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General repurchase of ordinary shares
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
(“Brimstone” or “the Company” or “the Group”)
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
GENERAL REPURCHASE OF ORDINARY SHARES
1. Introduction
Brimstone shareholders are advised that the Company has repurchased 2 853 998 Brimstone Ordinary
Shares (“Ordinary Shares”) in terms of a general approval granted by shareholders at the Company’s
annual general meeting (the “Authority”) held on 12 June 2019 (the “General Repurchase”).
2. Details of the General Repurchase
Dates of the General Repurchase: 19 September 2019 to 20 September 2019
Number of Ordinary Shares repurchased: 2 853 998
Lowest repurchase price per Ordinary Share: R8.00
Highest repurchase price per Ordinary Share: R8.50
Total value of Ordinary Shares repurchased: R24 174 695.30
The Ordinary Shares will be held as treasury shares in Septen Investments (Pty) Limited, a wholly-
owned subsidiary of Brimstone.
The General Repurchase represents 7.16% of the Company’s issued Ordinary Share capital. Post the
General Repurchase, Brimstone will hold 3 011 028 Ordinary Shares as treasury shares, representing
7.55% of the Company’s issued Ordinary Share capital.
Following the General Repurchase, the extent of the Authority to repurchase shares outstanding is
5 120 831 Ordinary Shares, representing 12.84% of the total issued Ordinary Share capital of
Brimstone, at the time the Authority was granted.
3. Source of funds
The General Repurchase was funded from the Company’s available cash resources.
4. Statement by the board of directors of Brimstone (the “Board”)
The Board has considered the effect of the General Repurchase and is of the opinion that, for a period
of twelve months following the date of this announcement:
4.1. the Company and the Group will be able in the ordinary course of business to pay its debts;
4.2. 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 published financial statements of the
Group;
4.3. the share capital and reserves of the Company and the Group will be adequate for ordinary
business purposes;
4.4. the working capital of the Company and the Group will be adequate for ordinary business
purposes; and
4.5. 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.
5. Impact of the General Repurchase on financial information
The General Repurchase has no significant impact on the financial information of the Company and
will result in a decrease of cash balances by R24 174 695.30.
6. Compliance with paragraph 5.72 of the JSE Limited Listings Requirements (“JSE Listings
Requirements”)
The General Repurchase was effected through the order book operated by the JSE trading system and
done without any prior understanding or arrangement between the Company and the counter
parties. Accordingly, the Company has complied with paragraph 5.72 of the JSE Listings Requirements.
Cape Town
25 September 2019
Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking
Date: 25/09/2019 02:25:00
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