REG - Investec PLC - Investec Limited Ordinary Share Buyback

InvestecAnnouncement

04/07/2022 07:30

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RNS Number : 1706R  Investec PLC  04 July 2022

 Investec Limited                                 Investec plc

 Incorporated in the Republic of South Africa     Incorporated in England and Wales

 Registration number 1925/002833/06               Registration number 3633621

 JSE share code: INL                              LSE share code: INVP

 NSX share code: IVD                              JSE share code: INP

 BSE share code: INVESTEC                         ISIN: GB00B17BBQ50

 ISIN: ZAE000081949                               LEI: 2138007Z3U5GWDN3MY22

 LEI: 213800CU7SM6O4UWOZ70

 

 

 

As part of the dual listed company structure, the boards of Investec plc and
Investec Limited (together the "Board") notify both the London Stock Exchange
and the JSE Limited of matters which are required to be disclosed under the
Disclosure Guidance and Transparency Rules, and Listing Rules of the United
Kingdom Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

 

Accordingly, we advise of the following:

 

INVESTEC LIMITED ORDINARY SHARE BUYBACK

 

Investec Limited (the "Company") hereby advises that at the annual general
meeting held on 5 August 2021 ("the AGM"), shareholders were advised that the
board of the Company may resolve to repurchase Ordinary Shares if this action
is considered desirable and in the best interests of shareholders.

 

Shareholders were further advised that any repurchases under the general
authority proposed to be granted by shareholders, would be within certain
pre-determined price limits with specific reference to the limits of the
authority granted by the Company's shareholders as well as the JSE's Listings
Requirements. At the AGM, shareholders granted a general authority to the
board of the Company to repurchase up to 20% of the issued Ordinary Share
capital of Company ("the current general authority").

 

Shareholders are herewith advised that the Company has repurchased 9,996,839
Ordinary Shares by 1 July 2022, representing 3.13% of the issued Ordinary
Share capital as at the date of the current general authority to repurchase
the Ordinary Shares. The Ordinary Shares remaining in issue following these
repurchases amounts  to 308,907,870 shares.

 

The Ordinary Shares were repurchased for an aggregate value of R852,160,068.

 

 Number of  Ordinary Shares   Highest price per Ordinary Share (R)  Lowest price per Ordinary Share (R)  Aggregate value (R)

 repurchased
 9,996,839                    R90.00                                R76.80                               852,160,068

 

The number of treasury shares are 49,245,568 and will remain unchanged.

 

The repurchases were made in terms of the current general authority and were
 effected through the order book on the JSE trading system without any prior
understanding or arrangement   between the Company and the counterparties.
The buy-back took place outside the closed period, in accordance with the JSE
Listings Requirements. Accordingly, the Company has complied with paragraph
5.72 (a) of the JSE Listings Requirements

 

Application will be made to the JSE to de-list 1,500,000 Ordinary Shares at
which point they will immediately be cancelled. 8,496,839 has already been
cancelled.

 

The impact of the repurchase of the Ordinary Shares on the financial
information of the Company is immaterial. The Ordinary Shares were repurchased
from excess cash resources of the Company; going forward, no Ordinary Share
dividends will be payable on the repurchased Ordinary Shares and interest
earned on the cash utilised for the repurchase will be foregone.

 

OPINION OF THE BOARD OF THE COMPANY

 

The board of the Company has considered the effect of the repurchases and is
of the opinion that:

 

·      The Company and the Company and its subsidiaries ("the Group")
will be able, in the ordinary course of business, to repay their debts for a
period of 12 months after the date of this announcement.

·      The consolidated assets of the Company and the Group will be in
excess of the consolidated liabilities of the Company and the Group for a
period of 12 months after the date of this announcement.

·      The Company's and the Group's share capital and reserves will be
adequate for the purposes of the business of the Company and the Group for a
period of 12 months after the date of this announcement; and

·      The Company and the Group will have sufficient working capital
for ordinary business purposes.

 

Johannesburg 04 July 2022

 

Sponsor

Investec Bank Limited

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