Share Reacquisition Programme

Name of Issuer TWK Investments Limited
Country of Incorporation ZA
Registration Number 1997/012251/06
ISIN Number ZAEZ00000034
Share Code ZXTWI

Share Reacquisition Programme

Shareholders of TWK Investments Limited (“TWK”) are hereby advised that TWK will mandate an independent broking firm to effect a general reacquisition of ordinary shares for up to 5.0% of the issued shares.

The Reacquisition Programme will commence on 6 July 2020 and continue until 31 January 2021, or until such time that 5.0% (1,755,049) of the issued (35,100,993) shares have been reacquired, or the Reacquisition Programme being terminated.

The reacquisition of shares is effected in terms of the general authority granted by the special resolution adopted by the shareholders at the Company’s annual general meeting held on 6 February 2020, and in compliance with sections 46 and 48 of the Companies Act, 71 of 2008 as amended.

The reacquisition of shares will be effected through the order book operated by ZAR X, without any prior understanding or arrangement between TWK and the counterparties. The purchase consideration per TWK share will be within a range of R25.00 to R30.00 per share, with the intention that a maximum weighted average price of R27.50 per share will not be exceeded. The maximum aggregate amount of the purchase consideration (excluding trading costs) will be R48,263,848.

The reacquisition of shares may be discontinued at any time and TWK has no obligation to repurchase any amount of TWK shares.

The financial effects of the share reacquisition programme have been prepared using TWK’s accounting policies and are consistent with International Financial Reporting Standards (IFRS). The financial effects have been calculated using the 31 August 2019 audited financial statements as a basis, and assuming that 5.0% of shares will be reacquired.

Financial effects:
Rand per TWK share prior the reacquisition Rand per TWK share after the reacquisition % change
Net asset value R40.74 R41.50 1.86%
Earnings per share R4.94 R5.23 5.87%

As the purchase consideration is based on the actual market price of TWK shares, the Board is of opinion that the offer to reacquire shares is fair and reasonable.

By order of the Board of Directors.

MJ Potgieter

Piet Retief
01 July 2020