BRIMSTONE INVESTMENT CORPORATION LD - General repurchase of ordinary shares

General repurchase of ordinary shares

Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
("Brimstone" or the “Company”)

General repurchase of Brimstone ordinary shares

1.   Introduction

     Shareholders are advised that Brimstone has repurchased a further 1 331 620 Brimstone ordinary shares,
     representing an additional 3.11% of the Brimstone ordinary shares currently in issue (“the general
     repurchase”), in terms of a general authority granted by shareholders at the annual general meeting of
     Brimstone held on 20 April 2015 (“the general authority”).

2.   Details of the general repurchase

     Details of the general repurchase are as follows:

     2.1    the repurchase of 1 331 620 Brimstone ordinary shares for a total value of R17.3 million;

     2.2    the general repurchase was effected through the order book operated by the JSE Limited and done
            without any prior understanding or arrangement between the Company and the counter-party;

     2.3    the general repurchase took place on 8 December 2015;

     2.4    the price paid per Brimstone ordinary share was R13.00;

     2.5    the percentage of Brimstone ordinary shares that may still be repurchased by the Company in terms
            of the general authority is 10.75%, representing 4 598 433 Brimstone ordinary shares; and

     2.6    as a result of the general repurchase, Brimstone holds 3 953 087 ordinary shares as treasury shares
            in a wholly-owned subsidiary of Brimstone, representing 9.25% of the Brimstone ordinary shares
            currently in issue.

3.   The impact of the general repurchase on financial information

     The impact of the general repurchase has been investigated and the board can confirm that the
     implementation of the general repurchase is limited to a reduction in cash of R17.3 million.

4.   Source of Funds

     The general repurchase has been funded from available cash resources.

5.   Statement by the directors of Brimstone

     The directors of Brimstone have considered the impact of the general repurchase and are of the opinion
     that:

     5.1 the Company and the group are in a position to repay their debts in the ordinary course of business
         for a period of 12 months from the date of this announcement;

     5.2 the assets of the Company and the group, being fairly valued in accordance with International Financial
         Reporting Standards, are in excess of the liabilities of the Company and the group for a period of 12
         months from the date of this announcement;

     5.3 the ordinary capital and reserves of the Company and the group are adequate for a period of 12
         months from the date of this announcement; and
   
     5.4 the available working capital is adequate to continue the operations of the Company and the group
         for a period of 12 months from the date of this announcement.


Cape Town
10 December 2015

Investment Bank and Sponsor
Nedbank Corporate and Investment Banking

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