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Primeserv Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
("Primeserv” or “the company”)
Share code: PMV ISIN: ZAE000039277
Voluntary Announcement – General Repurchase of Ordinary Shares
At the Annual General Meeting (“AGM”) of Primeserv held on 24 November 2023,
shareholders, by special resolution, granted a General Authority to the company and its
subsidiaries (“group”) to repurchase up to 20% of the issued ordinary share capital of the
company, on the terms and subject to the conditions specified in the notice of AGM.
Shareholders are hereby advised that, during the period commencing on 12 December 2023
to 19 February 2024, the group repurchased an aggregate of 519 473 ordinary shares for a
total value of R667 033 (“Repurchased Shares”), representing 0.45% of the issued ordinary
share capital of Primeserv, at the date on which the General Authority was granted.
The repurchases were funded out of the group’s available cash resources and were made in
terms of the General Authority, in compliance with the JSE Listings Requirements, and were
effected through the order book operated by the JSE trading system without any prior
understanding or arrangement. None of the repurchases was effected during a prohibited
period.
The Repurchased Shares were purchased at an average price of R1.28 per share. The highest
price paid was R1.34 per share and the lowest price paid was R1.22 per share.
As at the date of this announcement, the group holds 40 597 926 ordinary shares in treasury,
including the Repurchased Shares referred to in this announcement, and there are 116 747
100 ordinary shares in issue. Under the current General Authority the company can still
repurchase a maximum of 22 829 947 ordinary shares, which represents 19.55% of the shares
in issue at the date of the General Authority.
Subject to retaining liquidity and ongoing consideration of the most effective capital
allocation decisions for the group, Primeserv will continue to implement its share repurchase
programme, as and when market opportunities present themselves.
21 February 2024
Illovo, Sandton
Sponsor
Grindrod Bank Limited
