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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
INTRODUCTION
Shareholders are advised that, in accordance with the general authority granted by shareholders
at the Company’s general meetings held on Friday 31 July 2020 (“General Authority”),
Santova has cumulatively repurchased 4 496 836 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 remaining from
the authority granted on 31 July 2020 is 19 742 428 shares, representing 13.4% of the total
issued share capital (excluding treasury Shares) of the Company at the time the General
Authority was granted.
DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows:
Dates of Repurchase: Tuesday 27 October 2020 to Friday 08 January 2021
Highest repurchase price per Share: R 2.85
Lowest repurchase price per Share: R 2.20
Number of Shares repurchased: 4 496 836
Total value of Shares repurchased: R 12 570 505.29
Total Shares in issue before the repurchase: 161 361 045
Number of treasury shares held prior to repurchase: 13 143 827
Number of treasury shares held subsequent to repurchase: 17 640 663
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.
SOURCE OF FUNDS
The Repurchase was funded from the Company's available cash resources.
FINANCIAL INFORMATION
The Company’s cash balances decreased by R 12 570 505.29 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.
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.
11 January 2021
Durban
Sponsor and Corporate Adviser
River Group
Date: 11-01-2021 05:05:00
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