ALVIVA HOLDINGS LIMITED - General repurchase of shares announcement

Release Date: 05/04/2018 16:12
Code(s): AVV
 
Wrap Text
General repurchase of shares announcement

Alviva Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1986/000334/06
Share Code: AVV
ISIN: ZAE000227484
(“Alviva” or “The Company”)

GENERAL REPURCHASE OF SHARES ANNOUNCEMENT

1.     INTRODUCTION

      The board of directors of Alviva (“the Board”) hereby advises shareholders that Alviva has
      cumulatively repurchased 5 096 063 ordinary shares in aggregate, representing 3.29% of the
      Company’s issued share capital (excluding treasury shares), in terms of the general authority
      granted by shareholders at the annual general meeting (“AGM”) held on 23 November 2017
      (“Repurchase”).

2.    DETAILS OF THE GENERAL REPURCHASE

      Details of the Repurchases are as follows:

      Dates of Repurchases:                             7 December 2017 to 4 April 2018
      Number of shares repurchased:                     5 096 063
      Lowest repurchase price per share (cents):        1 650.00
      Highest repurchase price per share (cents):       2 100.00
      Total value of shares repurchased:                R105 172 239

      461 494 shares were delisted and cancelled on 19 March 2018 and 4 634 569 will be cancelled
      and delisted before 30 June 2018.

      The repurchases were effected through the order book operated by the JSE Limited and done
      without any prior understanding or arrangement between the Company and the counter parties.

      Alviva will hold 9 905 000 shares as treasury shares, representing 6.58% of the Company’s
      issued share capital after the cancellations. The repurchase had no effect on the number of
      treasury shares.

      Following the repurchase, the extent of the general authority to repurchase shares outstanding
      is 25 916 520 ordinary shares, representing 16.71% of the total issued share capital of Alviva, at
      the time the authority was granted.

3.    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 pay its
                 debts;
            -    the assets of the Company and the group will be in excess of the liabilities of the
                 company and the group. 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 the Company and the group will be adequate for
                ordinary business purposes;
            -   the working capital of the Company and the group will be adequate for ordinary
                business purposes; and
            -   the Company 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 repurchases were funded from the Company’s available cash resources.

5.    FINANCIAL INFORMATION

      Cash balances decreased by R105 172 239 as a result of the General Repurchase. The impact
      on other areas of the Company’s financial information is immaterial.

6.    COMPLIANCE WITH PARAGRAPH 5.72 OF THE JSE LISTINGS REQUIREMENTS

      The Repurchase was put in place pursuant to a repurchase programme prior to the
      commencement of the prohibited period in accordance with the JSE Listings Requirements.


Midrand
5 April 2018
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd

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