skip to Main Content

General repurchase of Shares

(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR & ISIN: ZAE000000139
(“Adcorp” or “the Group“)


At the annual general meeting of Adcorp held on 29 July 2021 (“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 13 June 2022 to 24 June 2022, the Company’s subsidiary, Torque Technical Computer Training Proprietary Limited, repurchased an aggregate of 1 374 187 ordinary shares, representing 1.281% 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 R8 518 761.40, funded out of the Group’s available cash resources, as follows:

Date of repurchases Aggregate number of ordinary shares repurchased Highest price per ordinary share repurchased Lowest price per ordinary share repurchased Aggregate value
13 June 2022 to 24 June 2022 1 374 187 625.00 cents 588.00 cents R8 518 761.40

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 8 766 261 ordinary shares (8.171%) 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 4 636 001 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.]


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.


27 June 2022


PSG Capital

Back To Top