General Repurchase of Shares
Adapt IT Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/017276/06)
Share code: ADI ISIN: ZAE000113163
(“Adapt IT” or ”the Company”)
GENERAL REPURCHASE OF SHARES
In compliance with paragraph 11.27 of the Listings Requirements of JSE Limited, the board of directors
of Adapt IT (“the Board”) hereby advises shareholders that Adapt IT Proprietary Limited, a wholly owned
subsidiary of Adapt IT, has cumulatively repurchased 4 836 650 Adapt IT ordinary shares, representing
3.01% of the Company’s issued share capital, in terms of the general authority granted by shareholders
at the annual general meeting (“AGM”) held on 23 November 2018 (“Repurchase”).
2. DETAILS OF THE GENERAL REPURCHASE
Details of the Repurchase are as follows:
Date of repurchases: 20 December 2018 to 6 February 2019
Number of shares repurchased: 4 836 650
Lowest repurchase price per share: 570 cents
Highest repurchase price per share: 640 cents
Volume weighted average price: 600 cents
Total value of shares repurchased: R29 016 746
1 360 642 of the shares repurchased were during a closed period and were effected pursuant to a
repurchase programme put in place prior to the commencement of the closed period, in accordance with
the JSE Listings Requirements.
The Repurchase was effected through the order book operated by the JSE and done without any prior
understanding or arrangement between the Company and the counter parties.
Before the Repurchase Adapt IT Proprietary Limited held 9 933 700 shares as treasury shares,
representing 6.19% of the Company’s issued share capital. After the Repurchase, Adapt IT Proprietary
Limited holds 14 770 350 shares as treasury shares, representing 9.20% of the Company’s issued share
Following the Repurchase, the extent of the general authority to repurchase shares outstanding is
25 068 137 ordinary shares, representing 15.61% of the total issued share capital of the Company at
the time the authority was granted.
3. OPINION OF THE BOARD
The Board 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 will be able, in the ordinary course of business, to repay its debts;
- the assets of the Company will be in excess of the liabilities of the Company;
- the Company’s ordinary capital and reserves will be adequate for ordinary business purposes;
- the Company will have adequate working capital for ordinary business purposes.
4. FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE
The impact of the Repurchase has been calculated and the Board can confirm that the implementation
of the Repurchase is limited to a reduction in cash of R29 016 746 as the Repurchase was funded from
the Company’s available cash resources.
7 February 2019
Date: 07/02/2019 03:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Email this JSE Sens Item to a Friend.