Share repurchase programme 2019/ 2020

  • 27 June 2019
  • 5301
  •  press-release

All repurchases effected in terms of the Repurchase Programme will be in accordance with the general authority granted by the special resolution adopted by shareholders at the Company’s annual general meeting held on 22 August 2018 and in compliance with the sections 44 and 48(8) of the Companies Act, 71 of 2008, as amended (“the Act”). The repurchased shares will be held as treasury shares as provided in section 48(2)(b) of the Act for purposes of future potential transactions and no voting rights are attached thereto.

In terms of the Repurchase Programme the purchase consideration per Senwes Share will be within a range of R11,00   to R14,73 (with the intention that not more than the weighted average of R12,87 per Senwes Share will be paid in terms of the entire Repurchase Programme). The maximum aggregate amount that will be paid on account of the repurchase consideration in terms of the Repurchase Programme will be R54,4 million regardless of the number of Senwes Shares repurchased.  The maximum aggregate number of Senwes Shares repurchased, regardless of the aggregate repurchase consideration paid, will be equal to 2,34% (two comma three four percent) of the total issued capital. 

As the purchase consideration for the Repurchase programme is based on the actual market price of the Senwes shares, the Board is of the opinion that the offer to repurchase is fair and reasonable.
The financial effects have been prepared using Senwes’ accounting policies and are consistent with International Financial Reporting Statements (“IFRS”) with the basis on which historical information has been prepared in terms of the accounting policies as at 30 April 2019.
Financial effect:

The record date for participation in the Repurchase Programme by shareholders shall be 3 July 2019.

27June 2019

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