MUSTEK LIMITED - Repurchase Of Ordinary Shares In Mustek

Release Date: 05/09/2018 14:35
Code(s): MST
Wrap Text
Repurchase Of Ordinary Shares In Mustek

(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share Code: MST
ISIN Code: ZAE 000012373
(“Mustek” or “the Company”)


1. Introduction
Shareholders are hereby advised that Mustek has acquired 2 374 415 ordinary shares in the
issued share capital of Mustek on the open market for a purchase consideration (including
costs) in aggregate of R16 026 363,54 (“the general repurchase”). The general repurchase
was effected in terms of a general authority to Mustek’s directors (“the directors”), which was
granted in terms of a special resolution passed by the members at Mustek’s Annual General
Meeting (“AGM”) held on 2 November 2017 and comprises 3,04% of the total issued
ordinary shares of Mustek at the date of the AGM. Mustek does not hold any treasury shares.

2. Implementation
The general repurchase commenced on 30 May 2018 and continued on a day-to-day basis as
market conditions allowed and in accordance with the JSE Limited (“JSE”) Listings
Requirements until 4 September 2018. The Company confirms that the repurchases were
effected through the order book operated by the JSE and done without any prior
understanding or arrangement between the Company and the counter parties. The highest and
lowest prices paid by Mustek for the ordinary shares were 700 cents and 650 cents per share

3. Extent of general authority outstanding
The extent of the general authority outstanding is 13 233 059 ordinary shares, representing
16,96% of the total issued ordinary share capital of Mustek at the time the authority was

4. Source of funds
The general repurchase has been funded from available cash resources.

5. Financial information
Cash balances decreased by R16 026 363,54 as a result of the general repurchase. The impact
on other areas of the Company’s financial information is immaterial.

6. Opinion of directors
The directors have considered the effect of the general repurchase and are satisfied that:
* Mustek and Mustek’s subsidiaries (“the Mustek group”) will be able, in the ordinary course
of business, to pay its debts for a period of 12 months from the date of this announcement;
* the assets of Mustek and the Mustek group will be in excess of the liabilities of Mustek and
the Mustek group for a period of 12 months from the date of this announcement. For this
purpose, the assets and liabilities should be recognised and measured in accordance with the
accounting policies used in the audited financial statements for the year ended 30 June 2018;
*the ordinary capital and reserves of Mustek and the Mustek group will be adequate for a
period of 12 months from the date of this announcement; and
*the working capital of Mustek and the Mustek group will be adequate for a period of 12
months from the date of this announcement.
7. JSE listing
2 000 000 shares were delisted and cancelled on 28 June 2018 and 374 415 shares will be
cancelled and delisted in due course, where after Mustek will have 72 625 585 shares in issue.

8. Conclusion
Mustek will continue to repurchase securities as and when opportunities arise.

5 September 2018
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

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