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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”)
GENERAL REPURCHASE OF ORDINARY SHARES
At the annual general meeting of GPI held on 6 December 2016
(“AGM”), shareholders approved, by way of a special resolution,
the repurchase of ordinary shares of the Company, on the terms
and conditions set out under the relevant special resolution in
the notice of AGM. In terms of such special resolution,
shareholders granted a general authority to the board of
directors of GPI (“Board”) to repurchase up to 5% of the issued
ordinary share capital of GPI.
Shareholders are hereby advised that, during the period
commencing on 19 December 2016 to 10 March 2017, GPI has
repurchased an aggregate of 15 017 083 ordinary shares,
representing 3.07% of the issued ordinary share capital of GPI
as at the date on which the authority to repurchase the ordinary
shares was granted. The aforementioned ordinary shares were
repurchased for an aggregate value of R53 271 904, funded out
of the Company’s available cash resources.
Aggregate Highest Lowest
number of price per price per
ordinary ordinary ordinary
Date of shares share share Aggregate
repurchases repurchased repurchased repurchased value
19 December
to 10 March 15 017 083 R3.65 R3.40 R3.54
2017
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 requirements for the general repurchase of
ordinary shares in terms of paragraph 5.72(a) of the JSE Listings
Requirements, have been complied with.
The repurchases took place in accordance with a repurchase
programme submitted to the JSE prior to the commencement of the
prohibited period, in terms of paragraph 5.72(h) of the JSE
Listings Requirements.
The ordinary shares repurchased have been and will be de-listed
and cancelled by the date of this announcement or as soon as
possible thereafter as the JSE may permit.
GPI is entitled to repurchase a further 9 423 197 ordinary
shares (1.93% of the ordinary shares in issue as at the date on
which the authority was granted), in terms of the current general
authority, which is valid until GPI’s next annual general
meeting.
As at the date of this announcement, the Company held 43 800 055
ordinary shares in treasury. The impact of the repurchase of the
ordinary shares on the financial position of the Company is
immaterial, as the repurchases were funded out of the Company’s
available cash resources.
Opinion of the Board
The Board 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;
- the consolidated assets of the Company and the group will
be in excess of the consolidated liabilities of the Company
and the group;
- 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; and
- the Company and the group will have sufficient working
capital for ordinary business purposes.
Cape Town
28 March 2017
Sponsor
PSG Capital
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