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Alviva - voluntary general repurchase announcement
The board of directors of Alviva (“the Board”) hereby advises shareholders that Alviva has cumulatively repurchased 3 840 000 ordinary shares, representing 2.3% of the Company’s issued share capital (excluding treasury shares), in terms of the general authority granted by shareholders at the annual general meeting (“AGM”) held on 25 November 2016 (“Repurchase”).
Details of the general repurchase
Details of the repurchases are as follows:
- Dates of repurchases: 6 April 2017 to 17 May 2017
- Number of shares repurchased: 3 840 000
- Lowest repurchase price per share (cents): 1 901.47
- Highest repurchase price per share (cents): 2 090.00
- Total value of shares repurchased: R79 246 799
The shares were delisted and cancelled on 24 May 2017.
The repurchases were effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties.
Alviva holds 9 720 000 shares as treasury shares, representing 5.74% of the Company’s issued share capital. The repurchase had no effect on the number of treasury shares.
Following the repurchase, the extent of the general authority to repurchase shares outstanding is 29 506 514 ordinary shares, representing 17.7% of the total issued share capital of Alviva, at the time the authority was granted.
Opinion of the board
The Board has considered the effect of the repurchase and is of the opinion that, for a period of 12 months following the date of this announcement:
- the Company and the Group will be able, in the ordinary course of business, to repay their debts;
- the assets of the Company and the Group will be in excess of the liabilities of the Company and the Group;
- the Company and the Group’s ordinary capital and reserves will be adequate for ordinary business purposes; and
- the Company and the Group will have adequate working capital for ordinary business purposes.
Source of funds
The repurchases were funded from the Company’s available cash resources.
Financial information
Cash balances decreased by R79 246 799 as a result of the General Repurchase. The impact on other areas of the Company’s financial information is immaterial.
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Alviva - update to dealings in securities
Shareholders are referred to the “Dealing in Securities by a director of the Company” announcement released on SENS on 14 June 2017.
Shareholders are hereby advised that the chairman subsequently advised that he has no record of any clearance given to Mr Sibiya to trade in January 2017. Mr Sibiya was unable to provide evidence of clearance obtained.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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