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 

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