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ARGENT INDUSTRIAL LIMITED - General Repurchase of Ordinary Shares

Release Date: 14/03/2019 10:05
Code(s): ART     PDF:  
 
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General Repurchase of Ordinary Shares

ARGENT INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1993/002054/06)
Share code: ART
ISIN: ZAE000019188
(“Argent” or “the Company” or “the group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meeting held 28 November 2018 (“the AGM”),
shareholders approved the repurchase of ordinary shares by way of a special resolution.
Shareholders were further advised that any repurchases under the general authority
would be at market value in accordance with the provisions set out under the relevant
special resolution. At the AGM, shareholders granted a general authority to the board
of Argent to repurchase up to 20% of the issued ordinary share capital of Argent.

Shareholders are hereby advised that Argent has repurchased 1 132 610 ordinary
shares, representing 1.3% of the issued ordinary share capital as at the date of the
authority to repurchase the ordinary shares was granted, out of the Company’s available
cash resources. The ordinary shares were repurchased for an aggregate value of
R5 268 576.73.

Date of        Number of      Highest price    Lowest price   Aggregate value
repurchase     ordinary       per ordinary     per ordinary
               shares         share            shares
               repurchase
11 January     1 132 610      R4.75            R4.30          R5 268 576.73
2019 to 1
March 2019

The repurchases were made in terms of the general authority granted by shareholders
at the AGM, and were effected through the order book operated by the JSE trading
system without any prior understanding or arrangement between the Company and the
counterparties. The general repurchase of ordinary shares has been complied with in
terms of paragraph 5.72(a) of the JSE Listings Requirements.

The ordinary shares repurchased will be de-listed and cancelled.

Argent is entitled to repurchase a further 14 963 718 ordinary shares (17.16% of the
ordinary shares in issue as at the date of the authority), in terms of the current general
authority, which is valid until Argent’s next annual general meeting.

As at the date of this announcement, the Company held 4 682 941 ordinary shares in
treasury, which shares includes the shares that are the subject of this announcement.

The impact of the repurchase of the ordinary shares on the financial information of the
Company is immaterial. The ordinary shares were repurchased from excess cash
resources of the Company.
OPINION OF THE BOARD OF THE COMPANY

The board of Argent has considered the effect of the repurchases and is of the opinion
that, for a period of 12 months following the date of this announcement:

-    the Company and the Group will be able, in the ordinary course of business, to
     repay their debts for a period of 12 months after the date of this announcement;
-    the consolidated assets of the Company and the Group will be in excess of the
     consolidated liabilities of the Company and the Group for a period of 12 months
     after the date of this announcement;
-    the Company’s and the Group’s share capital and reserves will be adequate for
     the purposes of the business of the Company and the Group for a period of 12
     months after the date of this announcement; and
-    the Company and the Group will have sufficient working capital for ordinary
     business purposes for a period of 12 months after the date of this announcement.

Umhlanga
14 March 2019

Sponsor: PSG Capital

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