Company Announcements

Investec Ltd Pref Share General Buy-Back Programme

Source: RNS
RNS Number : 9362U
Investec PLC
04 August 2022

Investec Limited

Incorporated in the Republic of South Africa

Registration number 1925/002833/06

JSE share code: INL

JSE hybrid code: INPR

JSE debt code: INLV

NSX share code: IVD

BSE share code: INVESTEC

ISIN: ZAE000063814

LEI: 213800CU7SM604UWOZ70

Investec plc

Incorporated in England and Wales

Registration number 03633621

LSE share code: INVP

JSE share code: INP


LEI: 2138007Z3U5GWDN3MY22




As part of the dual listed company structure, the boards of Investec plc and Investec Limited (together the "Board") notify both the London Stock Exchange and the JSE Limited of matters which are required to be disclosed under the Disclosure Guidance and Transparency Rules, and Listing Rules of the United Kingdom Listing Authority (the "UKLA") and/or the JSE Listings Requirements.


Accordingly, we advise of the following:




During Investec Limited (the "Company")'s annual general meeting held on 5 August 2021 ("the AGM"), shareholders were advised that the board of the Company may resolve to repurchase preference shares if this action is considered desirable and in the best interests of shareholders.


Shareholders were further advised that any repurchases under the general authority proposed to be granted by shareholders, would be within certain pre-determined price limits with specific reference to the limits of the authority granted by the Company's shareholders as well as the JSE's Listings Requirements. At the AGM, shareholders granted a general authority to the board of the Company to repurchase up to 20% of the issued preference share capital of Company ("the current general authority").


Shareholders are herewith advised that the Company has, pursuant to a share buy-back programme ("the Programme") announced by the Company on 24 May 2022, repurchased 1,537,823 preference shares, representing 5% of the issued preference share capital as at the date of the current general authority to repurchase the preference shares. The preference shares remaining in issue following these repurchases are 26,142,992 shares.   


The preference shares were repurchased for an aggregate value of R148,170,954.95.


Period of repurchase

Number of preference shares


Average price  per preference

share (R)


Aggregate value



25 May to 3 August 2022








The repurchases were made in terms of the general authority granted by shareholders at the AGM and were effected through the order book on the JSE trading system without any prior understanding or arrangement between the Company and the counterparties.


To the extent not already done so during the current programme, application will be made to the JSE to de-list the preference shares at which point they will immediately be cancelled.


The Company is not entitled to repurchase any further preference shares in issue under the Programme, as the transactions concluded have reached the maximum amount to be repurchased under the Programme. Accordingly, the current Programme has been closed and no further repurchases of preference shares will occur under the Programme.


The impact of the repurchase of the preference shares on the financial information of the Company is immaterial. The preference shares were repurchased from excess cash resources of the Company; going forward, no preference share dividends will be payable on the repurchased preference shares and interest earned on the cash utilised for the repurchase will be foregone.




The board of the Company has considered the effect of the repurchases and is of the opinion that:


·    The Company and the Company and its subsidiaries ("the Group") will be able, in the ordinary course of business, to repay their debts for a period of 12 months after the date of this announcement

·    The consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of the Company and the Group for a period of 12 months after the date of this announcement

·   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 for a period of 12 months after the date of this announcement; and

·      The Company and the Group will have sufficient working capital for ordinary business purposes.



4 August 2022



Investec Bank Limited

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