SPUR CORPORATION LIMITED - General Repurchase of Shares
24 November 2022 15:40
General Repurchase of Shares

(Incorporated in the Republic of South Africa
Registration number 1998/000828/06
Share code: SUR
ISIN: ZAE 000022653
(“Spur”, “the Company”)


At the annual general meeting of Spur held on 10 December 2021 (“AGM”), shareholders, by special
resolution, granted a general authority to the board of directors of the Company and its subsidiaries
(“the Group”) for the Company to repurchase up to 20% and for its subsidiaries 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 17 May 2022 to 23 November 2022,
the Company’s subsidiary, Share Buy-Back Proprietary Limited, repurchased an aggregate of 2 759 000
ordinary shares, representing 3% 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 R56 891 508 (including transaction costs), funded out of the Group’s
available cash resources, as follows:

                        Aggregate               Highest price       Lowest price         value
                        number of               per ordinary        per ordinary         (excluding
  Date of               ordinary shares         share               share                transaction
  repurchases           repurchased             repurchased         repurchased          costs)

  17 May 2022 to
  23 November              2 759 000                 21.91               19.55           R56 588 512

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. All of the requirements for the
general repurchase of ordinary shares in terms of paragraph 5.72 of the JSE Limited Listings Requirements,
have been complied with.

The group repurchased 584 000 of the company’s shares at an average cost of R21.11 per share, totalling
R12 389 763 (including transaction costs), during the prohibited period prior to publication of its 2022 year
end results, pursuant to a repurchase programme which was put in place prior to commencement of the
prohibited period in accordance with the Listings Requirements.

The Company’s subsidiaries may repurchase up to a further 6 340 693 ordinary shares (7%) 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 9 795 389 ordinary shares in treasury, including the
repurchased shares referred to in this announcement. Treasury shares comprise 3 366 385 shares held by
subsidiary companies of the Company, and 6 429 004 shares held by structured entities, The Spur
Management Share Trust and The Spur Foundation Trust, which are consolidated for IFRS purposes only.

As all the shares have been repurchased by a wholly-owned subsidiary of the Company, such Shares will not
be cancelled but will remain listed and held in treasury. As a result, the Group’s cash balances decreased by
R56 891 508 (including transaction costs of R302 996) and the repurchases will have the effect of reducing
the number of shares in issue used for purposes of the earnings per share and headline earnings per share
calculations by an additional 2 759 000 shares, which will be weighted according to the dates of the various


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
          •   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.

Cape Town
24 November 2022


Questco Corporate Advisory Proprietary Limited

Date: 24-11-2022 03:40:00
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