Adapt IT Holdings repurchases shares
Adapt IT Holdings Limited has advised that, Adapt IT Proprietary Limited, a wholly owned subsidiary of Adapt IT, has cumulatively repurchased 4 836 650 Adapt IT ordinary shares, representing 3.01% of the Company's issued share capital, in terms of the general authority granted by shareholders at the annual general meeting ("AGM") held on 23 November 2018 ("Repurchase").
DETAILS OF THE GENERAL REPURCHASE
1 360 642 of the shares repurchased were during a closed period and were effected pursuant to a repurchase programme put in place prior to the commencement of the closed period, in accordance with the JSE Listings Requirements.
The Repurchase was effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties. Before the Repurchase Adapt IT Proprietary Limited held 9 933 700 shares as treasury shares, representing 6.19% of the Company's issued share capital. After the Repurchase, Adapt IT Proprietary Limited holds 14 770 350 shares as treasury shares, representing 9.20% of the Company's issued share capital.
Following the Repurchase, the extent of the general authority to repurchase shares outstanding is 25 068 137 ordinary shares, representing 15.61% of the total issued share capital of the Company at the time the authority was granted.
OPINION OF THE BOARD
The Board has considered the effect of the Repurchase and is of the opinion that, for a period of 12 months following the date of this announcement: - the Company will be able, in the ordinary course of business, to repay its debts; - the assets of the Company will be in excess of the liabilities of the Company; - the Company's ordinary capital and reserves will be adequate for ordinary business purposes; and - the Company will have adequate working capital for ordinary business purposes.
FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE
he impact of the Repurchase has been calculated and the Board can confirm that the implementation of the Repurchase is limited to a reduction in cash of R29 016 746 as the Repurchase was funded from the Company's available cash resources.