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General Repurchase Of Ordinary Shares
GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
(“GPI” or “the Company” or “the Group”)
GENERAL REPURCHASE OF ORDINARY SHARES
In the notice of the GPI annual general meeting held 2 December 2015 (“AGM”),
shareholders approved the repurchase of ordinary shares by way of a special
resolution. 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 AGM, shareholders granted a general
authority to the board of GPI to repurchase up to 5% of the issued ordinary share
capital of GPI.
Shareholders are hereby advised that GPI has repurchased 14 905 569 ordinary
shares, representing 3.05% of the issued ordinary share capital as at the date of the
authority to repurchase the ordinary shares was granted, out of the Company’s
available cash resources. The aforementioned ordinary shares were repurchased for
an aggregate value of R52 349 331
Date of Number of Highest price Lowest price Aggregate
repurchases ordinary per ordinary per ordinary value
shares share share
repurchased repurchased repurchased
29 June 2016 14 905 569 R3.61 R3.42 R52 349 331
to 28 July
2016
The repurchases were made in terms of the general authority granted by
shareholders at the AGM, 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 general repurchase of ordinary shares has
been complied with in terms of paragraph 5.72(a) of the JSE Listings Requirements.
The repurchases took place in accordance with a repurchase programme submitted
to the JSE prior to the prohibited period in terms of paragraph 5.72(h) of the JSE
Listings Requirements.
The ordinary shares repurchased will be held as Treasury shares by a wholly-owned
subsidiary of GPI.
GPI is entitled to repurchase a further 14 809 443 ordinary shares (3.03% of the
ordinary shares in issue as at the date of the authority), in terms of the current
general authority, which is valid until GPI’s next AGM.
As at the date of this announcement, the Company held 36 705 152 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 GPI 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.
Cape Town
29 July 2016
Sponsor
PSG Capital
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