the JSE and done without any prior
understanding or arrangement between the Company and the counter parties.

Before the Repurchase Adapt IT Proprietary Limited held 14 770 350 shares as treasury shares,
representing 9.20% of the Company’s issued share capital. After the Repurchase, and taking into
account the cancellation, Adapt IT Proprietary Limited holds 15 251 315 shares as treasury shares,
representing 10% of the Company’s issued share capital.

Following the Repurchase, the extent of the general authority to repurchase shares outstanding is
16 560 565 ordinary shares, representing 10.32% of the total issued share capital of the Company at
the time the authority was granted.

3. OPINION OF THE BOARD

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

-   the Company will be able, in the ordinary course of business, to repay its debts;
-   the assets of the Company will be in excess of the liabilities of the Company;
-   the Company’s ordinary capital and reserves will be adequate for ordinary business purposes;
    and
-   the Company will have adequate working capital for ordinary business purposes.

4. FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE

The impact of the Repurchase has been calculated and the Board can confirm that the implementation
of the Repurchase is limited to a reduction in cash of R48 386 854 as the Repurchase was funded from
the Company’s available cash resources.

Johannesburg
15 July 2019

Sponsor
Merchantec Capital

Date: 15/07/2019 05:26:00
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