REG - Investec PLC - Investec Ltd Pref Share General Buyback Programme

InvestecAnnouncement

11/05/2022 14:00

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RNS Number : 1365L  Investec PLC  11 May 2022

 Investec Limited                               Investec plc

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

 Registration number 1925/002833/06             Registration number 03633621

 JSE share code: INPR                           LSE share code: INVP

 ISIN: ZAE000063814                             JSE share code: INP

 LEI: 2138007Z3U5GWDN3MY22                      ISIN: GB00B17BBQ50

                                                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 NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE SHARES ("PREFERENCE SHARES") GENERAL BUY-BACK PROGRAMME

 

During Investec Limited (the "Company")'s annual general meeting held on 5
August 2021 ("the AGM"), shareholders were advised that the board of the
Company may resolve to repurchase preference 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 preference share
capital of Company ("the current general authority").

 

Shareholders are herewith advised that the Company has, pursuant to a share
buy-back programme ("the Programme") announced by the Company on 25 March
2022, repurchased 1,537,823 preference shares, representing 5% of the issued
preference share capital as at the date of the current general authority to
repurchase the preference shares. The preference shares remaining in issue
following these repurchases are 27,680,815 shares.

 

The preference shares were repurchased for an aggregate value of
R148,213,620.96.

 

 Period of repurchase     Number of preference shares                  Average price  per preference       Aggregate value

                          repurchased                                  share (R)                           (R)

 28 March - 10 May 2022                    1,537,823                   96.37                                   148,213,620.96

 

The repurchases were made in terms of the general authority granted by
shareholders at the AGM and were effected through the order book on the JSE
trading system without any prior understanding or arrangement between the
Company and the counterparties.

 

To the extent not already done so during the course of the current Programme,
application will be made to the JSE to de-list the preference shares at which
point they will immediately be cancelled.

 

The Company is not entitled to repurchase any further preference shares in
issue under the Programme, as the transactions concluded have reached the
maximum amount to be repurchased under the Programme of 5% of the total
issuance. Accordingly, the current Programme has been closed and no further
repurchases of preference shares will occur under the Programme. In terms of
the current general authority, which is valid until the Company's next annual
general meeting, the Company is entitled to repurchase a further 10% of the
preference shares in issue as at the date of the current general authority,
subject to the requirements of the South African Banks Act.

 

The impact of the repurchase of the preference shares on the financial
information of the Company is immaterial. The preference shares were
repurchased from excess cash resources of the Company; going forward, no
preference share dividends will be payable on the repurchased preference
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

11 May 2022

 

Sponsor

Investec Bank Limited

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