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JSE LIMITED - GEN General Invicta Holdings Limited Censure imposed by the JSE against Invicta Holdings Limited

Release Date: 25/10/2016 07:05
Code(s): JSER     PDF:  
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GEN – General – Invicta Holdings Limited 
Censure imposed by the JSE against Invicta Holdings Limited

GEN – General – Invicta Holdings Limited
Censure imposed by the JSE against Invicta Holdings Limited (“Invicta” or “Company”)


The JSE Limited (“JSE”) wishes to inform stakeholders of the following finding by the JSE in
respect of the Company:


1. The JSE has found the Company to be in breach of paragraph 5.69 of the JSE Listings
    Requirements for the purchase of Invicta shares by its subsidiary without the required
    specific authority to do so.


2. On 30 November 2015, Humulani Marketing (Pty) Ltd (“Humulani”), a subsidiary of the
    Company, acquired 1 880 000 shares in Invicta from the Company’s directors, Mr Charles
    Walters and Mr Arnold Goldstone (“Directors”) and their associates.


3. The shares were acquired pursuant to a general repurchase authority granted by the
    shareholders of Invicta at its annual general meeting held on 4 September 2015. Despite
    such repurchases having been effected through the order book operated by the JSE trading
    system, a prior understanding or arrangement between Humulani and the Directors existed,
    contrary to the provisions of paragraph 5.72 (a) of the Listings Requirements.


4. The repurchase of shares from the Directors is classified as a specific repurchase in terms of
    paragraph 5.69 of the Listings Requirements for which shareholder approval by way of a
    special resolution should have been obtained.


The JSE has decided to impose this public censure against the Company in relation to the above
mentioned breach of the Listings Requirements.


25 October 2016

Date: 25/10/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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