IMPERIAL LOGISTICS LIMITED - Repurchase of Shares on the Open Market

Repurchase of Shares on the Open Market

Imperial Logistics Limited
Incorporated in the Republic of South Africa
(Registration number: 1946/021048/06)
ISIN: ZAE000067211
Share code: IPL
(“Imperial”)

REPURCHASE OF SHARES ON THE OPEN MARKET


1.   INTRODUCTION

In terms of paragraph 5.79 and 11.27 of the Listings Requirements of
the JSE Limited (‘JSE’), shareholders are advised that Imperial has
cumulatively purchased 2 550 000 of its own ordinary shares in terms
of the general authority granted by shareholders at the company’s
annual general meeting held on 30 October 2019 of 10 062 146 shares
(‘the General Repurchase’), which constitutes 1.27% of the company’s
issued share capital at the beginning of the General Repurchase.

The General Repurchase was effected through the order book operated by
the JSE trading system in a series of unrelated trades without any
prior understanding or arrangement between Imperial and the counter
parties. No shares were repurchased during any prohibited period.


2.   DETAILS OF THE REPURCHASE

Dates of repurchase of securities   From 18 September 2020 to 23
                                    September 2020


Highest price paid per share        R 36.37


Lowest price paid per share         R 35.22


Average effective price paid per    R 35.86
share


Number of shares repurchased        2 550 000


Value of shares repurchased         R 91 446 074.66


Number and percentage of shares     7 506360 being 3.73% of the
which may still be repurchased by   Company’s issued share capital at
the Company in terms of its         the beginning of the share
general authority                   repurchase

Total shares in issue after the     202 074 388*
share repurchase

*After the repurchase 11 142 791 shares are held in treasury.


3.   STATEMENT BY THE DIRECTORS
The directors of Imperial confirm that, after considering the effect
of the General Repurchase, for a period of 12 months after the date of
this announcement:

–    Imperial and its subsidiaries (‘the group’) will be able in the
ordinary course of business to pay its debts;

–    the assets of Imperial will be in excess of its liabilities;

–    the share capital and reserves of Imperial will be adequate for
ordinary business purposes; and

–    the working capital of the Imperial group will be adequate for
ordinary business purposes.


4.   SOURCE OF FUNDS

The General Repurchase was funded from the company’s available cash
resources and debt facilities.


5.   IMPACT OF THE GENERAL REPURCHASE ON THE FINANCIAL INFORMATION OF
     THE COMPANY

The impact of the General Repurchase on the financial statements of
the group is as follows:

The net effect has been a cash outflow of R 91 446 074.66 excluding
costs. The corresponding reduction in shareholder’s equity will result
in the interest payable on debt being increased in future.



Company Secretary



RA Venter

25 September 2020
BEDFORDVIEW

Sponsor: Merrill Lynch South Africa Proprietary Limited

Date: 25-09-2020 05:10:00
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