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EPE CAPITAL PARTNERS LIMITED - General repurchase announcement

Release Date: 27/09/2018 12:26
Code(s): EPE     PDF:  
 
Wrap Text
General repurchase announcement

EPE CAPITAL PARTNERS LTD 
(Incorporated in the Republic of Mauritius) 
(Registration number: C138883 C1/GBL) 
ISIN: MU0522S00005 
Share Code: EPE 
(“Ethos Capital” or “the Company”) 
 
GENERAL REPURCHASE ANNOUNCEMENT 
 
1.           INTRODUCTION 
 
              The Board of Directors of the Company ("Board") hereby, in term of paragraph 11.27 of the Listings 
              Requirements of the JSE Limited (“JSE”), advises shareholders that the Company, in accordance with 
              the general authority granted by shareholders at the Company’s annual general meeting held on 13 
              November 2017 (“General Authority”), has cumulatively repurchased from shareholders, through the 
              order book operated by the JSE, and in a series of unrelated transactions without any prior 
              understanding or arrangement between the Company and these shareholders, 5,605,723 ordinary 
              shares (“Shares”) in the aggregate, representing 3.02% of the Company's issued share capital at the 
              time of the General Authority (excluding treasury shares) ("Repurchase"). 
               
              The Company reached the 3% repurchase threshold, provided for in the JSE Listings Requirements, on 
              26 September 2018, hence requiring the publication of this announcement. 
               
2.           DETAILS OF THE REPURCHASE  
 
               Details of the Repurchase are as follows:-
 
                                                                                                             14 Dec 2017 to 26 
               Dates of Repurchase                                                                                   Sept 2018
               Total number of Shares repurchased                                                                    5,605,723
               Total value of Shares repurchased                                                                   R46,561,005
               Highest price paid per Share repurchased                                                                   900c
               Lowest price paid per Share repurchased                                                                    740c
               The number of Shares which may still be repurchased by the Company in terms 
               of the General Authority                                                                             31,534,277
               The percentage of Shares which may still be repurchased by the Company in 
               terms of the General Authority                                                                           16.98%
               Shares in issue at the date the General Authority was granted (excluding 
               treasury shares)                                                                                    185,700,000
               Shares in issue currently (excluding treasury shares)                                               180,094,277
               Number of Shares held in treasury after the Repurchase                                                7,405,723
         
 
            As all the Shares have been repurchased by the Company as authorised by its Constitution and the 
            provisions of the Mauritius Companies Act 2001, such Shares will not be cancelled and remain listed as 
            they will be held in treasury.  
 
3.         STATEMENT BY THE BOARD 
 
              The Board has considered the impact of the Repurchase and is of the opinion that for a period of twelve 
              months following the date of the last approval by the Board for a Repurchase programme:- 
 
              3.1     the Company will be able, in the ordinary course of business, to pay its debts; 
               
              3.2     the assets of the Company will be in excess of the liabilities of the Company, measured in 
                      accordance with the accounting policies used in the latest audited annual financial statements; 
               
              3.3     the share capital and reserves of the Company will be adequate for ordinary business 
                      purposes; 
               
              3.4     the working capital of the Company will be adequate for ordinary business purposes; and 
               
              3.5     the Company has 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.p 
               
4.           SOURCE OF FUNDS 
 
              The Repurchase was funded from the Company’s available cash resources. 
               
5.           IMPACT ON FINANCIAL INFORMATION 
 
              The Company’s cash balances decreased by R46,773,165 as a result of the Repurchase and, with the 
              classification of the Repurchase Shares as treasury shares, share capital will reduce by the same 
              amount. The annualised interest foregone on the cash required to effect the Repurchase is estimated 
              to amount to about R3,540,000 after tax, assuming an average interest rate of 7.8% as earned in the 
              previous financial year. The Repurchase will have the effect of reducing the number of shares in issue 
              used for purposes of the net asset value per share, earnings per share and headline earnings per share 
              calculations by 5,605,723 Shares. 
               
6.           REPURCHASE PROGRAMME 
               
              A portion of the Repurchases, totalling 5,061,486 Shares, was effected during a prohibited period in 
              terms a repurchase programme entered into prior to the prohibited period, in accordance with the JSE 
              Listings Requirements. 
               
               
               
Ebene, Mauritius (with simultaneous circulation in Johannesburg) 
27 September 2018 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 

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