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LONG4LIFE LIMITED - Repurchase of Shares

Release Date: 18/02/2020 17:07
Code(s): L4L     PDF:  
 
Wrap Text
Repurchase of Shares

LONG4LIFE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2016/216015/06)
Share code: L4L ISIN: ZAE000243119
("Long4Life" or “the Company” or “the Group”)


REPURCHASE OF SHARES

1.       INTRODUCTION
         In terms of paragraph 5.79 and 11.27 of the Listings Requirements of the JSE Limited, shareholders are
         advised that the Company has purchased an additional 25 069 912 of its own ordinary shares being 2,7%,
         which, together with previous repurchases equals 10% of the Company’s issued share capital as at the
         time of the general authority granted by shareholders at the Company’s annual general meeting held on
         20 August 2019 (the “General Repurchase”).
         The General Repurchase was effected through the order book operated by the JSE trading system without
         any prior understanding or arrangement between Long4Life and the counter parties. No shares were
         repurchased during any prohibited period. The General Repurchase was funded from available cash
         resources.
         Dates of General Repurchase:                                       17 February 2020
         Average price paid per share:                                      R3,60
         Lowest price paid per share:                                       R3,60
         Highest price paid per share:                                      R3,60
         Number of shares repurchased:                                      25 069 912
         Total value of Shares repurchased:                                 R90 251 683
         Number of treasury shares (after the General Repurchase):          85 425 860


         The company will apply to the JSE Limited to have the shares acquired on 17 February 2020 cancelled.

2.       STATEMENT BY THE DIRECTORS
         The board of directors of Long4Life confirm that, after considering the effect of the General Repurchase,
         for a period of 12 months after the date of this announcement:
     -    The Company and its subsidiaries will be able to pay its debts in the ordinary course of business.
     -    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 audited annual Group financial statements.
     -    The share capital and reserves of the Company and the Group will be adequate for ordinary business
          purposes.
     -    The working capital of the Company and the Group will be adequate for ordinary business purposes.
     -    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.

3.       IMPACT OF THE GENERAL REPURCHASE ON THE FINANCIAL INFORMATION OF THE COMPANY
         The Company’s cash balances decreased by R90,2 million as a result of the Repurchase.


Johannesburg
18 February 2020
Sponsor: The Standard Bank of South Africa Limited

Date: 18-02-2020 05:07:00
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