CAPITAL APPRECIATION LIMITED - General repurchase of shares

General repurchase of shares

Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Tax number 9591281176
JSE Share Code: CTA ISIN:
ZAE000208245
("CAPPREC" or "the Company")

GENERAL REPURCHASE OF SHARES

1.   INTRODUCTION
     The board of directors of the Company ("Board") hereby, in term of paragraph 11.27 of
     the Listings Requirements of the JSE Ltd ("JSE"), advises shareholders that the
     Company, in accordance with the general authority granted by shareholders at the
     Company's annual general meeting held on 27 August 2019 ("General Authority"), has
     cumulatively repurchased from shareholders,through its subsidiary, Capprec
     Management Services (Proprietary) Limited, through the order book operated by the
     JSE, and in a series of unrelated transactions without any prior understanding or
     arrangement between the Company and these shareholders, 39 750 489ordinary
     shares ("Shares") in the aggregate, representing 3.03% of the Company's issued
     share capital ("Repurchase").
     The Company reached the 3% repurchase threshold, provided for in the Listings
     Requirements of the JSE, on 18 March 2020, hence requiring the publication of this
     announcement.


2.   DETAILS OF THE REPURCHASE
     Details of the Repurchase are as follows:
     Dates of Repurchase: 28 August 2019 to 18 March 2020
     Highest repurchase price per Share: 80 cents
     Lowest repurchase price per Share: 55 cents
     Number of Shares repurchased: 39 750 489
     Total value of Shares repurchased: R30 428 512
     The number of Shares which may still be
     repurchased by the Company in terms of the
     General Authority: 222 249 511
     The percentage of Shares which may still
     be repurchased by the Company in terms
     of the General Authority: 84.83%
     Total Shares in issue: 1 310 000 000
     Number of treasury shares: 105 160 222


3.   STATEMENT BY THE BOARD
     The Board has considered the effect of the Repurchase and is of the opinion that, for a
     period of 12 months following the date of the Repurchase:
     the Company and its subsidiaries (the "group") will be able in the ordinary course of
     business to pay its debts; 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; and 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.


4.   SOURCE OF FUNDS

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


5.   FINANCIAL INFORMATION

     The Company's cash balances decreased by R30.4 million as a result of the
     Repurchase. Interest will be foregone on the cash resources used to acquire the
     Repurchase Shares.


6.   COMPLIANCE WITH PARAGRAPH 5.72 OF THE LISTINGS REQUIREMENTS

     The Repurchase was effected through the order book operated by the JSE and done
     without any prior understanding or arrangement between the Company and the counter
     parties. The Repurchase was not effected during any prohibited period and was not
     effected in terms a repurchase programme. Accordingly, the Company has complied
     with paragraph 5.72 (a) of the Listings Requirements of the JSE.


Johannesburg
20 March 2020

Sponsor
Investec Bank Limited

Date: 20-03-2020 07:10:00
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