ARGENT INDUSTRIAL LIMITED - General Repurchase of Ordinary Shares

Release Date: 17/07/2018 09:15
Code(s): ART
 
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General Repurchase of Ordinary Shares

Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the company” or “the group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meeting held
30 August 2017 (“the AGM”), shareholders approved the
repurchase of ordinary shares by way of a special
resolution. Shareholders were further advised that any
repurchases under the general authority would be at
market value in accordance with the provisions set out
under the relevant special resolution. At the AGM,
shareholders granted a general authority to the board of
Argent to repurchase up to 20% of the issued ordinary
share capital of Argent.

Shareholders are hereby advised that Argent has
repurchased 227 214 ordinary shares, representing 0.24%
of the issued ordinary share capital as at the date of
the authority to repurchase the ordinary shares was
granted, out of the Company’s available cash resources.
The ordinary shares were repurchased for an aggregate
value of R883 897.36.

 Date of     Number of     Highest      Lowest      Aggregate
 repurchase  ordinary      price per    price per   value
             shares        ordinary     ordinary
             repurchase    share        shares
 28 March     227 214      R4.25        R3.75       R883 897.36
 2018 to 10
 July 2018

The repurchases were made in terms of the general
authority granted by shareholders at the AGM, and were
effected through the order book operated by the JSE
trading system without any prior understanding or
arrangement between the Company and the counterparties.
The general repurchase of ordinary shares has been
complied with in terms of paragraph 5.72(a) of the JSE
Listings Requirements.

The ordinary shares repurchased will be de-listed and
cancelled upon registration of the ordinary shares in the
name of Argent.

Argent is entitled to repurchase a further 12 361 061
ordinary shares (12.99% of the ordinary shares in issue
as at the date of the authority), in terms of the current
general authority, which is valid until Argent’s next
annual general meeting.

As at the date of this announcement, the Company held
4 682 941 ordinary shares in treasury.

The impact of the repurchase of the ordinary shares on
the financial information of the Company is immaterial.
The ordinary shares were repurchased from excess cash
resources of the Company.

OPINION OF THE BOARD OF THE COMPANY

The board of Argent has considered the effect of the
repurchases 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 for
    a period of 12 months after the date of this
    announcement;
-   the consolidated assets of the Company and the Group
    will be in excess of the consolidated liabilities of
    the Company and the Group for a period of 12 months
    after the date of this announcement;
-   the Company’s and the Group’s share capital and
    reserves will be adequate for the purposes of the
    business of the Company and the Group for a period of
    12 months after the date of this announcement; and
-   the Company and the Group will have sufficient
    working capital for ordinary business purposes.

Umhlanga
17 July 2018

Sponsor: PSG Capital

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