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Repurchase of Shares on the Open Market
Imperial Logistics Limited
Incorporated in the Republic of South Africa
(Registration number: 1946/021048/06)
ISIN: ZAE000067211
Share code: IPL
(“Imperial”)
REPURCHASE OF SHARES ON THE OPEN MARKET
1. INTRODUCTION
Further to the announcement released on 25 September and in terms of
paragraph 5.79 and 11.27 of the Listings Requirements of the JSE Limited
(‘JSE’), shareholders are advised that Imperial has purchased a further 250
000 of its own ordinary shares in terms of the general authority granted by
shareholders at the company’s annual general meeting held on 30 October
2019 of 10 062 146 shares (‘the General Repurchase’), which constitutes
0.12% of the company’s issued share capital at the beginning of the General
Repurchase.
The General Repurchase was effected through the order book operated by
the JSE trading system in a series of unrelated trades without any
prior understanding or arrangement between Imperial and the counter
parties. No shares were repurchased during any prohibited period.
The General Repurchase including the share repurchases announced on 25
September 2020 were implemented in order to hedge the share scheme
obligations of Imperial for the 2020 financial year.
2. DETAILS OF THE REPURCHASE
Date of repurchase of securities 25 September 2020
Price paid per share R 34.77
Number of shares repurchased 250 000
Value of shares repurchased R 8,692,775.00
Number and percentage of shares 7 262 146 being 3.59% of the
which may still be repurchased by Company’s issued share capital at
the Company in terms of its the beginning of the share
general authority repurchase
Total shares in issue after the 202 074 388*
share repurchase
*After the repurchase 11 392 791 shares are held in treasury.
3. NOTICE IN TERMS OF SECTION 122
In accordance with paragraph 3.83 of the JSE Limited Listings Requirements
and Section 122 of the Companies Act 71 of 2008, as amended, shareholders
are advised that Imperial Corporate Services (Proprietary) Limited, a
wholly owned subsidiary of Imperial, now holds 11 392 791 of the Company’s
ordinary shares as treasury shares, which is equivalent to 5.64% of the
total issued securities of the same class.
4. STATEMENT BY THE DIRECTORS
The directors of Imperial confirm that, after considering the effect
of the General Repurchase, for a period of 12 months after the date of
this announcement:
– Imperial and its subsidiaries (‘the group’) will be able in the
ordinary course of business to pay its debts;
– the assets of Imperial will be in excess of its liabilities;
– the share capital and reserves of Imperial will be adequate for
ordinary business purposes; and
– the working capital of the Imperial group will be adequate for
ordinary business purposes.
4. SOURCE OF FUNDS
The General Repurchase was funded from the company’s available cash
resources and debt facilities.
5. IMPACT OF THE GENERAL REPURCHASE ON THE FINANCIAL INFORMATION OF
THE COMPANY
The impact of the General Repurchase on the financial statements of
the group is as follows:
The net effect has been a cash outflow of R 8,692,775.00 excluding costs.
The corresponding reduction in shareholder’s equity will result in the
interest payable on debt being increased in future.
Company Secretary
RA Venter
30 September 2020
BEDFORDVIEW
Sponsor: Merrill Lynch South Africa Proprietary Limited
Date: 30-09-2020 11:59:00
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