Specific Repurchase of 775 000 Putprop Shares
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
(“Putprop” or “the Company”)
SPECIFIC REPURCHASE OF 775 000 PUTPROP SHARES
Shareholders are advised that Putprop has entered into a share buy-back agreement (“Agreement”) with
Allan Gray Proprietary Limited, in its capacity as the duly authorised agent of its clients (“the Sellers”) to
repurchase 775 000 Putprop ordinary shares at a price of R4.90 per share for a total consideration of
R3 797 500 (“Specific Repurchase”).
2. JSE LISTINGS REQUIREMENTS
In terms of the Listings Requirements of JSE Limited (“Listings Requirements”), the Specific
Repurchase requires the approval of a special resolution achieving a 75% majority of the votes cast in
favour thereof by all shareholders present or represented by proxy at the general meeting, excluding
participants and their associates. Accordingly, in terms of paragraph 5.69(b) of the Listings Requirements,
the Sellers (who collectively hold 775 000 shares), and their associates will be excluded from voting on the
Specific Repurchase. The presence of the Sellers will, however, form part of the quorum at the general
3. THE SPECIFIC REPURCHASE
Given the forward yield at which Putprop is currently trading, buying back the Company’s shares will
be yield accretive and create value for shareholders.
3.2 Conditions Precedent and Effective date
The Specific Repurchase is subject to the fulfilment or waiver, as the case may be, of the following
conditions precedent by 31 August 2018:
3.2.1 Putprop procuring the conclusion of all necessary board and shareholder resolutions
authorising the terms of the Agreement; and
3.2.2 Putprop obtaining JSE approval, and all other necessary approvals.
The effective date of the Specific Repurchase is the fifth business day following the date of the
fulfilment and/or waiver of the last of the conditions precedent set out above.
3.3 Other Salient Items
3.3.1 The Specific Repurchase represents 1.73% of Putprop’s current shares in issue.
3.3.2 Application will be made to the JSE for the delisting of the shares once the Specific
Repurchase has been affected.
3.3.3 After the Specific Repurchase, Putprop will continue to have zero treasury shares in issue.
3.3.4 The Specific Repurchase will be undertaken during a “prohibited period” as defined in
paragraph 3.67 of the Listings Requirements. Accordingly, a repurchase programme will be
submitted to the JSE prior to the commencement of the prohibited period.
4. FINANCIAL INFORMATION PERTAINING TO THE SPECIFIC REPURCHASE
4.1 Impact of the Specific Repurchase on the financial information of Putprop
The impact of the Specific Repurchase on the financial information of Putprop is as follows:
- a decrease in cash of R3 889 500 and
- a decrease in equity of R3 889 500.
4.2 Source of funds
The Specific Repurchase will be funded from existing cash reserves.
5. SALIENT DATES AND TIMES
A further announcement will be published on SENS in due course setting out the salient dates and times of
the Specific Repurchase.
6. CIRCULAR TO PUTPROP SHAREHOLDERS
A circular containing full details of the Specific Repurchase and a notice to convene a general meeting of
Putprop shareholders in order to consider and, if deemed fit, to pass with or without modification, the
resolution necessary to approve and implement the Specific Repurchase, will be sent to Putprop
shareholders in due course.
29 June 2018
Date: 29/06/2018 09:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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