CAPITAL APPRECIATION LIMITED - General Repurchase of Shares

Release Date: 05/02/2018 14:00
Code(s): CTA
 
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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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