BSI STEEL LIMITED - General Repurchase Of 3% Of Ordinary Shares In Issue

General Repurchase Of 3% Of Ordinary Shares In Issue

BSI STEEL Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
JSE code: BSS
ISIN: ZAE000125134
(“BSI” or "the Company")


GENERAL REPURCHASE OF 3.05% OF ORDINARY SHARES IN ISSUE (“ORDINARY
SHARES”)


1.      Introduction

In accordance with paragraph 11.27 of the JSE Limited Listings Requirements, BSI
shareholders (“Shareholders”) are advised that BSI has, in terms of the general authority to
repurchase BSI securities granted by Shareholders at the Company’s annual general
meeting held on 6 September 2016 (“General Authority”), repurchased 21 929 223 Ordinary
Shares (“General Repurchase”). This represents 3.05% of ordinary share capital in issue as
at the date that the General Authority was granted. The Ordinary Shares have been
repurchased for a value of R 8 694 515.88 out of the Company’s available cash resources.

2.      Details of the General Repurchase

             Dates of             Number of                Highest                    Lowest
          the General              Ordinary               price per                 price per
          Repurchase                 Shares               Ordinary                  Ordinary
                                repurchased                  Share                     Share

     13 February 2016           21 929 223                  R0.47                     R0.35
       to 19 May 2017


The General Repurchase was effected through the order book operated by the JSE trading
system without any prior understanding or arrangement between the Company and the
counter parties.

The Ordinary Shares acquired in terms of the General Authority have not been delisted and
cancelled but rather held as treasury shares. Consequently, following the General
Repurchase, 44 912 772 Ordinary Shares are held as treasury shares.

BSI is entitled to repurchase a further 27 072 728 Ordinary Shares (3.76% of the Ordinary
Shares in issue as at the date of the General Authority), in terms of the General Authority,
which is valid until the next annual general meeting of the Company.
3.       Impact of the General Repurchase on financial information

The impact of the General Repurchase on the financial information of the Company has not
been material and has resulted in a cash outflow of R 8 746 748.52. Interest earned on the
cash resources used to acquire the Ordinary Shares will be forgone.

4.       Board statement

The board has considered the effect of the General Repurchase 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 to repay their debts, in the ordinary course of
          business;
     -    the assets of the Company and the group will be in excess of the liabilities of the
          Company and the group;
     -    the share capital and reserves of the Company and the group will be adequate for
          ordinary business purposes of the Company and the group; and
     -    the working capital of the Company and the group will be adequate for ordinary
          business purposes.

5.       Repurchase programme

Of the 21 929 223 Ordinary Shares repurchased, 9 609 583 Ordinary Shares were
repurchased pursuant to a repurchase programme that was put in place, in accordance with
the JSE Limited Listings Requirements, prior to the time that the Company entered into a
prohibited period.

Johannesburg
22 May March 2017

Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)

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