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INTERWASTE HOLDINGS LIMITED - General repurchase of shares announcement

Release Date: 15/11/2017 14:38
Code(s): IWE     PDF:  
Wrap Text
General repurchase of shares announcement

Interwaste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/037223/06)
JSE code: IWE
ISIN: ZAE000097903
(“the company”)

GENERAL REPURCHASE OF SHARES ANNOUNCEMENT

Introduction

The board of directors of the company (the “Board”) hereby advises shareholders that
the company has cumulatively repurchased 14,488,096 ordinary shares, representing
3.09% of the company’s issued share capital at an average purchase price of 83.31 c
per share, in terms of the general authority granted by shareholders at the annual
general meeting held on Wednesday 28th June 2017.

Details of the general repurchase

Details of the general repurchase are as follows:
Dates of the repurchases:                           From 28 June 2017 to 14 November
                                                    2017
Number of shares purchased:                         14,488,096
Lowest repurchase price per share (cents):          75
Highest repurchase price per share (cents):         97
Total value of shares repurchased:                  R 12,070,004

The shares are held by subsidiary companies.

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 company holds 19,585,735 shares as treasury shares, representing 4.18% of the
company’s issued share capital.

Following the repurchase, the extent of the general authority to repurchase shares
outstanding is 79,330,479 ordinary shares, representing 16.91% of the total issued
share capital of the company, at the time the authority was granted. The company is
monitoring certain thresholds imposed by the Companies Act and is able to repurchase
a total of 23,890,508 ordinary shares, representing 5.09% of the total issued share
capital of the company without triggering any additional requirements.

Opinion of the Board

The Board has considered the effect of the repurchase 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 assets of the company and the group will be in excess of the liabilities of the
      company and the group;
-     the company and the group’s ordinary capital and reserves will be adequate for
      ordinary business purposes; and
-     the company and the group will have adequate working capital for ordinary
      business purposes.

Source of funds
The general repurchase were funded from the company’s available cash resources.

Financial information
Cash balances decreased by R 12,070,004 as a result of the general repurchase. The
impact on other areas of the company’s financial information is immaterial.

15 November 2017
Johannesburg

Sponsor
Grindrod Bank

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