AECI LIMITED
(Incorporated in the Republic of South
Africa)
(Registration number 1924/002590/06)
Share code: AFE ISIN:
ZAE000000220
Hybrid code: AFEP ISIN: ZAE000000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
(AECI or the Company)
SPECIFIC REPURCHASE OF SHARES
1. INTRODUCTION
Shareholders are advised that, in
accordance with the specific authority granted by shareholders at
the Company’s General Meeting held on 25 January 2012, AECI
has repurchased 4 426 604 AECI ordinary shares of
100 cents each (Repurchased Shares)
from the AECI Community Education and Development Trust (the CST)
for no consideration (the Specific Repurchase). This represents
4,02% of the total number of shares in issue before the Specific
Repurchase was effected.
The Specific Repurchase was effected
pursuant to the Broad-based Black Economic Empowerment transaction
which AECI implemented in January
2012 (B-BBEE Transaction). One component of the B-BBEE
Transaction was the establishment of the CST which subscribed for
and was issued 4 426 604 AECI ordinary shares of
100 cents each (Subscription
Shares). The subscription by the CST for the Subscription
Shares was partly funded by a capital contribution from the
Company, with the difference between the market value of the
Subscription Shares and the capital contribution being funded by
way of a notional loan from the Company. It was agreed that
the notional loan would be settled on 31 January 2022 through
a repurchase and subsequent cancellation of some or all of the
Subscription Shares held by the CST, for no
consideration.
In terms of the B-BBEE Transaction,
AECI had an obligation to repurchase all of the Subscription Shares
held by the CST on 31 January 2022.
The Specific Repurchase has no
financial impact on the Group’s (being the Company and all its
subsidiaries) earnings per share, headline earnings per share, net
asset value per share, net tangible asset value per share, diluted
earnings per share and diluted headline earnings per share.
The number of treasury shares held by
the Company before and after the Specific Repurchase is nil.
The Company shall now proceed to apply
to the JSE Limited for the delisting of the Repurchased Shares.
2. DETAILS OF THE SPECIFIC REPURCHASE
Date of repurchase:
31 January 2022
Number of shares
repurchased:
4 426 604
Value of shares repurchased*:
R504 322 994,00
Repurchase price per share:
R0,00
*based on the closing price of an AECI ordinary share of R113,93
on 31 January 2022
Woodmead, Sandton
1 February 2022
Sponsor: RAND MERCHANT BANK (A
division of FirstRand Bank Limited)