ARGENT INDUSTRIAL LIMITED - General Repurchase of Ordinary Shares

General Repurchase of Ordinary Shares

Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the company” or “the group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meetings held
on 28 October 2014 and 20 August 2015 (“the AGMs”),
shareholders approved the repurchase of ordinary shares
by way of special resolutions. Shareholders were further
advised that any repurchases under the general authority
would be at market value in accordance with the
provisions set out under the relevant special resolution.
At the AGMs, shareholders granted a general authority to
the board of Argent to repurchase up to 20% of the issued
ordinary share capital of Argent.

Shareholders  are hereby advised that Argent  has
repurchased 200 010 ordinary shares, representing 0.21%
of the issued ordinary share capital as at the date of
the authority to repurchase the ordinary shares, out of
the Company’s available cash resources. The ordinary
shares were repurchased for an aggregate value of
R880 402.98.

 Date of    Number of     Highest        Lowest     Aggregate
repurchase   ordinary    price per     price per      value
              shares      ordinary      ordinary
           repurchase       share        shares
30 June     200 010         R5.00        R4.01    R880 402.98
2015 to 4
September
2015

The repurchases were made in terms of the general
authority granted by shareholders at the AGMs, and were
effected through the order book operated by the JSE
trading system without any prior understanding or
arrangement between the Company and the counterparties.

The ordinary shares repurchased will be de-listed and
cancelled upon registration of the ordinary shares in the
name of Argent.

Argent is entitled to repurchase a further 19 197 792
ordinary shares (19.9% of the ordinary shares in issue as
at the date of the authority), in terms of the current
general authority, which is valid until Argent’s next
annual general meeting.

As at the date of this announcement, the Company held
4 682 941 ordinary shares in treasury.

The impact of the repurchase of the ordinary shares on
the financial information of the Company is immaterial.
The ordinary shares were repurchased from excess cash
resources of the Company.

OPINION OF THE BOARD OF THE COMPANY

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

-   the Company and the Group will be able, in the
    ordinary course of business, to repay their debts for
    a period of 12 months after the date of this
    announcement;
-   the consolidated assets of the Company and the Group
    will be in excess of the consolidated liabilities of
    the Company and the Group for a period of 12 months
    after the date of this announcement;
-   the Company’s and the Group’s share capital and
    reserves will be adequate for the purposes of the
    business of the Company and the Group for a period of
    12 months after the date of this announcement; and
-   the Company and the Group will have sufficient
    working capital for ordinary business purposes.

Umhlanga
21 September 2015

Sponsor:   PSG Capital Proprietary Limited

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