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MUSTEK LIMITED - Repurchase of ordinary shares in Mustek

Release Date: 19/10/2017 13:36
Code(s): MST     PDF:  
Wrap Text
Repurchase of ordinary shares in Mustek

MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share Code: MST
ISIN Code: ZAE 000012373
(“Mustek” or “the Company”)


REPURCHASE OF ORDINARY SHARES IN MUSTEK

1. Introduction
Shareholders are hereby advised that Mustek has acquired a further 2 796 983 ordinary shares
in the issued share capital of Mustek on the open market for a purchase consideration
(including costs) in aggregate of R13 746 822,84 (“the general repurchase”). The general
repurchase was effected in terms of a general authority to Mustek’s directors (“the directors”),
which was granted in terms of a special resolution passed by the members at Mustek’s Annual
General Meeting (“AGM”) held on 8 December 2016 and comprises 3,01% of the total issued
ordinary shares of Mustek at the date of the AGM. Mustek does not hold any treasury shares.

2. Implementation
The general repurchase commenced on 12 September 2017 and continued on a day-to-day
basis as market conditions allowed and in accordance with the JSE Limited (“JSE”) Listings
Requirements until 18 October 2017. The Company confirms that the repurchases were
effected through the order book operated by the JSE and done without any prior
understanding or arrangement between the Company and the counter parties. The highest and
lowest prices paid by Mustek for the ordinary shares were 510 cents and 470 cents per share
respectively.

3. Extent of general authority outstanding
The extent of the general authority outstanding is 14 525 443 ordinary shares, representing
15,62% of the total issued ordinary share capital of Mustek at the time the authority was
granted.

4. Source of funds
The general repurchase has been funded from available cash resources.

5. Financial information
Cash balances decreased by R13 746 822,84 as a result of the general repurchase. The impact
on other areas of the Company’s financial information is immaterial.

6. Opinion of directors
The directors have considered the effect of the general repurchase and are satisfied that:
* Mustek and Mustek’s subsidiaries (“the Mustek group”) will be able, in the ordinary course
of business, to pay its debts for a period of 12 months from the date of this announcement;
* the assets of Mustek and the Mustek group will be in excess of the liabilities of Mustek and
the Mustek group for a period of 12 months from the date of this announcement. For this
purpose, the assets and liabilities should be recognised and measured in accordance with the
accounting policies used in the audited financial statements for the year ended 30 June 2017;
*the ordinary capital and reserves of Mustek and the Mustek group will be adequate for a
period of 12 months from the date of this announcement; and
*the working capital of Mustek and the Mustek group will be adequate for a period of 12
months from the date of this announcement.


7. JSE listing
722 426 shares were delisted and cancelled on 18 September 2017 and 2 074 557 shares will
be cancelled and delisted in due course, where after Mustek will have 78 925 443 shares in
issue.

8. Conclusion
Mustek will continue to repurchase securities as and when opportunities arise.

Midrand
19 October 2017
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

Date: 19/10/2017 01:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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