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General Repurchase of Shares
Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Tax number 9591281176
JSE Share Code: CTA
ISIN: ZAE000208245
(“CAPPREC” and/or “the Group”)
GENERAL REPURCHASE OF SHARES
1. INTRODUCTION
The board of directors of CAPPREC ("Board"), in term of paragraph 11.27 of the Listings
Requirements of the JSE Ltd (“JSE”), hereby advises, that its wholly owned subsidiary
CAPPREC Management Services (Pty) Limited, (subsidiary), in accordance with the general
authority granted by shareholders at CAPPREC’s annual general meeting held on 10
August 2017 (“General Authority”), has cumulatively repurchased from shareholders,
through the order book operated by the JSE, and in a series of unrelated transactions
without any prior understanding or arrangement between CAPPREC and these
shareholders, 47,114,000 ordinary shares (“Shares”) in the aggregate, representing
3.03% of CAPPREC’s issued share capital ("Repurchase").
The Group subsidiary reached the 3% repurchase threshold, provided for in the Listings
Requirements of the JSE, on 2 February 2018, hence requiring the publication of this
announcement.
2. DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows:
Dates of Repurchase: Commenced from, 5 September 2017 to 2 February 2018
Highest purchase price per share: 79 cents
Lowest repurchase price per Share: 62 cents
Number of Shares repurchased: 47,114,000
Total value of shares repurchased R34,627,551
The number of Shares which may still be repurchased by the
Company in terms of the General Authority: 108,386,000
The percentage of Shares which may still be
repurchased by the Company in terms of the General Authority: 6.97%
Total Shares in issue: 1,555,000,000
Number of treasury shares held post the Repurchase: 47,114,000
3. STATEMENT BY 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 the Repurchase:
- CAPPREC and its subsidiaries (the “group”) will be able in the ordinary course of
business to pay its debts;
- the assets of CAPPREC and the group will be in excess of its liabilities. For this
purpose, the assets and liabilities were recognised and measured in accordance with
the accounting policies used in the latest audited annual group financial statements;
- the share capital and reserves of CAPPREC and the group will be adequate for
ordinary business purposes;
- the working capital of CAPPREC and the group will be adequate for ordinary
business purposes; and
- CAPPREC and the group have passed the solvency and liquidity test and since the test
was performed, there have been no material changes to the financial position of the
group.
4. SOURCE OF FUNDS
The Repurchase was funded from CAPPREC’s available cash resources.
5. FINANCIAL INFORMATION
CAPPREC’s cash balances decreased by R 34,6 million as a result of the Repurchase.
As at the date hereof, the CAPPREC group has remaining cash resources amounting to
R560,9 million.
6. COMPLIANCE WITH PARAGRAPH 5.72 OF THE LISTINGS REQUIREMENTS
The Repurchase was effected through the order book operated by the JSE and done without
any prior understanding or arrangement between CAPPREC and the counter parties. The
Repurchase was not effected during any prohibited period and was not effected in terms of
a repurchase programme. Accordingly, CAPPREC and the group has complied with
paragraph 5.72 (a) of the Listings Requirements of the JSE.
Johannesburg
5 February 2018
Sponsor
Investec Bank Limited
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