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STELLAR CAPITAL PARTNERS LIMITED - Transfer, cancellation and delisting of treasury shares

Release Date: 08/06/2020 08:00
Code(s): SCP     PDF:  
Wrap Text
Transfer, cancellation and delisting of treasury shares

Incorporated in the Republic of South Africa
(Registration number: 1998/015580/06)
Share code: SCP     ISIN: ZAE000198586
("Stellar Capital" or the "Company")


Shareholders are referred to the announcement published on the
Stock Exchange News Service on 4 June 2020 in which they were
advised of Stellar Capital’s general repurchase of ordinary
shares ("General Repurchase").

Shareholders are advised that 3 701 459 ordinary shares of no
par value in the share capital of Stellar Capital ("Treasury
shares transferred") held in treasury by its wholly-owned
subsidiary, AHI Asset Management Proprietary Limited ("AHI
Asset Management") have been transferred to Stellar Capital in
accordance with the requirements of Section 48 of the
Companies Act No. 71 of 2008 (the "Transfer"). The average
acquisition cost of treasury shares by AHI Asset Management
was 71.14 cents per share (in aggregate R2 633 218). The
Transfer constitutes an acquisition and subsequent
cancellation by Stellar Capital of the Treasury shares
transferred, and is cash neutral for the Stellar Capital

The Treasury Shares were acquired by AHI Asset Management in
terms of the general authority to repurchase shares approved
by Stellar Capital shareholders at the annual general meeting
held on 26 November 2019 ("General Authority"). The Company
will apply to the JSE Limited ("JSE") for the cancellation and
delisting of the Treasury shares transferred in due course. The
Company will hold 90 000 000 ordinary shares in treasury
following the cancellation and delisting of the 3 701 459
Treasury shares transferred.

The Treasury Shares transferred represents 0.4% of the issued
share capital of the Company immediately prior to their
cancellation. Following the cancellation, the issued share
capital of the Company will comprise 926 282 150 ordinary
shares of no par value.

Cape Town
8 June 2020

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 08-06-2020 08:00:00
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