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GENERAL REPURCHASE OF SHARES ANNOUNCEMENT
Indequity Group Limited
Incorporated in the Republic of South Africa
Registration number 1998/015883/06
Share code: IDQ ISIN Code ZAE000016606
(“Indequity” or “the Company”)
GENERAL REPURCHASE OF SHARES ANNOUNCEMENT
1. INTRODUCTION
The board of directors of Indequity (“the Board”) hereby advises shareholders that Indequity
Specialised Insurance Limited (“ISI”), a wholly-owned subsidiary of Indequity, has cumulatively
repurchased 556 982 ordinary shares in aggregate, representing 4.25% of the Company’s
issued share capital in terms of the general authority granted by shareholders at the annual
general meeting (“AGM”) held on 07 December 2016 (“Repurchases”).
2. DETAILS OF THE GENERAL REPURCHASE
Details of the Repurchases are as follows:
Dates of Repurchases: 18 January 2017 to 06 March 2017 and
01 June 2017 to 27 September 2017
Number of shares repurchased: 556 982
Lowest repurchase price per share (cents): 850
Highest repurchase price per share (cents): 1000
Total value of shares repurchased: R5 009 093.28
The repurchases were effected through the order book operated by the JSE Limited and done
without any prior understanding or arrangement between the Company and the counter
parties.
Indequity Specialised Insurance Limited holds 556 982 shares as treasury shares, representing
4.25% of the Company’s issued share capital. The repurchase of shares increased the number
of treasury shares by 556 982.
Following the repurchase, the extent of the general authority to repurchase shares
outstanding is 2 064 144 ordinary shares, representing 15.75% of the total issued share capital
of Indequity, at the time the authority was granted.
3. OPINION OF THE BOARD
The Board has considered the effect of the 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, in the ordinary course of business, to pay its
debts;
- The assets of the Company and the group will be in excess of the liabilities of the company
and the group. For this purpose, the assets and liabilities were recognised and measured
in accordance with the accounting policies used in the latest audited annual group
financial statements;
- The share capital and reserves of the Company and the group will be adequate for
ordinary business purposes; and
- The Company and the group have passed the solvency and liquidity test and since the test
was performed, there have been no material changes to the financial position of the
group.
4. SOURCE OF FUNDS
The repurchase was funded from the Company’s available cash resources.
5. FINANCIAL INFORMATION
Cash decreased by R5 009 093.28 as a result of the Repurchase. The impact on other areas of
the Company’s financial information is deemed to be negligent. Treasury shares were
purchased with excess cash generated throughout the year. The company still holds sufficient
cash resources to service day-to-day operational needs as well as to comply with all regulatory
requirements.
6. COMPLIANCE WITH PARAGRAPH 5.72(h) OF THE LISTINGS REQUIREMENTS
No repurchases were undertaken during a prohibited period.
5 October 2017
Sponsor on the JSE
KPMG Services (Proprietary) Limited
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