STELLAR CAPITAL PARTNERS LIMITED - General repurchase of ordinary shares

General repurchase of ordinary shares

STELLAR CAPITAL PARTNERS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/015580/06)
Share code: SCP            ISIN: ZAE000198586
("Stellar Capital" or the "Company”)

 GENERAL REPURCHASE OF ORDINARY SHARES

 1. Introduction

     Stellar Capital shareholders are advised that the Company has repurchased 35 554 833 Stellar Capital Ordinary
     Shares (the “General Repurchase”) in terms of the general authority granted by shareholders at the Company’s
     annual general meeting held on 27 November 2018 (the “Authority”).

 2. Details of the General Repurchase

     Dates of the General Repurchase:                     6 May 2019 to 23 October 2019
     Number of Ordinary Shares repurchased:               35 554 833
     Lowest repurchase price per Ordinary Share:          R0.66
     Highest repurchase price per Ordinary Share:         R0.75
     Total value of Ordinary Shares repurchased:          R25 245 279

     The General Repurchase of 35 554 833 Ordinary Shares which represents 3.3% of the Company’s issued Ordinary
     Share capital will be held as treasury shares in AHI Asset Management Proprietary Limited, a wholly-owned
     subsidiary of Stellar Capital, and will therefore not be cancelled and remain listed. The Company held no shares
     in treasury prior to the General Repurchase.

     The remaining extent of the Authority amounts to 179 451 518 Ordinary Shares, representing 16.7% of the total
     issued Ordinary Share capital of Stellar Capital.

 3. Source of funds

     The General Repurchase was funded from the Company’s available cash resources.

 4. Statement by the board of directors of Stellar Capital (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 their 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 Company and
           the Group.

5. Impact of the General Repurchase on financial information

   The Company’s cash balances decreased by R25 245 279 as a result of the General Repurchase. Interest
   receivable at rates of approximately 8% per annum (pre-tax) will be foregone on the cash resources used
   to acquire the Repurchased Shares. The Repurchase will have the effect of reducing the number of shares
   in issue used for purposes of the net asset value per share, earnings per share and headline earnings per
   share calculations by 35 554 833 Shares.

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(a) of the JSE Listings Requirements.

Cape Town
24 October 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 24/10/2019 10:30:00
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