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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 1 069 367 ordinary shares,
representing 1.12% 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 R4 205 558.99.
Date of Number of Highest price Lowest price Aggregate value
repurchase ordinary per ordinary per ordinary
shares share shares
repurchase
7 September 1 069 367 R4.75 R3.15 R4 205 558.99
2018 to 15
November
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 11 094 300 ordinary shares (11.66% 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, which shares includes the shares that are the subject of this announcement.
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 for a period of 12 months after the date of this announcement.
Umhlanga
20 November 2018
Sponsor
PSG Capital
Date: 20/11/2018 04:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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