Calgro M3 Holdings Limited has successfully completed a general repurchase of its ordinary shares, amounting to 3.02% of its issued share capital. The move, authorized by shareholders at the annual general meeting (AGM) on June 29, 2023, was part of a broader plan allowing the repurchase of up to 20% of the company’s ordinary shares.
During the period from August 8, 2023, to December 4, 2023, Calgro M3 Holdings acquired an aggregate of 3,690,342 ordinary shares. The repurchases were executed through the JSE Limited trading system order book, demonstrating transparency and adherence to regulatory requirements. The following table outlines the key details of the repurchase:
|Date of Repurchases
|Aggregate Number of Shares
|Highest Price per Share (R)
|Lowest Price per Share (R)
|Aggregate Value (R)
|August 8 – December 4
The company financed these repurchases using its available cash resources, reflecting confidence in its financial stability.
Following the recent repurchases, Calgro M3 Holdings still retains the authority to acquire up to a further 16,704,360 ordinary shares, equating to 13.68% of the total ordinary shares as of the date of the General Authority. This authorization remains valid until the company’s next AGM.
As of the announcement date, Calgro M3 Holdings holds 18,894,449 ordinary shares in treasury through entities such as Calgro M3 Employee Benefit Trust, Calgro M3 Empowerment Trust, and Calgro M3 Developments Limited. The repurchased shares will be promptly de-listed and canceled, aligning with JSE Limited regulations.
The financial impact of these repurchases is deemed immaterial by the company, as they were funded from available cash resources. The board, after careful consideration, expresses the opinion that, for the next 12 months, the company and its subsidiaries will be well-equipped to repay debts, maintain consolidated assets exceeding liabilities, possess adequate share capital and reserves for ordinary business purposes, and retain sufficient working capital.