SABVEST LIMITED - Specific repurchase and treasury share repurchase finalisation announcement

Release Date: 13/11/2018 09:05
Code(s): SBV SVN
 
Wrap Text
Specific repurchase and treasury share repurchase finalisation announcement

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003753/06)
Ordinary share code: SBV and ISIN: ZAE000006417
N ordinary share code: SVN and ISIN: ZAE000012043
(“Sabvest” or “the Company”)

SPECIFIC REPURCHASE AND TREASURY SHARE REPURCHASE FINALISATION ANNOUNCEMENT

Sabvest shareholders (“Shareholders”) are referred to the circular issued to Shareholders on 28 September 2018
(the “Circular”) in relation to:
    - the specific repurchase by Sabvest of 3,471,602 Sabvest ‘N’ ordinary from Rand Merchant Bank, a division
      of FirstRand Bank Limited (“RMB”), in terms of sections 48, 114 and 115 of the Companies Act and the
      Listings Requirements of the JSE (the “Specific Repurchase”); and
    - the repurchase by Sabvest of 101,511 Sabvest ordinary shares and 584,479 Sabvest ‘N’ ordinary shares
      from Sabvest Finance and Guarantee Corporation (Pty) Ltd (“Sabvest Finance”) in terms of the Listings
      Requirements of the JSE (the “Treasury Share Repurchase”).

Further to the general meeting results announcement released on SENS on Monday, 29 October 2018,
Shareholders are advised that all conditions precedent to the Specific Repurchase and the Treasury Share
Repurchase have been fulfilled and both repurchases are accordingly unconditional.

As detailed in the circular, Sabvest will proceed with:
    - the Specific Repurchase from RMB of 3,471,602 Sabvest ‘N’ ordinary shares at a price of R34.60 per ‘N’
      ordinary share for a total consideration of approximately R120.1 million;
    - the Treasury Share Repurchase from Sabvest Finance of 584,479 Sabvest ‘N’ ordinary shares at a price of
      R38.99 per ‘N’ ordinary share; and
    - the Treasury Share Repurchase from Sabvest Finance of 101,511 Sabvest ordinary shares at a price of
      R42.50 per ordinary share.

The 4,056,081 ‘N’ ordinary shares and 101,511 ordinary shares repurchased will be delisted with effect from the
commencement of trading on or about Monday, 19 November 2018 and will thereafter be cancelled.


Sandhurst
13 November 2018

Independent Transaction Sponsor
Questco Corporate Advisory Proprietary Limited

JSE Sponsor
RMB

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