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GRAND PARADE INVESTMENTS LIMITED - General Repurchase Of Ordinary Shares

Release Date: 29/07/2016 15:15
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General Repurchase Of Ordinary Shares

GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
(“GPI” or “the Company” or “the Group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the GPI annual general meeting held 2 December 2015 (“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 GPI to repurchase up to 5% of the issued ordinary share
capital of GPI.

Shareholders are hereby advised that GPI has repurchased 14 905 569 ordinary
shares, representing 3.05% 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 aforementioned ordinary shares were repurchased for
an aggregate value of R52 349 331

    Date of         Number of       Highest price    Lowest price      Aggregate
  repurchases        ordinary       per ordinary     per ordinary        value
                      shares           share            share
                   repurchased      repurchased      repurchased
29 June 2016        14 905 569            R3.61            R3.42     R52 349 331
to 28 July
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 repurchases took place in accordance with a repurchase programme submitted
to the JSE prior to the prohibited period in terms of paragraph 5.72(h) of the JSE
Listings Requirements.

The ordinary shares repurchased will be held as Treasury shares by a wholly-owned
subsidiary of GPI.

GPI is entitled to repurchase a further 14 809 443 ordinary shares (3.03% of the
ordinary shares in issue as at the date of the authority), in terms of the current
general authority, which is valid until GPI’s next AGM.

As at the date of this announcement, the Company held 36 705 152 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 GPI 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.

Cape Town
29 July 2016

Sponsor
PSG Capital

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