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Alviva - general repurchase announcement
The board of directors of Alviva ("the Board") hereby advises shareholders that Alviva has cumulatively repurchased 8 775 671 ordinary shares in aggregate, representing 6.01% of the Company's issued share capital (excluding treasury shares), in terms of the general authority granted by shareholders through a special resolution, at the annual general meeting held on 21 November 2018 ("Repurchase").
Details of the repurchases after the SENS announcement dated 22 March 2019 are as follows:
- Dates of repurchases: 28 May 2019 to 15 August 2019
- Number of shares repurchased: 1 957 541
- Lowest repurchase price per share (cents): 1 563.55
- Highest repurchase price per share (cents): 1 750.00
- Total value of shares repurchased: R32 620 792.95
478 000 shares were cancelled and delisted on 21 June 2019. 1 479 541 shares will be cancelled and delisted before 31 August 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 6 835 000 shares as treasury shares, representing 4.82% 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 20 410 912 ordinary shares, representing 12.98% 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 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 R32 620 792.95 as a result of the general repurchase. The impact on other areas of the Company's financial information is immaterial.
Compliance
The repurchase was put in place pursuant to a repurchase programme prior to the commencement of the prohibited period in accordance with the JSE Listings Requirements.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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