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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
5 September 2016 (“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 200 000 ordinary shares, representing 0.21%
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 R971 920.00.
Date of Number of Highest Lowest Aggregate
repurchase ordinary price per price per value
shares ordinary ordinary
repurchase share shares
3 February 200 000 R5.00 R4.70 R971 920.00
2017 to 31
July 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 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 18 864 960
ordinary shares (19.79% 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
22 August 2017
Sponsor: PSG Capital Proprietary Limited
Date: 22/08/2017 09:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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