ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR
ISIN: ZAE000000139
("Adcorp" or "the Company")


GENERAL REPURCHASE OF ORDINARY SHARES


At the annual general meeting of Adcorp held on 28 July 2022 (“AGM”), shareholders, by
special resolution, granted a general authority to the board of directors of the Company and
its subsidiaries (“the Group”) to repurchase up to 10% 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 2 November 2022 to
16 January 2023, the Company’s subsidiary, Torque Technical Computer Training Proprietary
Limited, repurchased an aggregate of 1 311 899 ordinary shares, representing 1.253% of the
issued ordinary share capital of the Company as at the date on which the authority to
repurchase the ordinary shares was granted. The aforementioned ordinary shares were
repurchased for an aggregate value of R6 965 340.91, funded out of the Group’s available
cash resources, as follows:

 Date of               Aggregate         Highest price     Lowest price      Aggregate
 repurchases           number of         per ordinary      per ordinary      value
                       ordinary          share             share
                       shares            repurchased       repurchased
                       repurchased
 2 November 2022       1 311 899         542.00 cents      496.00 cents      R6 965 340.91
 to 16 January 2023

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

The Company or its subsidiaries may repurchase up to a further 9 158 055 ordinary shares
(8,747% of the ordinary shares in issue as at the date on which the authority was granted), in
terms of the current general authority, which is valid until the Company’s next annual general
meeting.

As at the date of this announcement, the Group held 6 567 033 ordinary shares in treasury,
including the repurchased shares referred to in this announcement. The impact of the
repurchases of the ordinary shares on the financial position of the Group is immaterial, as the
repurchases were funded out of the Group’s available cash resources.
OPINION OF THE BOARD

The Board 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
     ordinary business purposes of the Company and the Group; and
-    the Company and the Group will have sufficient working capital for ordinary business
     purposes.


Johannesburg
23 January 2023

Sponsor
PSG Capital