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General Repurchase Of Shares
SANTOVA LIMITED
(Registration Number: 1998/018118/06)
("Santova" or "the Company")
Share Code: SNV
ISIN: ZAE000159711
GENERAL REPURCHASE OF SHARES
1 INTRODUCTION
Shareholders are advised that, in accordance with the general authority granted by shareholders at
the Company’s general meeting held on Monday, 29 July 2019 (“General Authority”), Santova
as cumulatively repurchased 4 931 830 ordinary shares (“Shares”) in the aggregate, representing
3.0% of the Company's issued share capital (excluding treasury Shares) ("Repurchase").
Following the Repurchase, the extent of the General Authority outstanding is 26 941 033 Shares,
representing 17.0% of the total issued share capital (excluding treasury Shares) of the Company
at the time the General Authority was granted.
2 DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows:
Dates of Repurchase: Wednesday, 29 January 2020 to Friday, 28 February 2020
Highest repurchase price per Share: R 2.03
Lowest repurchase price per Share: R 1.78
Number of Shares repurchased: 4 931 830
Total value of Shares repurchased: R 9 842 573.17
Total Shares in issue before the Repurchase: 161 361 045
Number of treasury shares held prior to repurchase: 1 996 726
Number of treasury shares held subsequent to repurchase: 6 928 556
3 STATEMENT BY THE BOARD
Prior to effecting the Repurchase, the solvency and liquidity test set out in Section 4 of the
companies Act, No. 71 of 2008 has been applied and the Board has confirmed that, for a period
of 12 months following the date of the Repurchase:
- the Company and its subsidiaries (the “Group”) will be able to pay its debts in the ordinary
course of business for a period of 12 months after the Repurchase is completed;
- 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 this purpose, the assets and liabilities were
recognised and measured in accordance with the accounting policies used in the latest audited
annual group financial statements;
- the share capital and reserves of the Company and the Group will be adequate for ordinary
business purposes;
- the working capital of the Company and the Group will be adequate for ordinary business
purposes; and
- the Company and the Group have applied the solvency and liquidity test again since and the first
test was performed, and confirm that there have been no material changes to the financial
position of the Group since completion of the Repurchase.
4 SOURCE OF FUNDS
The Repurchase was funded from the Company's available cash resources.
5 FINANCIAL INFORMATION
The Company’s cash balances decreased by R 9 842 573.17 as a result of the Repurchase. The
repurchase of shares will result in a lower weighted average number of shares in issue used to
calculate earnings per share in future years
6 COMPLIANCE WITH PARAGRAPH 5.72 OF THE LISTINGS REQUIREMENTS
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 counter parties. The
Repurchase was not effected during any prohibited period.
Accordingly, the Company has complied with paragraph 5.72(a) of the Listing Requirements of
the JSE Limited.
5 March 2020
Durban
Sponsor and Corporate Adviser
River Group
Date: 05-03-2020 09:40:00
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