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

InvestecAnnouncement

05/07/2022 14:30

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RNS Number : 3999R  Investec PLC  05 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 03633621

 JSE share code: INPR                           LSE share code: INVP

 ISIN: ZAE000063814                             JSE share code: INP

 LEI:213800CU7SM6O4UWOZ70                       ISIN: GB00B17BBQ50

                                                LEI:2138007Z3U5GWDN3MY22

 

 

 

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 BUYBACK PROGRAMME

 

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 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
buyback programme ("the Programme") announced by the Company on 24 May 2022,
repurchased 942,642 Preference Shares from 25 May 2022 to 4 July 2022,
representing 3.06% 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 and
subsequent cancellation will amount  to 26,738,173 shares.

 

The Preference Shares were repurchased for an aggregate value of
R90,499,032.35

 

 Number of  preference shares   Highest price per Preference Share (R)  Lowest price per Preference Share (R)  Aggregate value

 repurchased                                                                                                   (R)

 942,642                        97.79                                   94.33                                  90,499,032.35

 

 

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 Programme was put in place prior to the commencement of the Company closed
period, in accordance with the JSE Listings Requirements. Accordingly the
Company has complied with paragraph 5.72 (a) and (h) of the JSE Listings
Requirements

 

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 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

5 July 2022

 

Sponsor

Investec Bank Limited

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