Alviva Holdings Limited
(Formerly Pinnacle Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number 1986/000334/06
Share Code: AVV
(“Alviva” or “The Company”)
VOLUNTARY GENERAL REPURCHASE OF SHARES ANNOUNCEMENT
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”).
- 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):||1780.00|
|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. There purchase 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.
- 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.
- SOURCE OF FUNDS
The repurchases were funded from the Company’s available cash resources.
- 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.
- 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.
23 November 2017
Deloitte & Touche Sponsor Services (Pty) Ltd