PGR: PEREGRINE HOLDINGS LIMITED - General repurchase of Peregrine ordinary shares General repurchase of Peregrine ordinary shares PEREGRINE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1994/006026/06) Share code: PGR ISIN: ZAE000078127 ("Peregrine" or "the company") GENERAL REPURCHASE OF PEREGRINE ORDINARY SHARES 1. INTRODUCTION In compliance with paragraph 11.27 of the JSE Listings Requirements, shareholders are advised that Peregrine and the Citadel Long-Term Investment Scheme 3 (a scheme put in place to incentivise Citadel employees), have cumulatively repurchased 7 537 208 ordinary shares, representing 3.3341% of the company's issued share capital, in terms of the general authority granted by shareholders at the annual general meeting held on 6 September 2018 ("the repurchase"). 2. DETAILS OF THE REPURCHASE Date of repurchase: 6 September 2018 - 30 November 2018 Number of shares repurchased: 7 537 208 Lowest repurchase price per share: R20.00 Highest repurchase price per share: R21.54 Volume weighted average price: R20.55415 Total value of shares repurchased: R154 920 910.50 The repurchases were made through the order book of the JSE, without any prior understanding or arrangement between the company and the counter parties. The repurchase was funded from the company's cash resources with the balance being funded by the redemption of funds out of the Citadel Long-Term Investment Scheme 3 which was invested in an unlisted hedge fund investment. Following the repurchase, the company may repurchase a further 37 675 931 Peregrine ordinary shares, representing 16.6659% of the issued share capital of the company at the time that the general authority was granted. 556 748 repurchased shares were cancelled and delisted on 10 October 2018 and 5 041 716 will be cancelled and delisted on or about Wednesday, 12 December 2018. The balance of 1 928 754 ordinary shares will be held by the Citadel Long-Term Investment Scheme 3 (and treated as treasury shares), such that after the repurchase, there will be 17 273 965 Peregrine ordinary shares in treasury. Following the above cancellations, the number of shares in issue, including treasury shares, will be 220 467 242. No shares were repurchased during a prohibited period. 3. STATEMENT BY THE BOARD The board of directors 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 and the group will be able, in the ordinary course of business, to pay its debts; - the assets of the company and the group will be in excess of the liabilities of the company and the group; - the company and the group's ordinary share capital and reserves will be adequate for ordinary business purposes; and - the company and the group will have adequate working capital for ordinary business purposes. 4. FINANCIAL INFORMATION The impact of the repurchase has been calculated and the board can confirm that the implementation of the repurchase has reduced cash balances by R114 871 444.12. The reduced number of shares in issue after the cancellation of the repurchased shares will result in a lower weighted average number of shares used to calculate earnings per share in future reporting periods. 5 December 2018 Joint sponsor Java Capital Joint sponsor Deloitte & Touche Sponsor Services Date: 05/12/2018 12:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.