PPC subsidiary, PPC GPCO South Africa Proprietary, had repurchased 46 612 939 of the group’s ordinary shares, representing 3% of the issued shares, during the period from September 6, 2023, the PPC said yesterday.
In a statement, it said the shares were repurchased for R143.85 million, funded out of the group’s available cash resources. The repurchases were made under the general authority granted by shareholders at the annual general meeting (AGM).
During the prohibited period before publication of its 2024 interim results, which were published on November 20, 2023, the group repurchased 10 105 498 shares at an average of R2.94 per share, totalling R29.74m.
The group may repurchase a further 108 763 524 shares up to a total of 155 376 462 (10%) of the shares in issue, until the company’s next AGM.
PPC now holds 89 347 464 ordinary shares as Treasury shares. As a result of the purchases, the group’s cash balances decreased by R143.85m, and and the repurchases would 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.
The board said the company and group had sufficient working capital for ordinary business purposes.
BUSINESS REPORT