CAPITAL APPRECIATION LIMITED - General Repurchase Announcement

General Repurchase Announcement

Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: CTA
ISIN: ZAE000208245
("the Company")

GENERAL REPURCHASE ANNOUNCEMENT

1. Introduction

In terms of paragraph 11.27 of the Listings Requirements of the JSE Limited ("JSE"), the board
of directors of the Company ('Board') hereby advises shareholders that the Company, through
its subsidiary Capprec Management Services Proprietary Limited has cumulatively repurchased
46 885 950 ordinary shares ("Shares") from shareholders ("Repurchase").

The Repurchase was effected:

-   in accordance with the general authority granted by shareholders at the Company's
    annual general meeting held on 6 September 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 the counterparty.

The Repurchase represents 3.6%, in aggregate, of the Company's issued share capital at the
time of the General Authority.

2. Details of the Repurchase

The details of the Repurchase are as follows:

Dates of the Repurchase                                          26/09/2023 – 13/06/2024
Total number of Shares repurchased                               46 885 950
Total value of Shares repurchased                                R56 838 139
Highest price paid per Share repurchased                         R1.25
Lowest price paid per Share repurchased                          R1.10
The number of Shares which may still be                          215 114 050
repurchased in terms of the General Authority
The percentage of Shares which may still be                      17.9%
Repurchased in terms of the General Authority
Shares in issue at the date the General Authority                1 310 000 000
was granted
Shares in issue currently                                        1 310 000 000
Number of Shares held in treasury after the Repurchase           65 257 683

3. Statement by the Board

The Board has considered the effect of the Repurchase and is of the opinion that:

-   the Company and its subsidiaries ("Group") will be able, in the ordinary course of
    business, to repay its debts for a period of 12 months after the date of this announcement;
-   the assets of the Company and the Group, as fairly valued, will equal or exceed the
    liabilities of the Company and the Group, as fairly valued 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
    ordinary business purpose of the Company and the Group for a period of 12 months
    following the date of this announcement; and
-   the Company and the Group will have sufficient working capital for ordinary business
    purposes for 12 months following the date of this announcement.

4. Source of funds and impact on financial information

The Repurchase was funded from available internal cash resources.

The Group's cash balances decreased by R56 838 139 (including transaction costs) as a result
of the Repurchase.

The annual interest foregone on the cash required to effect the Repurchase, amounts to
R3,402,331 after tax, assuming an average interest rate of 8.2% 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 46 885 950 shares in
the financial year to 31 March 2025.

5. 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.

Johannesburg

26 June 2024

Sponsor: Investec Bank Limited

Date: 26-06-2024 10:35:00
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