General Repurchase of Ordinary Shares
ARGENT INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1993/002054/06)
Share code: ART
(“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 2 350 096 ordinary
shares, representing 2.70% 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
R11 509 564.71.
Date of Number of Highest price Lowest price Aggregate value
repurchase ordinary per ordinary per ordinary
shares share shares
4 March 2019 2 350 096 R5.20 R4.65 R11 509 564.71
to 19 March
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.
Prior to the Repurchase, the Company had repurchased in aggregate 2 475 110
ordinary shares. The total number of ordinary shares repurchased since the AGM is
4 825 206, representing 5.5% of the issued ordinary share capital as at the date of the
The ordinary shares repurchased have been de-listed and will be cancelled
Argent is entitled to repurchase a further 12 613 622 ordinary shares (14.47% 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 ordinary shares were repurchased from excess working capital resources of the
Company and the interest that would have been generated for the group’s banking
facility is minimal.
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.
28 March 2019
Sponsor: PSG Capital
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