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Company Announcement: Eqstra repurchases 8.0 million shares in the open market further enhancing shareholder value

17th May 2013

By: Creamer Media Reporter

  

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Eqstra Holdings Limited  (0.08 MB)

Eqstra Holdings Limited hereby announces that during the period 30 April to 6 May 2013 the Company repurchased a further 7,985,504 ordinary shares at a value of
R49.8 million, which is in accordance with the general authority granted by Eqstra shareholders at the annual general meeting held on 13 November 2012. These shares have
subsequently been cancelled (delisted) on the Johannesburg Stock Exchange and reduced the Company’s ordinary shares in issue by 1.9% to 411,367,941 shares, of which a subsidiary company holds 8,930,581 treasury shares. This repurchase brings the total ordinary shares repurchased and cancelled by the Company since 1 July 2012, following the general authority given in November 2011, to 17,300,451 ordinary shares. A maximum of 21,074,468 ordinary shares can be repurchased in terms of
the general authority obtained from shareholders. Walter Hill, Chief Executive of Eqstra Holdings, said: “Our repurchase program continues as we see value in our current share price, which trades at a discount to the Company’s Net Asset Value. We will continue to invest shareholder capital in value enhancing activities, and we consider repurchasing our own shares a low risk transaction that could reap significant benefits for shareholders in the future.”
 

Edited by Creamer Media Reporter

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