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General Repurchase of Shares
SANTOVA LIMITED
(Registration Number: 1998/018118/06)
("Santova" or "the Company")
Share Code: SNV
ISIN: ZAE000159711
General Repurchase of Shares
2. INTRODUCTION
Shareholders are advised that, in accordance with the general authority granted by shareholders at the
Company’s general meetings held on Monday, 29 July 2019 and Friday 31 July 2020 (“General
Authority”), Santova has cumulatively repurchased 5 972 378 ordinary shares (“Shares”) in the
aggregate, representing 3.9% of the Company's issued share capital (excluding treasury Shares)
("Repurchase"). Following the Repurchase, the extent of the General Authority remaining from the
authority granted on 31 July 2020 is 25 725 211 Shares, representing 16.8% of the total issued share
capital (excluding treasury Shares) of the Company at the time the General Authority was granted.
2. DETAILS OF THE REPURCHASE
Details of the Repurchase are as follows:
Dates of Repurchase: Monday, 22 June 2020 to Wednesday 26 August 2020
Highest repurchase price per Share: R 1.88
Lowest repurchase price per Share: R 1.63
Number of Shares repurchased: 5 972 378
Total value of Shares repurchased: R 10 937 667.46
Total Shares in issue before the repurchase: 161 361 045
Number of treasury shares held prior to repurchase: 6 928 556
Number of treasury shares held subsequent to repurchase: 12 900 934
3. STATEMENT BY THE BOARD
Prior to effecting the Repurchase, the solvency and liquidity test set out in Section 4 of the companies
Act, No. 71 of 2008 has been applied and the Board has confirmed that, for a period of 12 months
following the date of the Repurchase:
- the Company and its subsidiaries (the “Group”) will be able to pay its debts in the ordinary course
of business for a period of 12 months after the Repurchase is completed;
- the assets of the Company and the Group, as fairly valued, will equal or exceed the liabilities of the
Company and the group, as fairly valued. 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 applied the solvency and liquidity test again since and the first test
was performed, and confirm that there have been no material changes to the financial position of the
Group since completion of the Repurchase.
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 R 10 937 667.46 as a result of the Repurchase. The
repurchase of shares will result in a lower weighted average number of shares in issue used to calculate
earnings per share in future years.
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.
Accordingly, the Company has complied with paragraph 5.72(a) of the Listing Requirements of the JSE
Limited.
28 August 2020
Durban
Sponsor and Corporate Adviser
River Group
Date: 28-08-2020 05:25:00
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