ADCOCK INGRAM HOLDINGS LIMITED - General repurchase announcement

General repurchase announcement

Adcock Ingram Holdings Limited
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP
ISIN: ZAE000123436
(the "Company")

GENERAL REPURCHASE ANNOUNCEMENT

1. INTRODUCTION

   The board of directors of the Company ("Board") hereby, in terms of paragraph 11.27 of the Listings
   Requirements of the JSE Limited ("JSE"), advises shareholders that the Company, through its subsidiary
   Adcock Ingram Limited ("Subsidiary"), has cumulatively repurchased 5 253 141 ordinary shares
   ("Shares") from shareholders ("Repurchase").

   The Repurchase was done:
     - in accordance with the general authority granted by shareholders at the Company's annual
       general meeting held on 21 November 2023 ("General Authority"); and
     - through the order book operated by the JSE, in a series of unrelated transactions without any
       prior understanding or arrangement between the Company and/or its Subsidiary and these
       shareholders.

   This, in aggregate, represents 3.26% of the Company's issued share capital at the time of the General
   Authority.

2. DETAILS OF THE REPURCHASE

   Details of the Repurchase are as follows:

     Dates of the Repurchase                                                     21 November 2023 – 06 May 2024
     Total number of Shares repurchased                                                               5 253 141
     Total value of Shares repurchased                                                             R286 530 662
     Highest price paid per Share repurchased                                                            R55.51
     Lowest price paid per Share repurchased                                                             R52.50
     The number of Shares which may still be repurchased by the                                       2 811 859
     Company in terms of the General Authority
     The percentage of Shares which may still be repurchased by the                                       1.74%
     Company in terms of the General Authority
     Shares in issue at the date the General Authority was granted                                  161 300 000
     Shares in issue currently                                                                      161 300 000
     Number of Shares held in treasury after the Repurchase                                          13 784 280

3. STATEMENT BY THE BOARD

   The Board has considered the impact of the Repurchase and is of the opinion that for a period of
   twelve months following the date of the Repurchase:-

   3.1     the Company and its subsidiaries ("the Group") will be able, in the ordinary course of
           business, to pay its debts;

   3.2     the assets of the Company and the Group will be in excess of the liabilities of the Company
           and the Group, measured in accordance with the accounting policies used in the latest
           audited Group annual financial statements;

   3.3     the share capital and reserves of the Company and the Group will be adequate for ordinary
           business purposes; and

   3.4     the working capital of the Company and the Group will be adequate for ordinary business
           purposes.

4. SOURCE OF FUNDS

   The Repurchase was funded from available internal cash resources.

5. IMPACT ON FINANCIAL INFORMATION

   The Group's cash balances decreased by R288 074 981 (including fees) as a result of the
   Repurchase. Share capital and share premium will reduce by the same amount. The interest
   foregone on the cash required to effect the Repurchase, amounts to R3 263 987 after tax, assuming
   an average interest rate of 7.75% earned in the previous financial period. The Repurchase will have
   the effect of reducing the number of shares in issue used for purposes of calculating the earnings
   per share and headline earnings per share by 1 846 071 shares in the financial year to 30 June 2024.

6. REPURCHASE PROGRAMME

   A portion of the Repurchase was effected during a prohibited period in terms of a repurchase
   programme entered into prior to the prohibited period, in accordance with the JSE Listings
   Requirements.


Midrand
09 May 2024

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

Date: 09-05-2024 07:05:00
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