HUDACO INDUSTRIES LIMITED
(“Hudaco” or the “Company”)
Incorporated in the Republic of South Africa
Registration number 1985/004617/06
Share code: HDC & ISIN: ZAE000003273

ANNOUNCEMENT REGARDING A GENERAL REPURCHASE OF SHARES

1.   Introduction

     Hudaco shareholders are advised that the Company has repurchased 1 562 860 Hudaco ordinary shares
     (“Shares”) in terms of a general approval granted by shareholders at the Company’s annual general meeting
     (the “Authority”) held on 17 March 2022 (the “General Repurchase”).

2.   Details of the General Repurchase

     Dates of General Repurchase:                    28 July 2022 to 8 November 2022
     Number of Shares repurchased:                   867 860
     Dates of General Repurchase:                    6 and 7 February 2023
     Number of Shares repurchased:                   695 000
     Lowest repurchase price per Share:              R128.51
     Highest repurchase price per Share:             R160.00
     Weighted average price per Share:               R151.04675
     Total value of Shares repurchased:              R236 064 916.82 (excluding transaction costs)
     Total cost of Shares repurchased:               R237 098 892.90 (including transaction costs)

     867 860 of the repurchased shares were delisted and cancelled before 30 November 2022. The process to delist
     and cancel the balance of 695 000 repurchased shares has commenced (the “Cancellation”) and is expected to
     be completed on or about 15 February 2023.

     The General Repurchase represents 4.8059% of the Company’s total issued share capital at the time the
     Authority was granted. Post the General Repurchase, Hudaco will still hold 2 507 828 Shares as treasury shares,
     representing 8.12% of the Company’s issued share capital post the Cancellation.

     Following the General Repurchase, the extent of the Authority to repurchase shares outstanding is 63 126
     ordinary shares, representing 0.1941% of the issued share capital of Hudaco at the time the Authority was
     granted.

3.   Source of funds

     The General Repurchase was funded from available cash resources.

4.   Statement by the board of directors of Hudaco (the “Board”)

     The Board has considered the effect of the General Repurchase and is of the opinion that, for a period of twelve
     months following the date of this announcement:

     4.1. the Company and the group will be able in the ordinary course of business to pay its debts;

     4.2. the assets of the Company and the group will exceed the liabilities of the Company and the group. For this
          purpose, the assets and liabilities were recognised and measured in accordance with the accounting
          policies used in the latest audited annual group financial statements;

     4.3. the share capital and reserves of the Company and the group will be adequate for ordinary business
          purposes;
     4.4. the working capital of the Company and the group will be adequate for ordinary business purposes; and

     4.5. the Company and the group have passed the solvency and liquidity tests and since the tests were
          performed, there have been no material changes to the financial position of the Company or the group;
          and

5.   Impact of the General Repurchase on financial information

     The General Repurchase was for cash only and has therefore reduced Hudaco’s cash resources by
     R237 098 892.90 and will result in the number of Shares in issue having reduced by 1 562 860, with the number
     of Shares in issue post the General Repurchase amounting to 30 895 980 (net of treasury shares: 28 388 152).

6.   Compliance with paragraph 5.72 of the JSE Limited Listings Requirements (“JSE Listings Requirements”)

     The General Repurchase was effected through the order book operated by the JSE trading system and done
     without any prior understanding or arrangement between the Company and the counter parties. Accordingly,
     the Company has complied with paragraph 5.72 of the JSE Listings Requirements.


13 February 2023

Corporate advisor and Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited