ARGENT INDUSTRIAL LIMITED - General repurchase of ordinary shares

General repurchase of ordinary shares

ARGENT INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1993/002054/06)
Share code: ART
ISIN: ZAE000019188
(“Argent” or “the Company” or “the Group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meeting held on 19 August 2022 (“the AGM”),
shareholders approved the repurchase of ordinary shares by way of a special resolution.
Shareholders were further advised that any repurchases under the general authority would be
at market value in accordance with the provisions set out under the relevant special resolution.
The general authority granted by shareholders at the AGM authorises the board of Argent to
repurchase up to 20% of the issued ordinary share capital of Argent.

Shareholders are hereby advised that Argent has repurchased 51 429 ordinary shares,
representing 0.09% of the issued ordinary share capital as at the date on which the authority to
repurchase the ordinary shares was granted, out of the Company’s available cash resources.
The ordinary shares were repurchased for an aggregate value of R787 188.05.

    Date of              Number of     Highest price      Lowest price       Aggregate value
    repurchases           ordinary      per ordinary      per ordinary
                            shares             share             share
                       repurchased
    3 January               51 429            R15.50            R14.92           R787 188.05
    2023 to 26
    January 2023

The repurchases were made in terms of the general authority granted by shareholders at the
AGM and were effected through the order book operated by the JSE trading system without any
prior understanding or arrangement between the Company and the counterparties. The general
repurchase of ordinary shares requirements have been complied with in terms of
paragraph 5.72(a) of the JSE Listings Requirements.

The ordinary shares repurchased will be de-listed and cancelled on 14 February 2023.

Argent is entitled to repurchase a further 11 140 497 ordinary shares (19.84% of the ordinary
shares in issue as at the date of the authority), in terms of the current general authority, which
is valid until Argent’s next annual general meeting.

As at the date of this announcement, the Company held 423 601 ordinary shares in treasury,
which shares includes the shares that are the subject of this announcement.

The ordinary shares were repurchased from excess working capital resources of the Company
and the interest that would have been generated for the Group’s banking facility is minimal.

OPINION OF THE BOARD OF THE COMPANY

The board of Argent has considered the effect of the repurchases and is of the opinion that, for
a period of 12 months following the date of this announcement:

-    the Company and the Group will be able, in the ordinary course of business, to repay their
     debts;
-    the consolidated assets of the Company and the Group will be in excess of the
     consolidated liabilities of the Company and the Group;
-    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; and
-    the Company and the Group will have sufficient working capital for ordinary business
     purposes.

Umhlanga
13 February 2023

Sponsor: PSG Capital

Date: 13-02-2023 03:15:00
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