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Momentum Group general repurchase of shares
MOMENTUM GROUP LIMITED
(previously MOMENTUM METROPOLITAN HOLDINGS LIMITED)
Incorporated in the Republic of South Africa
Registration number: 2000/031756/06
JSE share code: MTM
A2X share code: MTM
NSX share code: MMT
ISIN code: ZAE000269890
(Momentum Group or the Company)
Momentum Group general repurchase of shares
Shareholders are advised that Momentum Group has cumulatively repurchased 42 403 434 shares (the
repurchased shares) in terms of the general authority granted by shareholders at the annual general meeting
held on 21 November 2024 (the AGM) (the repurchase). The repurchased shares represent 3.02% of the
Company's issued share capital at the date of the notice of AGM, being 1 405 148 402 shares (the AGM issued
share capital).
The details of the repurchase are as follows:
Dates of repurchase : 21 November 2024 to 20 June 2025
Number of repurchased shares : 42 403 434
Lowest repurchase price per share : R28.57
Highest repurchase price per share : R35.92
Average repurchase price per share : R31.22 (excluding transaction costs)
Total value of shares repurchased : R1 323 834 255.06 (excluding transaction costs)
The repurchases were made through the order book of the JSE, without any prior understanding or arrangement
between Momentum Group and the counter parties. Any repurchases made during a prohibited period were put
in place pursuant to a repurchase programme prior to the prohibited period in accordance with the JSE limited
(JSE) Listings Requirements.
Momentum Group may repurchase a further 1.98% (or 27 853 986) of the AGM issued share capital.
To date, 40 553 434 repurchased shares were delisted and cancelled by 18 June 2025. An application to delist
the balance of the repurchased shares (being 1 850 000 shares as at 20 June 2025) has been submitted to the
JSE for cancellation and delisting on 26 June 2025. No repurchased shares will be held as treasury shares.
Momentum Group does however have 74 564 608 shares held as treasury shares. Following the delisting,
Momentum Group will have 1 362 744 968 shares in issue.
The board of directors of Momentum Group has considered the effect of the repurchase 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 pay its debts;
- The assets of the Company and the group will be in excess of its liabilities;
- The Company and the group's ordinary share capital and reserves will be adequate for ordinary
business purposes;
- The Company and the group will have adequate working capital for ordinary business purposes; and
- The Company and the group have passed the solvency and liquidity test and since the test was
performed there have been no material changes to the financial position of the Company and the group.
The repurchase was funded from the Momentum Group's available cash resources. The shares were purchased
at a 26% discount on the 31 December 2024 Embedded Value per share of R39.29. R1.67bn of the Embedded
Value was bought back for R1.33bn, creating value worth R339m. The Momentum Group is not in breach of its
working capital requirements as well as section 48 of the Companies Act, 2008 (Act 71 of 2008), as amended.
Centurion
23 June 2025
JSE equity sponsor
Tamela Holdings (Pty) Ltd
Sponsor in Namibia
Simonis Storm Securities (Pty) Limited
Date: 23-06-2025 05:30:00
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