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ARGENT INDUSTRIAL LIMITED - General Repurchase of Ordinary Shares

Release Date: 18/04/2016 15:00
Code(s): ART     PDF:  
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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
160 227 ordinary shares, representing 0.17% 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 R676 677.24.

    Date of   Number of       Highest      Lowest     Aggregate
 repurchase    ordinary     price per   price per         value
                 shares      ordinary    ordinary
             repurchase         share      shares
 
9 February     160 227         R4.90       R3.50   R676 677.24
 2016 to 31
 March 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 18 532 317
ordinary shares (19.21% 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
18 April 2016

Sponsor:   PSG Capital Proprietary Limited

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