SABVEST CAPITAL LIMITED - SABCAP general repurchase of shares

SABCAP general repurchase of shares

SABVEST CAPITAL LIMITED
(Incorporated in South Africa)
(Registration number 2020/030059/06)
Share code: SBP
ISIN: ZAE000283511
("Sabcap" or "the Company" or "the Group")

SABCAP GENERAL REPURCHASE OF SHARES

1. INTRODUCTION

   Under the general authority granted by shareholders at the Company's Annual General Meeting ("AGM")
   held on 18 May 2023, Sabcap, through its wholly owned subsidiary Sabvest Finance and Guarantee
   Corporation (Pty) Limited ("SFGC"), repurchased 180 000 Sabcap ordinary shares, all of which were
   cancelled and delisted in November 2023 (shareholders are referred to the announcement released on
   the Stock Exchange News Service on 5 December 2023 in this regard).

   SFGC, at various times, repurchased a further 750 000 Sabcap ordinary shares under that same general
   authority granted by shareholders on 18 May 2023, through to its expiration at the AGM on 23 May 2024.

   Under the new general authority granted by shareholders at the AGM on 23 May 2024, a further 100 000
   Sabcap ordinary shares were repurchased by SFGC.

   Consequently, a total of 850 000 Sabcap ordinary shares repurchased by SFGC under the above general
   authorities were held by SFGC as treasury shares.

   Shareholders are advised that the Company has, on 28 November 2024, repurchased all 850 000 Sabcap
   ordinary shares from SFGC for a total consideration of R82 million.

   Application will be made to the JSE Limited for the delisting of the 850 000 shares, with effect from the
   commencement of business on or about 6 December 2024. The repurchased shares will accordingly be
   cancelled by Sabcap on or about 6 December 2024 and will revert to the Company's authorised but
   unissued share capital, in accordance with section 35(5) of the Companies Act 71 of 2008.

   The highest number of Sabvest Limited shares in issue since its original listing was 52 327 962. Over the
   years this number has reduced through continued repurchases and cancellations at discounts to net asset
   value per share. Following this cancellation of 850 000 Sabcap ordinary shares, there are 38 370 000
   Sabcap ordinary shares in issue, representing a reduction of 26,7% from the highest number of Sabvest
   Limited/Sabcap shares ever in issue.

2. DETAILS OF THE REPURCHASES UNDER THE GENERAL AUTHORITY GRANTED

   Date of repurchases:                                                26/03/2024 to 22/11/2024
   Number of shares repurchased:                                       850 000
   Value of shares repurchased:                                        R59 931 260
   Average repurchase price per share:                                 7050,74c
   Lowest repurchase price per share:                                  6800,00c
   Highest repurchase price per share:                                 9300,00c

3. DETAILS OF SHARES IN ISSUE

   Shares repurchased under 24 May 2021 general authority:              71 000
   Shares repurchased under 30 May 2022 general authority:              84 000
   Shares repurchased under 18 May 2023 general authority:             175 000
   Shares cancelled on 5 December 2023:                                330 000
   Shares repurchased under 18 May 2023 general authority:             750 000
   Shares repurchased under 24 May 2024 general authority:             100 000
   Shares to be cancelled on or about 6 December 2024:                 850 000
   Shares to be in issue following the cancellation:                   38 370 000
   Treasury shares:                                                    0

Subject to retaining liquidity for desirable new investments from time to time, relative to the ongoing
consideration of the most effective capital allocation decisions for the Group, the Company or a subsidiary
may continue to effect repurchases under the general authority granted at the Company's AGM on 24 May
2024.

Sandton
28 November 2024

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 28-11-2024 01:20:00
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