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General Repurchase of Ordinary Shares
Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the company” or “the group”)
GENERAL REPURCHASE OF ORDINARY SHARES
In the notice of the Argent annual general meeting held 20
August 2015 (“the 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 Argent to
repurchase up to 20% of the issued ordinary share capital
of Argent.
Shareholders are hereby advised that Argent has repurchased
200 000 ordinary shares, representing 0.21% 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 ordinary shares
were repurchased for an aggregate value of R798 351.09.
Date of Number of Highest Lowest Aggregate
repurchase ordinary price per price per value
shares ordinary ordinary
repurchase share shares
15 July 200 000 R4.03 R3.90 R798
2016 to 2 351.09
August
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 ordinary shares repurchased will be de-listed and
cancelled upon registration of the ordinary shares in the
name of Argent.
Argent is entitled to repurchase a further 18 332 317
ordinary shares (19% of the ordinary shares in issue as at
the date of the authority), in terms of the current general
authority, which is valid until Argent’s next annual
general meeting.
As at the date of this announcement, the Company held
4 682 941 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 Argent 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.
Umhlanga
10 August 2016
Sponsor: PSG Capital Proprietary Limited
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