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General repurchase of shares voluntary announcement
Adcock Ingram Holdings Limited
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP
ISIN: ZAE000123436
(“Adcock Ingram” or the “Company”)
GENERAL REPURCHASE OF SHARES VOLUNTARY ANNOUNCEMENT
1. INTRODUCTION
Shareholders are advised that, in accordance with the general authority granted by shareholders at the
Company’s annual general meeting held on Friday, 22 November 2019 (“General Authority”), Adcock
Ingram has cumulatively repurchased from shareholders, 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, 2 714 837 ordinary shares (“Shares”) in the aggregate, representing
1.5% of the Company's issued share capital at the time of the General Authority (excluding treasury
Shares) ("Repurchase").
2. DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows: -
Dates of Repurchase 16 – 20 March 2020
Total number of Shares repurchased 2 714 837
Total value of Shares repurchased R105.175 million
Highest price paid per Share repurchased R43.00
Lowest price paid per Share repurchased R37.67
The number of Shares which may still be repurchased by the Company in terms 1.8 million
of the General Authority
The percentage of Shares which may still be repurchased by the Company in 1.0%
terms of the General Authority
Shares in issue at the date the General Authority was granted 175 758 861
Shares in issue currently 175 758 861
Number of Shares held in treasury after the Repurchase 7 000 000
(including 4 285 163 shares held in treasury prior to the Repurchase)
As all the Shares have been repurchased by a wholly-owned subsidiary of the Company, such Shares
will not be cancelled but will remain listed and held in treasury.
3. STATEMENT BY THE BOARD
The Board has considered the impact of the Repurchase and is of the opinion that for a period of twelve
months following the date of the Repurchase:
3.1 the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of business,
to pay its debts;
3.2 the assets of the Company and the Group will be in excess of the liabilities of the Company and
the Group, measured in accordance with the accounting policies used in the latest audited
Group annual financial statements;
3.3 the share capital and reserves of the Company and the Group will be adequate for ordinary
business purposes; and
3.4 the working capital of the Company and the Group will be adequate for ordinary business
purposes.
4. SOURCE OF FUNDS
The Repurchase was funded from available cash resources.
5. IMPACT ON FINANCIAL INFORMATION
The Company’s cash balances decreased by R105.2 million as a result of the Repurchase and, on
elimination of the Repurchase Shares, share capital and share premium will reduce by the same
amount.
The annual interest foregone on the cash required to effect the Repurchase amounts to R4.5 million
after tax, assuming an average interest rate of 6% earned in the previous financial period.
The Repurchase will have the effect of reducing the number of shares in issue used for purposes of the
earnings per share and headline earnings per share calculations by an additional 2 714 837 shares.
Midrand
20 March 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20-03-2020 04:28:00
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