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INDEQUITY GROUP LIMITED - General Repurchase of Shares Announcement

Release Date: 21/02/2018 11:00
Code(s): IDQ     PDF:  
Wrap Text
General Repurchase of Shares Announcement

Indequity Group Limited
Incorporated in the Republic of South Africa
Registration number 1998/015883/06
Share code: IDQ ISIN Code ZAE000016606
(“Indequity” or “the Company”)




                    GENERAL REPURCHASE OF SHARES ANNOUNCEMENT



    1. INTRODUCTION
       The board of directors of Indequity (“the Board”) hereby advises shareholders that Indequity
       Specialised Insurance (“ISI”) has cumulatively repurchased 1 281 244 ordinary shares in
       aggregate, representing 9.78% of the Company’s issued share capital in terms of the general
       authority granted by shareholders at the annual general meeting (“AGM”) held on 07
       December 2016 (“Repurchases”).

    2. DETAILS OF THE GENERAL REPURCHASE
       Details of the Repurchases are as follows:

        Dates of Repurchases:                            07 February 2018 to 16 February 2018
        Number of shares repurchased:                    478 492
        Lowest repurchase price per share (cents):       750
        Highest repurchase price per share (cents):      800
        Total value of shares repurchased:               R3 816 387.96

        The repurchases were effected through the order book operated by the JSE Limited and done
        without any prior understanding or arrangement between the Company and the counter
        parties.

        Indequity holds 1 281 244 shares as treasury shares, representing 9.78% of the Company’s
        issued share capital. The repurchase of shares increased the number of treasury shares by
        478 492.

        Following the repurchase, the extent of the general authority to repurchase shares
        outstanding is 1 339 882 ordinary shares, representing 10.22% of the total issued share capital
        of Indequity, at the time the authority was granted.

    3. OPINION OF 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 this announcement:
       - The Company and 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; 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
      Cash decreased by R3 839 194.95 as a result of the Repurchase. The impact on other areas of
      the Company’s financial information is deemed to be negligent. Treasury shares were
      purchased with excess cash generated throughout the year. The company still holds sufficient
      cash resources to service day-to-day operational needs as well as to comply with all regulatory
      requirements.

   6. COMPLIANCE WITH PARAGRAPH 5.72(h) OF THE LISTING REQUIREMENTS
      No repurchases were undertaken during a prohibited period.


21 February 2018
Sponsor on the JSE
KPMG Services (Proprietary) Limited

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