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

LONG4LIFE LIMITED - Circular to shareholders regarding a general repurchase of shares

Release Date: 18/01/2021 08:00
Code(s): L4L     PDF:  
Wrap Text
Circular to shareholders regarding a general repurchase of shares

(Incorporated in the Republic of South Africa)
(Registration number: 2016/216015/06)
Share code: L4L ISIN: ZAE000243119
(“Long4Life” or “the Company”)


1. Introduction

    Shareholders are referred to the announcement released on the Stock Exchange News Service
    (“SENS”) of the JSE Limited (“JSE”) on Monday, 21 December 2020 in terms of which shareholders
    were advised that the Company purchased an additional 35 135 094 of its own ordinary shares and
    cancelled 50 401 801 shares being 5,87% of the shares in issue immediately preceding the

    After the SENS announcement referred to above, the Company has authority to repurchase an
    additional 95 071 578 shares in terms of the general authority granted by shareholders at the
    Company’s annual general meeting held on Wednesday, 1 July 2020.

    The Company has surplus liquidity in excess to its current needs. In place of paying a dividend to
    shareholders of the Company, the Company has been buying back its own shares in the market
    and intends to continue to do so.

   The JSE rules prohibit companies from buying back more than 20% of their issued share capital in
    aggregate in any given financial year. In order to provide Long4Life with maximum flexibility in its
    general buyback programme in the 2022 financial year, the Company is proposing that the general
    buy back resolution become effective on 1 March 2021 rather than presenting this resolution at the
    Company’s AGM which is expected to be held in July 2021.

    Shareholders are therefore accordingly advised that a circular to shareholders, detailing a proposed
    general authority for Long4Life to repurchase up to 20% of the issued shares during the financial
    year commencing on 1 March 2021 (“General Repurchase”) and incorporating a notice of a special
    general meeting (“General Meeting”) and, where applicable, a form of proxy, has been distributed
    to shareholders today, Monday, 18 January 2021 ("the Circular").

    The Circular is also available on the Company's website at

2. Notice of General Meeting and salient dates and times

    The implementation of the General Repurchase is subject to, inter alia, shareholders passing the
    requisite resolutions at the General Meeting of shareholders to be held at 09h30 on Tuesday,
    16 February 2021 at 7th Floor, Rosebank Towers, 13–15 Biermann Avenue, Rosebank,

    The record date, to determine who will be eligible to participate in and vote at the General Meeting,
    is Friday, 5 February 2021.

    Shareholders may participate (but not vote) electronically in the General Meeting, in accordance
    with the provisions of the Companies Act. Shareholders wishing to participate electronically in the
    General Meeting are required to deliver written notice to the Company Secretary at the Company’s
    business address at 7th floor Rosebank Towers, 13–15 Biermann Avenue, Rosebank,
    Johannesburg, 2196 or by e–mail to the Company Secretary on by no later
    than 09h30 on Friday, 12 February 2021 that they wish to participate via electronic communication
    at the General Meeting (“Electronic Notice”). Teleconferencing facilities will be made available for
    this purpose and may be accessed at the Shareholder’s cost.

    The salient dates pertaining to the Special General Meeting (“SGM”) at which the General
    Repurchase authority will be sought, also contained in the Circular, are set out below:
                                                                                               Date (2021)

 Record date for receipt of notice of SGM                                                Friday, 8 January
 Distribution of Circular and SGM notice                                              Monday, 18 January
 Last day to trade to be eligible to participate in and vote at the SGM               Tuesday, 2 February
 Record date to determine which Long4Life shareholders are                              Friday, 5 February
 entitled to participate in and vote at the SGM
 Last day to lodge forms of proxy with the transfer secretaries                       Monday, 15 January
 for the SGM
 Hand proxy to Chairman prior to the commencement of the SGM                          Tuesday, 16 January
 if not lodged by 15 February 2021
 Special General Meeting to be held at 09h30                                        Tuesday, 16 February
 Results of Special General Meeting released on SENS                                Tuesday, 16 February

1.   All references to dates and times are to local dates and times in South Africa. These dates and times are
     subject to amendment. Any such amendment will be released on SENS.
2. Shares may not be rematerialized or dematerialised between Tuesday, 2 February 2021 and Friday,
     5 February 2021.

18 January 2021

The Standard Bank of South Africa Limited

Date: 18-01-2021 08:00:00
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.

Share This Story