PPC LIMITED - General Repurchase of Shares

General Repurchase of Shares

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "the Company")

GENERAL REPURCHASE OF SHARES

At the annual general meeting of PPC held on 6 September 2023 ("AGM"), shareholders, by special
resolution, granted a general authority to the board of directors ("the Board") of the Company and its
subsidiaries ("the Group") for the Company and/or its subsidiaries to repurchase up to 10% of the issued
ordinary share capital of the Company, on the terms and subject to the conditions specified in the notice of
AGM.

Shareholders are hereby advised that, during the period commencing on 6 September 2023 to 29 January
2024, the Company's wholly-owned subsidiary, PPC GPCO South Africa Proprietary Limited, repurchased an
aggregate of 46 612 939 ordinary shares, representing 3% of the issued ordinary share capital of the
Company as at the date on which the authority to repurchase the ordinary shares was granted. The
aforementioned ordinary shares were repurchased for an aggregate value of R143 853 790.55 (including
transaction costs), funded out of the Group's available cash resources, as follows:


                       Aggregate            Highest price         Lowest price
                       number of            per ordinary          per ordinary          Aggregate value
  Date of              ordinary shares      share                 share                 (excluding
  repurchases          repurchased          repurchased           repurchased           transaction costs)

  6 September
  2023 to 29             46 612 939               R4.00                R2.54            R143 325 983.63
  January 2024


The repurchases were made in terms of the general authority granted by shareholders at the AGM and were
effected through the order book operated by the JSE Limited trading system without any prior understanding
or arrangement between the Company or subsidiary and the counterparties. All of the requirements for the
general repurchase of ordinary shares in terms of paragraph 5.72 of the JSE Limited Listings Requirements,
have been complied with.

During the prohibited period prior to publication of its financial year 2024 interim results, which were
published on 20 November 2023, the Group repurchased 10 105 498 of the Company's shares at an average
cost of R2.94 per share, totalling R29 740 122.48 (excluding transaction costs), pursuant to a repurchase
programme which was put in place prior to the commencement of the prohibited period in accordance with
the Listings Requirements.

The Group may repurchase a further 108 763 524 ordinary shares up to a total of 155 376 462 (10%) of the
ordinary shares in issue as at the date on which the authority was granted, in terms of the current general
authority, which is valid until the Company's next annual general meeting.

As at the date of this announcement, the Group held 89 347 464 ordinary shares as treasury shares, including
the repurchased shares referred to in this announcement. Treasury shares comprise 56 522 752 shares held
by a subsidiary of the Company and 32 824 712 shares held by structured entities, which are consolidated
for IFRS purposes only.

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 as treasury shares. As a result, the Group's cash balances
decreased by R143 853 790.55 (including transaction costs of R527 806.92) for the period from the date of
the AGM to the date of this announcement and the repurchases 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 46 612 939 shares (being the shares repurchased since the AGM to date), which will be
weighted according to the dates of the various repurchases.


OPINION OF THE BOARD

The Board has considered the effect of the repurchases and is of the opinion that, for a period of 12 months
following the date of this announcement:

          •   the Company and the Group will be able, in the ordinary course of business, to repay their
              debts;
          •   the consolidated assets of the Company and the Group will be in excess of the consolidated
              liabilities of the Company and the Group;
          •   the Company's and the Group's share capital and reserves will be adequate for the ordinary
              business purposes of the Company and the Group; and
          •   the Company and the Group will have sufficient working capital for ordinary business purposes.


Dunkeld
31 January 2024

Sponsor

Questco Corporate Advisory Proprietary Limited

Date: 31-01-2024 07:30:00
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