MIDRAND, South Africa--(BUSINESS WIRE)--Further to the announcement released on SENS on September 11, 2015,
wherein MiX Telematics announced its intention to enter into a
repurchase program shareholders are advised that MiX Telematics has
cumulatively repurchased 973 954 American Depository Shares (“ADS”) (24
348 850 ordinary shares representing 3.1% of the outstanding share
capital) on the New York Stock Exchange (“NYSE”) in terms of the general
authority granted by shareholders on September 17, 2014, out of its
available cash resources. The repurchase of ADS’s was made through the
NYSE without any prior understanding or arrangement between the company
and the counter parties and in compliance with Rule10b-18 of the
Securities Exchange Act of 1934. The 973 954 ADS’s are to be held as
treasury shares, by MiX Telematics Investments Proprietary Limited after
the repurchase. MiX Telematics has no other treasury shares under its
control.
The ADS’s were repurchased for an aggregate price of US$5 697 630.90 on
September 14, 2015 at US$5.85 per ADS. The Company may repurchase a
further 626 046 ADS’s (15 651 150 ordinary shares) in terms of the
announced share repurchase program, being 2% of the number of shares in
issue as at September 17, 2014 (the date the general authority was
granted).
The board of directors of MiX Telematics 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:
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the Company and the Group will be able, in the ordinary course of
business, to repay their debts;
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the assets of the Company and the Group, will be in excess of the
liabilities of the Company and the Group;
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the Company's and the Group’s ordinary capital and reserves will be
adequate for ordinary business purposes; and
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the Company and the Group will have sufficient working capital for
ordinary business purposes.
All repurchases were done at an ADS price of US$5.85. The Group’s cash
balances have reduced by US$5 736 589 with a corresponding reduction in
stated capital. Ordinary shares in issue (after deducting the 973 954
ADS’s held as treasury shares) have reduced to 768 826 150 ordinary
shares, while the authorised share capital remains 1 000 000 000
ordinary shares. There is no material impact on the income statement.
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset
management solutions delivered as Software-as-a-Service to customers in
more than 120 countries. The Company’s products and services provide
enterprise fleets, small fleets and consumers with solutions for safety,
efficiency, risk and security. MiX Telematics was founded in 1996 and
has offices in South Africa, the United Kingdom, the United States,
Uganda, Brazil, Australia and the United Arab Emirates as well as a
network of more than 130 fleet partners worldwide. MiX Telematics shares
are publicly traded on the Johannesburg Stock Exchange (JSE:MIX) and MiX
Telematics American Depositary Shares are listed on the New York Stock
Exchange (NYSE:MIXT). For more information visit www.mixtelematics.com.
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