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Investec Limited Non-Redeemable, Non-Cumulative, Non-Participating Preference Shares General Buy-Back Programme

Investec Limited                                                     Investec plc
Incorporated in the Republic of South Africa                         Incorporated in England and Wales
Registration number 1925/002833/06                                   Registration number 03633621
JSE share code: INL                                                  LSE share code: INVP
JSE share code: INPR                                                 JSE share code: INP
JSE debt code: INLV                                                  ISIN: GB00B17BBQ50
NSX share code: IVD                                                  LEI:
BSE share code: INVESTEC                                             2138007Z3U5GWDN3MY22
ISIN: ZAE000081949
ISIN: ZAE000063814
LEI: 213800CU7SM6O4UWOZ70



As part of the dual listed company structure, the boards of Investec plc and Investec Limited (together the
“Board”) notify both the London Stock Exchange and the JSE Limited of matters which are required to be
disclosed under the Disclosure Guidance and Transparency Rules and Listing Rules of the United Kingdom
Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

Accordingly, we advise of the following:


INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE
SHARES (“PREFERENCE SHARES”) GENERAL BUY-BACK PROGRAMME

During Investec Limited (the “Company”)’s annual general meeting held on 4 August 2022 (“the AGM”),
shareholders were advised that the board of the Company may resolve to repurchase preference shares if
this action is considered desirable and in the best interests of shareholders.

Shareholders were further advised that any repurchases under the general authority proposed to be granted
by shareholders, would be within certain pre-determined price limits with specific reference to the limits of
the authority granted by the Company’s shareholders as well as the JSE’s Listings Requirements. At the
AGM, shareholders granted a general authority to the board of the Company to repurchase up to 20% of the
issued preference share capital of Company (“the current general authority”).

Shareholders are herewith advised that the Company has, pursuant to a share buy-back programme (“the
Programme”) announced by the Company on 29 November 2022, repurchased 1,307,149 preference shares,
representing 5% of the issued preference share capital as at the date of the current general authority to
repurchase the preference shares. The preference shares remaining in issue following these repurchases
are 24,835,843 shares.

The preference shares were repurchased for an aggregate value of R124,147,704.39.
 Period of                    Number of           Average          Highest         Lowest          Aggregate
 repurchase           preference shares         price per       price paid     price paid          value (R)
                            repurchased        preference              per            per
                                                share (R)       preference     preference
                                                                     share          share

 30 November 2022
 to 27 March 2023             1,307,149            94.98             96.18          93.00       124,147,704.39

The repurchases were made in terms of the general authority granted by shareholders at the AGM and were
effected through the order book on the JSE trading system without any prior understanding or arrangement
between the Company and the counterparties.

To the extent not already done so during the current programme, application will be made to the JSE to de-
list the preference shares at which point they will immediately be cancelled.

The Company is not entitled to repurchase any further preference shares in issue under the Programme, as
the transactions concluded have reached the maximum amount to be repurchased under the Programme.
Accordingly, the current Programme has been closed and no further repurchases of preference shares will
occur under the Programme.
The impact of the repurchase of the preference shares on the financial information of the Company is
immaterial. The preference shares were repurchased from excess cash resources of the Company; going
forward, no preference share dividends will be payable on the repurchased preference shares and interest
earned on the cash utilised for the repurchase will be foregone.

OPINION OF THE BOARD OF THE COMPANY

The board of the Company has considered the effect of the repurchases and is of the opinion that:

-   The Company and the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of
    business, to repay their debts for a period of 12 months after the date of this announcement;
-   The consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of
    the Company and the Group for a period of 12 months after the date of this announcement;
-   The Company’s and the Group’s share capital and reserves will be adequate for the purposes of the
    business of the Company and the Group for a period of 12 months after the date of this announcement;
    and
-   The Company and the Group will have sufficient working capital for ordinary business purposes.


Johannesburg
29 March 2023

Sponsor
Investec Bank Limited

Date: 29-03-2023 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Namibian Stock Exchange Contacts

Tiaan Bazuin – Chief Executive Officer
Alexandrea Ullrich – Chief Financial Officer
Johene Saal – Chief Information Officer
Namene Shejavali-Lungu – Chief Regulatory Officer
 
Namibian Stock Exchange
4 Robert Mugabe Avenue
Entrance from Dr. Theo-Ben Gurirab Street
P.O.Box 2401
Windhoek
Namibia
Tel: +264 61 227 647
Fax: +264 61 248 531
E-mail: info@nsx.com.na

Transfer Secretaries Contacts

Alexandrea Ullrich – Manager
Adelheid Scholtz – Senior Administrator
Carol-Ann Meintjies – Administrator
Annetjie Diergaardt – Administrator
 
Transfer Secretaries
4 Robert Mugabe Avenue
Entrance from Dr. Theo-Ben Gurirab Street
P.O.Box 2401
Windhoek
Namibia
Tel: +264 61 227 647
Fax: +264 61 248 531
E-mail: ts@nsx.com.na
© 2024 Namibian Stock Exchange

 

 

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