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General Repurchase of Shares
SOUTHERN SUN LIMITED
Incorporated in the Republic of South Africa
(Registration number 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
("Southern Sun" or "the Company")
GENERAL REPURCHASE OF SHARES
In accordance with the general authority granted by shareholders at the Company's Annual General Meeting held on
Wednesday, 20 September 2023 ("General Authority"), Southern Sun has cumulatively repurchased 44 355 520 ordinary
shares ("Shares"), representing 3% of the Company's issued share capital ("Repurchase") as at the date the General Authority
was granted being 1 477 905 694 Shares. Following the Repurchase, the extent of the General Authority remaining is
251 225 619 Shares, representing 17% of the total issued share capital of the Company at the time the General Authority was
granted.
Details of the Repurchase are as follows:
Period of Repurchase Number of Shares Average Aggregate
Repurchased price per Share (R) value (R)
23 November 2023 7 838 998 R4.80 (high: R4.80; low: R4.80) 37 627 190.40
25 January 2024 to 12 March 2024 36 516 522 R5.00 (high: R5.05; low: R5.00) 182 675 664.00
Since the launch of Southern Sun's share repurchase initiative on 2 December 2022, the Company has repurchased a total of
143 791 569 Shares, representing 9.7% of the total Shares of 1 477 905 694 in issue at the time.
The board of the Company has considered the effect of the Repurchase and is of the opinion that:
- the Company and its subsidiaries ("Group") will be able, in the ordinary course of business, to repay its debts for a
period of 12 months after the date of this announcement;
- the assets of the Company and the Group, as fairly valued, will equal or exceed the liabilities of the Company and
the Group, as fairly valued 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 ordinary business purpose of
the Company and the Group for a period of 12 months following the date of this announcement;
- the Company and the Group will have sufficient working capital for ordinary business purposes for 12 months
following the date of this announcement.
The Repurchase was made within the pre-determined parameters for the Repurchase to not exceed 20% of the Company's
issued share capital as at the commencement date of the financial year and for the repurchase price to not be greater than
10% above the weighted average of the market value of the Shares for the five business days immediately preceding the date
of the Repurchase.
The Repurchase was funded from the Company's available cash resources. Cash balances decreased by R221 488 459.74 as a
result of the Repurchase (including transaction costs).
The Company now holds 2 637 779 treasury Shares, which represents 0.2% of the Company's issued share capital, following
the Repurchase and the subsequent cancellation of 141 758 293 Shares.
The Repurchase was not effected during any prohibited period.
The Repurchase was effected through the order book operated by the JSE and done without any prior understanding or
arrangement between the Company and the counterparties. Accordingly, the Company has complied with paragraph 5.72 (a)
of the JSE Listings Requirements.
Sandton
13 March 2024
Sponsor
Investec Bank Limited
Date: 13-03-2024 05:40:00
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