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Alviva - general repurchase of shares
The board of directors of Alviva ("the Board") hereby advises shareholders that Alviva has cumulatively repurchased 6 818 130 ordinary shares in aggregate, representing 4.67% 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 21 November 2018 ("Repurchase").
Details of the Repurchases are as follows:
- Dates of Repurchases: 27 November 2018 to 20 March 2019
- Number of shares repurchased: 6 818 130
- Lowest repurchase price per share (cents): 1669.00
- Highest repurchase price per share (cents): 1800.00
- Total value of shares repurchased: R 120 047 839
6 818 130 shares will be cancelled and delisted before 31 March 2019.
The repurchases were effected through the order book operated by the JSE Ltd. and done without any prior understanding or arrangement between the Company and the counter parties.
Alviva will hold 4 785 000 shares as treasury shares, representing 3.44 % of the Company's issued share capital after the cancellation. The repurchase had no effect on the number of treasury shares.
Following the repurchase, the extent of the balance of the general authority to repurchase shares is 22 368 453 ordinary shares, representing 15.33% of the total issued share capital of Alviva, at the time the authority was granted. Any further share repurchases, in excess of 5% of the Company's issued share capital is subject to section 48 (8) (b) of the Companies Act. The section requires any acquisition by the Company of more than 5% of its issued shares be approved by special resolution of the shareholders.
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 pay its debts;
- the assets of the Company and the group will be in excess of the liabilities of the company and the group. For this purpose, the assets and liabilities were recognised and measured in accordance with the accounting policies used in the latest audited group annual financial statements;
- the share capital and reserves of the Company and the group will be adequate for ordinary business purposes;
- the working capital of the Company and the group will be adequate for ordinary business purposes; and
- the Company and the group have passed the solvency and liquidity test and since the test was performed, there have been no material changes to the financial position of the group.
Source of funds
The repurchases were funded from the Company's available cash resources.
Financial information
Cash balances decreased by R120 047 839 as a result of the General Repurchase. The impact on other areas of the Company's financial information is immaterial.
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