Wrap Text
Portfolio update
ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 129785 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA
ISIN: MU0499N00015
(“Astoria” or “the Company”)
PORTFOLIO UPDATE
1. INTRODUCTION
Astoria shareholders are advised of the following transactions:
- the on market disposal of the remaining 923 662 shares in Afrimat Limited (“Afrimat”), which were held
by JB Private Equity Investors Partnership, in which Astoria holds a 90% interest, at an average price of
R58.34 per share for an aggregate consideration of R53 937 233, (the “Afrimat Disposals”); and
- The purchase of 120 000 restricted shares of common stock of Leatt Corporation, a Nevada Corporation
(“Leatt”), for an aggregate Rand consideration of R51 840 000 (the “Leatt Stock Purchase”).
2. THE AFRIMAT DISPOSALS
Afrimat is an open pit mining group that supplies industrial minerals and construction materials to clients across
southern Africa. The Group also supplies bulk commodities to both local and international markets. It is listed on
the (JSE) Main Board. Afrimat’s latest reported net asset value per share and its net profit after tax per share, as
disclosed in its audited consolidated financial statements for the year ended 28 February 2022 (prepared in terms
of International Financial Reporting Standards), were R21.70 and R5.61 respectively.
The Afrimat Disposals constitute a series of transactions, concluded in the ordinary course of business pursuant
to Astoria’s investment policies. When categorised they represent more than 10% of Astoria’s market
capitalisation and has accordingly been announced in compliance with section 15.8 of the JSE Listings
Requirements.
3. THE LEATT STOCK PURCHASE
Leatt designs, develops, markets, and distributes personal protective equipment for participants in all forms of
motor sports and leisure activities, including riders of motorcycles, bicycles, snowmobiles, and ATVs. Although
the company was founded and has its executive headquarters in Cape Town, it sells its products to customers
worldwide through a global network of distributors and retailers. Leatt also acts as the original equipment
manufacturer for neck braces sold by other international brands.
More information about Leatt is available at www.leatt.com and www.leatt-corp.com.
Leatt’s latest reported net asset value per share and its per share net profit after tax for the past twelve months, as
disclosed in its quarterly report pursuant to section 13 or 15(d) of the US Securities Exchange Act of 1934 for the
quarterly period ended 31 March 2022 (prepared in conformity with US generally accepted accounting
principles), were $5.79 and $2.64 respectively.
Astoria has acquired 120 000 restricted shares of common stock in Leatt (the “Leatt Shares”), representing
2.06% of Leatt’s common stock, in a private purchase transaction with Christopher Leatt (the “Seller”), for a
price of $27 (or approximately ZAR432) per share, and an aggregate purchase price of $3 240 000 (or
approximately ZAR 51 840,000), paid in US dollars against transfer of the Leatt Shares to Astoria.
Following the close of the Leatt Stock Purchase, Astoria now holds a total of 139 000 shares of Leatt common
stock, representing 2.4% of Leatt's issued and outstanding shares, including 19 000 Leatt shares that Astoria
purchased in a combination of on-market and other private transactions for an aggregate consideration of
$497 067 (ZAR 7 953 072).
The Leatt Stock Purchase was concluded in the ordinary course of business pursuant to Astoria’s investment
policies. When categorised it represents more than 10% of Astoria’s market capitalisation and has accordingly
been announced in compliance with section 15.8 of the JSE Listings Requirements.
Astoria’s right to resell the Leatt Shares is subject to certain timing, volume and restrictions due to the Seller’s
status as a Leatt director, which makes him an affiliate under Rule 144 of the United States of America Securities
Act of 1933 (“Rule 144”). The Rule 144 resale restrictions will continue to apply until Astoria’s transfer and
resale of the Leatt Shares to an unaffiliated buyer no sooner than six months after the Leatt Stock Purchase. The
agreements in respect of the Leatt Stock Purchase are otherwise subject to warranties and conditions that are
standard for a transaction of that nature.
Astoria has primary listings on the Stock Exchange of Mauritius and the Alternative Exchange of the JSE.
This announcement is issued pursuant to SEM Listing Rules 11.3 and Rule 5(1) of the Securities (Disclosure Obligations
of Reporting Issuers) Rules 2007. The board of directors of Astoria accepts full responsibility for the accuracy of the
information contained in this announcement.
22 July 2022
Mauritius
JSE Designated Advisor
Questco Corporate Advisory Proprietary Limited
Company Secretary
Clermont Consultants (MU) Limited
Date: 22-07-2022 07:05:00
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.
Sharenet Sites 
