ARGENT INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1993/002054/06)
Share code: ART
ISIN: ZAE000019188
(“Argent” or “the Company” or “the Group”)

GENERAL REPURCHASE OF ORDINARY SHARES

In the notice of the Argent annual general meeting held on 19 August 2022 (“the 2022 AGM”),
shareholders approved the repurchase of ordinary shares by way of a special resolution.
Shareholders were further advised that any repurchases under the general authority would be
at market value in accordance with the provisions set out under the relevant special resolution.
The general authority granted by shareholders at the 2022 AGM authorised the board of Argent
to repurchase up to 20% of the issued ordinary share capital of Argent.

Shareholders are hereby advised that Argent has repurchased 310 376 ordinary shares,
representing 0.55% of the issued ordinary share capital as at the date on which the authority to
repurchase the ordinary shares was granted, out of the Company’s available cash resources.
The ordinary shares were repurchased for an aggregate value of R4 933 017.02.

    Date of              Number of       Highest price      Lowest price        Aggregate value
    repurchases            ordinary       per ordinary      per ordinary
                            shares              share             share
                       repurchased
    7 August 2023          310 376             R15.96             R15.78         R4 933 017.02
    to 17 August
    2023

The repurchases were made in terms of the general authority granted by shareholders at the
2022 AGM and were effected through the order book operated by the JSE trading system
without any prior understanding or arrangement between the Company and the counterparties.
The general repurchase of ordinary shares requirements have been complied with in terms of
paragraph 5.72(a) of the JSE Listings Requirements.

The ordinary shares repurchased will be de-listed and cancelled on 12 September 2023.

Argent was entitled to repurchase a further 10 830 121 ordinary shares (19.29% of the ordinary
shares in issue as at the date of the authority), in terms of the general authority, which was valid
until Argent’s latest annual general meeting held on 18 August 2023.

As at the date of this announcement, the Company held nil ordinary shares in treasury.

The ordinary shares were repurchased from excess working capital resources of the Company
and the interest that would have been generated for the Group’s banking facility is minimal.

OPINION OF THE BOARD OF THE COMPANY

The board of Argent has considered the effect of the repurchases 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 repay their
       debts;
-      the consolidated assets of the Company and the Group will be in excess of the
       consolidated liabilities of the Company and the Group;
-    the Company’s and the Group’s share capital and reserves will be adequate for the
     purposes of the business of the Company and the Group; and
-    the Company and the Group will have sufficient working capital for ordinary business
     purposes.


Umhlanga
11 September 2023

Sponsor: PSG Capital