GREENBAY PROPERTIES LIMITED - Share buyback

Release Date: 31/05/2018 09:00
Code(s): GRP
 
Wrap Text
Share buyback

GREENBAY PROPERTIES LTD
(Incorporated in the Republic of Mauritius on 14 August 2014)
(Registration number C124756 C1/GBL)
SEM share code: GFP.N0000
JSE share code: GRP
ISIN: MU0461N00007
("Greenbay" or "the Company")


SHARE BUYBACK


At the Annual General Meeting of the Company held on 31 January 2018, shareholders of Greenbay provided the
Company with a general authority to repurchase up to 20% of the Company's issued share capital as at the date on which
the general authority was granted. The Board of Greenbay has resolved to repurchase up to a maximum of 4.99% of
the issued share capital of the Company as at 30 April 2018, representing 473 456 515 ordinary shares in the Company
("the Proposed Buyback"). The Proposed Buyback will run from 4 June 2018 to 31 December 2018 and will be at a
price calculated based on the prevailing market price at the time, limited to a maximum of the net asset value per share
of the Company at the time of repurchase and not more than 5% above the weighted average of the market value of the
shares as traded on the JSE Limited ("JSE") for the five business days immediately preceding the date that the
repurchase is effected.

The shares that are bought back by the Company will be held as treasury shares.

The Board is of the opinion that it is in the best interest of shareholders to proceed with the Proposed Buyback, due to
the fact that the price at which the shares of Greenbay are trading currently, represents a significant discount to the
intrinsic value of the Company. A reduction in share capital will therefore have the effect of increasing the net asset
value per share of the Company.

Any amendment to these terms will be announced on the Stock Exchange of Mauritius Ltd ("SEM") website and the
Stock Exchange News Service of the JSE.

An Explanatory Statement relating to the Proposed Buyback has been distributed to the shareholders of the Company
today.

The Company has a primary listing on both the Official Market of the SEM and the Main Board of the JSE.

31 May 2018

For further information please contact:

JSE sponsor                         SEM authorised representative                       Company Secretary
Java Capital                        and sponsor                                         Intercontinental Trust Ltd
Tel: +27 11 722 3050                Perigeum Capital                                    Tel: +230 403 0800                                  
                                    Tel: +230 402 0890                  

This notice is issued pursuant to JSE Listings Requirements, SEM Listing Rules 11.3 and Rule 5(1) of the Securities 
(Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of Directors of Greenbay Properties Ltd accepts full 
responsibility for the accuracy of the information contained in this announcement.

Date: 31/05/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story