General repurchase of ordinary shares
STELLAR CAPITAL PARTNERS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/015580/06)
Share code: SCP ISIN: ZAE000198586
("Stellar Capital" or the "Company”)
GENERAL REPURCHASE OF ORDINARY SHARES
Stellar Capital shareholders are advised that the Company has repurchased 86 853 177 Stellar Capital Ordinary
Shares (the "General Repurchase") in terms of the general authority granted by shareholders at the Company’s
annual general meeting held on 26 November 2019 (the "Authority").
2. Details of the General Repurchase
Dates of the General Repurchase: 22 May 2020 to 2 June 2020
Number of Ordinary Shares repurchased by the Company: 86 853 177
Lowest repurchase price per Ordinary Share: R0.68
Highest repurchase price per Ordinary Share: R0.76
Total value of Ordinary Shares repurchased: R65 704 850
Shares in issue at the date the Authority was granted (excluding
treasury shares): 1 056 811 520
Shares currently in issue (including treasury shares) after the
repurchase by the Company is cancelled: 929 983 609
The Company currently holds 93 701 459 Ordinary Shares in treasury ("Treasury Shares").
The 929 983 609 issued shares reflected above assume that the 86 853 177 shares repurchased by Stellar Capital
have been delisted by the JSE. Application to delist these shares will be made in due course.
The remaining extent of the Authority amounts to 13 665 309 Ordinary Shares, representing 1.47% of the total
issued Ordinary Share capital of Stellar Capital (excluding treasury shares) as at the beginning of the Company’s
3. Source of funds
The General Repurchase was funded from the Company’s available cash resources.
4. Statement by the board of directors of Stellar Capital (the "Board")
The Board has considered the effect of the General Repurchase and is of the opinion that, for a period of twelve
months following the date of the General Repurchase:
4.1. the Company and the Group will be able in the ordinary course of business to pay their debts;
4.2. 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 published financial statements of the Group;
4.3. the share capital and reserves of the Company and the Group will be adequate for ordinary
4.4. the working capital of the Company and the Group will be adequate for ordinary business
4.5. 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 Company and
5. Impact of the General Repurchase on financial information
The Company’s cash balances decreased by R65 704 850 as a result of the General Repurchase. Interest
receivable at rates of approximately 6.75% per annum (pre-tax) will be foregone on the cash resources
used to fund this General Repurchase. The Repurchase will have the effect of reducing the number of
shares in issue used for purposes of the net asset value per share, earnings per share and headline
earnings per share calculations by 86 853 177 Shares.
6. Compliance with paragraph 5.72 of the JSE Limited Listings Requirements ("JSE Listings Requirements")
The General Repurchase was effected through the order book operated by the JSE trading system and
done without any prior understanding or arrangement between the Company and the counter parties.
Accordingly, the Company has complied with paragraph 5.72(a) of the JSE Listings Requirements.
4 June 2020
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04-06-2020 08:00:00
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