REG - Investec PLC - Investec Limited Purchase Programme

InvestecAnnouncement

17/02/2023 15:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230217:nRSQ3409Qa&default-theme=true

RNS Number : 3409Q  Investec PLC  17 February 2023

 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

 JSE hybrid code: INPR                            JSE share code: INP

 JSE debt code: INLV                              ISIN: GB00B17BBQ50

 NSX share code: IVD                              LEI: 2138007Z3U5GWDN3MY22

 BSE share code: INVESTEC

 ISIN: ZAE000081949

 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 REPURCHASE

 

Investec Limited (the "Company") hereby advises that further to the share
programme announced on 21 November 2022, the Company has repurchased 9,289,389
Investec Limited Ordinary Shares by 16 February 2023, representing 3.01% 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 t o
301 026 915, of which 1 408 434 are still to be cancelled.

 

The Ordinary Shares were repurchased for an aggregate value of
R992,021,985.38.

 

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

 repurchased
 9,289,389                    115.20                                97.42                                R992,021,985.38

 

 

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 1 408 434 Ordinary Shares at
which point they will immediately be cancelled. 7,880,955 have already been
cancelled.

 

The Ordinary Shares were repurchased from excess cash resources of the
Company. The Company's cash balances decreased by R992 021 985.38 as a result
of the repurchase. The repurchase of shares will result in a lower weighted
average of shares in issue used to calculate earnings per share in future
years.

 

 

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

17 February 2023

 

Sponsor

Investec Bank Limited

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSGZGMZKNRGFZM