| Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70 | Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code: INVP JSE share code: INP 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 ORDINARY SHARE BUYBACK
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 Ordinary 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 Ordinary Share capital of Company ("the current general authority").
Shareholders are herewith advised that the Company has repurchased 9,996,839 Ordinary Shares by 1 July 2022, representing 3.13% 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 to 308,907,870 shares.
The Ordinary Shares were repurchased for an aggregate value of R852,160,068.
| Number of Ordinary Shares repurchased | Highest price per Ordinary Share (R) | Lowest price per Ordinary Share (R) | Aggregate value (R) |
| 9,996,839 | R90.00 | R76.80 | 852,160,068 |
The number of treasury shares are 49,245,568 and will remain unchanged.
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 1,500,000 Ordinary Shares at which point they will immediately be cancelled. 8,496,839 has already been cancelled.
The impact of the repurchase of the Ordinary Shares on the financial information of the Company is immaterial. The Ordinary Shares were repurchased from excess cash resources of the Company; going forward, no Ordinary Share dividends will be payable on the repurchased Ordinary 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 04 July 2022
Sponsor
Investec Bank Limited
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.
