|
AVV 201711230016A
Voluntary general repurchase of shares announcement
Alviva Holdings Limited
(Formerly Pinnacle Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number 1986/000334/06
Share Code: AVV
ISIN: ZAE000227484
(“Alviva” or “The Company”)
VOLUNTARY GENERAL REPURCHASE OF SHARES ANNOUNCEMENT
1. INTRODUCTION
The board of directors of Alviva (“the Board”) hereby advises shareholders that Alviva has
cumulatively repurchased 8 264 654 ordinary shares in aggregate, representing 4.96% 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”).
2. DETAILS OF THE GENERAL REPURCHASE
Details of the Repurchases are as follows:
Dates of Repurchases: 6 April 2017 to 21 November 2017
Number of shares repurchased: 8 264 654
Lowest repurchase price per share (cents): 1 780.00
Highest repurchase price per share (cents): 2 090.00
Total value of shares repurchased: R161 068 541
3 840 000 shares were delisted and cancelled on 24 May 2017, 2 025 696 on 12 September
2017 and 2 398 958 are in the process of being cancelled and delisted.
The repurchases were effected through the order book operated by the JSE Limited and done
without any prior understanding or arrangement between the Company and the counter parties.
Alviva holds 9 905 000 shares as treasury shares, representing 6.00% of the Company’s issued
share capital after the cancellations. 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 25 081 860 ordinary shares, representing 15.04% of the total issued share capital of Alviva, at
the time the authority was granted.
3. 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
annual group 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.
4. SOURCE OF FUNDS
The repurchases were funded from the Company’s available cash resources.
5. FINANCIAL INFORMATION
Cash balances decreased by R161 068 541 as a result of the General Repurchase. The impact
on other areas of the Company’s financial information is immaterial.
6. COMPLIANCE WITH PARAGRAPH 5.72 OF THE JSE LISTINGS REQUIREMENTS
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.
Midrand
23 November 2017
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 23/11/2017 08:29:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |
|
