LONG4LIFE LIMITED - Repurchases Of Shares

Release Date: 15/11/2018 11:12
Code(s): L4L
 
Wrap Text
Repurchases Of Shares

LONG4LIFE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2016/216015/06)
Share code: L4L ISIN: ZAE000243119
("Long4Life" or “the Company” or “the Group”)

REPURCHASE OF SHARES

1.       INTRODUCTION
         In terms of paragraph 5.79 and 11.27 of the Listings Requirements of the JSE Limited, shareholders are
         advised that the Company has purchased 27 710 396 of its own ordinary shares, which is 3% of the
         Company’s issued share capital as at the time of the general authority granted by shareholders at the
         Company’s annual general meeting held on 27 August 2018 (the “General Repurchase”).
         The General Repurchase was effected through the order book operated by the JSE trading system without
         any prior understanding or arrangement between Long4Life and the counter parties. No shares were
         repurchased during any prohibited period. The General Repurchase was funded from available cash
         resources.

2.       DETAILS OF THE REPURCHASE
         Dates of repurchase of securities:                         Between 26 July 2018 and 13 November 2018
         Average price paid per share:                              R4,39
         Lowest price paid per share:                               R4,24
         Highest price paid per share:                              R4,85
         Number of shares repurchased:                              27 710 396
         Total value of Shares repurchased:                         R121 697 046
         Number of treasury shares (after repurchase):              28 249 615
         A portion of the repurchased shares will be used for purposes of the Group’s Forfeitable Share Plan.

3.       STATEMENT BY THE DIRECTORS
         The Directors of Long4Life confirm that, after considering the effect of the General Repurchase, for a period
         of 12 months after the date of this announcement:
     -    The Company and its subsidiaries will be able to pay its debts in the ordinary course of business.
     -    The assets of the Company and the Group will be in excess of the liabilities of the Company and the
          group. 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.
     -    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 Group.

4.       IMPACT OF THE GENERAL REPURCHASE ON THE FINANCIAL INFORMATION OF THE COMPANY
         The Company’s cash balances decreased by R121,7 million as a result of the Repurchase.


Johannesburg
15 November 2018
Sponsor: The Standard Bank of South Africa Limited

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