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2020-03-20 04:28:00 PM

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AIP: ADCOCK INGRAM HOLDINGS LIMITED - General repurchase of shares voluntary announcement
AIP: ADCOCK INGRAM HOLDINGS LIMITED - General repurchase of shares voluntary announcement
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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