ADCOCK INGRAM HOLDINGS LIMITED - General Repurchase Announcement

General Repurchase Announcement

Adcock Ingram Holdings Limited
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP
ISIN: ZAE000123436
(the “Company”)

GENERAL REPURCHASE ANNOUNCEMENT

1. INTRODUCTION

    The board of directors of the Company (“Board”) hereby, in terms of paragraph 11.27 of the Listings
    Requirements of the JSE Limited (“JSE”), advises shareholders that the Company through its subsidiary,
    Adcock Ingram Limited (“Subsidiary”), has cumulatively repurchased 8 108 862 ordinary shares
    (“Shares”) from shareholders (“Repurchase”).

    The Repurchase was done:
      - in accordance with the general authority granted by shareholders at the Company’s annual
        general meeting held on 22 November 2022 (“General Authority”); and
      - through the order book operated by the JSE, in a series of unrelated transactions without any
        prior understanding or arrangement between the Company and/or its Subsidiary and these
        shareholders.

    This, in aggregate, represents 4.8% of the Company's issued share capital at the time of the General
    Authority (excluding treasury Shares).

    The Company through its Subsidiary reached the 3% repurchase threshold, provided for in the JSE
    Listings Requirements, on 15 June 2023, requiring publication of this announcement.

2. DETAILS OF THE REPURCHASE

    Details of the Repurchase are as follows:

    Dates of the Repurchase                                                    22 November 2022 – 15 June 2023
    Total number of Shares repurchased                                                               8 108 862
    Total value of Shares repurchased                                                             R416 824 038
    Highest price paid per Share repurchased                                                            R53.00
    Lowest price paid per Share repurchased                                                             R49.50
    The number of Shares which may still be repurchased by the                                         379 081
    Company in terms of the General Authority
    The percentage of Shares which may still be repurchased by the                                        0.2%
    Company in terms of the General Authority
    Shares in issue at the date the General Authority was granted                                  169 758 861
    Shares in issue currently                                                                      169 718 861
    Number of Shares held in treasury after the Repurchase                                          16 922 821

3. STATEMENT BY THE BOARD

       The Board has considered the impact of the Repurchase and is of the opinion that for a period of
       twelve months following the date of the Repurchase:-

       3.1     the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of
               business, to pay its debts;

       3.2     the assets of the Company and the Group will be in excess of the liabilities of the Company
               and the Group, measured in accordance with the accounting policies used in the latest
               audited Group annual financial statements;

       3.3     the share capital and reserves of the Company and the Group will be adequate for ordinary
               business purposes; and

       3.4     the working capital of the Company and the Group will be adequate for ordinary business
               purposes.

4.     SOURCE OF FUNDS

       The Repurchase was funded from available internal cash resources.

5.     IMPACT ON FINANCIAL INFORMATION

       The Group’s cash balances decreased by R419 070 780 (including fees) as a result of the
       Repurchase. Share capital and share premium will reduce by the same amount. The interest
       foregone on the cash required to effect the Repurchase, amounts to R1 456 097 after tax, assuming
       an average interest rate of 4.25% earned in the previous financial period. The Repurchase will have
       the effect of reducing the number of shares in issue used for purposes of calculating the earnings
       per share and headline earnings per share by 1 346 501 Shares in the financial year to end 30 June
       2023.

6.     REPURCHASE PROGRAMME

       A portion of the Repurchase was effected during a prohibited period in terms of a repurchase
       programme entered into prior to the prohibited period, in accordance with the JSE Listings
       Requirements.


Midrand
20 June 2023


Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 20-06-2023 08:50:00
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