REG - Investec PLC - Investec Ltd Preference Share Repurchase Programme

InvestecAnnouncement

21/02/2023 12:30

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RNS Number : 5793Q  Investec PLC  21 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 03633621

 JSE share code: INL                            LSE share code: INVP

 JSE share code: INPR                           JSE share code: INP

 JSE debt code: INLV                            ISIN: GB00B17BBQ50

 NSX share code: IVD                            LEI: 2138007Z3U5GWDN3MY22

 BSE share code: INVESTEC

 ISIN: ZAE000081949

 ISIN: ZAE000063814

 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 BUYBACK PROGRAMME

 

Investec Limited (the "Company") hereby advises that at the annual general
meeting held on 4 August 2022 ("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 29 November
2022, repurchased 945,321 Preference Shares from 30 November 2022 to 20
February 2023,  representing 3.62% of the issued Preference Share capital as
at the date of the current general authority to repurchase the Preference
Shares. Following these repurchases, 25,197,671 Preference Shares remain in
issue.

 

The Preference Shares were repurchased for an aggregate value of
R89,482,379.90

 

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

 repurchased                                                                                                 (R)

 945,321                      96.18                                   9300                                   89,482,379.90

 

 

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.

 

To the extent not already done so during 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

21 February 2023

 

Sponsor

Investec Bank Limited

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