REG - Thungela Resources - General Repurchase Announcement

Thungela ResourcesAnnouncement

Tue 07:30

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RNS Number : 4596G  Thungela Resources Limited  29 April 2025

 

THUNGELA RESOURCES LIMITED

(Incorporated in the Republic of South Africa)

(Registration number: 2021/303811/06)

JSE Share code: TGA

LSE Share code: TGA

ISIN: ZAE000296554

Tax number: 9111917259

("Thungela" or the "Company" and, together with its affiliates, the "Group")

 

GENERAL REPURCHASE ANNOUNCEMENT

 

1.         INTRODUCTION

 

The Thungela board of directors ("Board") hereby, in line with paragraph 11.27
of the Listings Requirements of the JSE Limited ("JSE"), advises shareholders
that the Company, in accordance with the general authority granted by
shareholders at the Company's annual general meeting held on 4 June 2024
("General Authority"), has cumulatively repurchased from shareholders
 4,320,127 ordinary shares ("Shares"), in aggregate, representing 3.1% of the
Company's issued share capital at the time of the General Authority (excluding
treasury shares) ("Repurchase").

 

The Repurchase was effected through the order book operated by the JSE and in
a series of unrelated transactions, without any prior understanding or
arrangement between the Company and these shareholders. Accordingly, the
Company has complied with paragraph 5.72 of the JSE Limited Listings
Requirements.

 

The Company reached the 3% repurchase threshold, provided for in the JSE
Listings Requirements, on 24 April 2025, requiring the publication of this
announcement.

 

 

2.         DETAILS OF THE REPURCHASE

 

            Details of the Repurchase are as follows:

 

 Dates of Repurchase                                                          7 November 2024 to

                                                                              24 April 2025
 Total number of Shares repurchased                                           4,320,127
 Total value of Shares repurchased                                            R475,595,813
 Highest price paid per Share repurchased                                     R140.00
 Lowest price paid per Share repurchased                                      R91.04
 The number of Shares which may still be repurchased by the Company in terms  9,729,131

 of the General Authority
 The percentage of Shares which may still be repurchased by the Company in    6.9%

 terms of the General Authority
 Shares in issue at the date the General Authority was granted                140,492,585
 Shares in issue currently                                                    140,492,585
 Number of Shares held in treasury after the Repurchase                        10,037,876

 

As all the Shares have been repurchased by a wholly-owned subsidiary of the
Company, such Shares will not be cancelled and will remain listed, as they
will be held in treasury.

 

3.         STATEMENT BY THE BOARD

 

            The Board has considered the impact of the Repurchase
and is of the opinion that, for a period of twelve months following the date
of this announcement:

 

3.1        the Company and its subsidiaries ("the Group") will be able,
in the ordinary course of business, to pay their debts;

 

3.2        the assets of the Company and the Group will be in excess of
the liabilities of the Company and the Group, measured in accordance with the
accounting policies used in the latest audited Group annual financial
statements;

 

3.3        the share capital and reserves of the Company and the Group
will be adequate for ordinary business purposes; and

 

3.4        the working capital of the Company and the Group will be
adequate for ordinary business purposes.

 

4.         SOURCE OF FUNDS

 

The Repurchase was funded from available cash resources.

 

5.         IMPACT ON FINANCIAL INFORMATION

 

The Repurchase and related transaction costs have had no material impact on
Thungela's financial information and resulted in a decrease in the Group's
cash balances by R475,595,813.

 

 

29 April 2025

Johannesburg, South Africa

 

Sponsor

Rand Merchant Bank

(A division of FirstRand Bank Limited)

 

UK Financial adviser and corporate broker

Panmure Liberum Limited

 

Investor Relations

Hugo Nunes

Email: hugo.nunes@thungela.com (mailto:hugo.nunes@thungela.com)

 

Shreshini Singh

Email: shreshini.singh@thungela.com (mailto:shreshini.singh@thungela.com)

 

Media

Hulisani Rasivhaga

Email: hulisani.rasivhaga@thungela.com
(mailto:hulisani.rasivhaga@thungela.com)

 

 

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