MIDRAND, South Africa--(BUSINESS WIRE)--Shareholders are advised that the MiX Telematics Board has approved a
share repurchase program under which the Company may repurchase up to 40
000 000 of its ordinary shares (1 600 000 ADSs) through to March 15,
2016. The Company may repurchase its shares from time to time in its
discretion through open market transactions and block trades, based on
ongoing assessments of the capital needs of the Company, the market
price of its securities and general market conditions. This share
repurchase program may be discontinued at any time by the Board of
Directors, and the Company has no obligation to repurchase any amount of
its securities under the program. The repurchase program will be funded
out of existing cash resources.
Any repurchases effected under the share repurchase program will be in
accordance with the general authority granted by special resolution of
the company’s shareholders passed at the company’s annual general
meeting held on September 17, 2014; and subject to the passing of the
special resolution at the company’s annual general meeting to be held on
September 16, 2015, the repurchase program will continue to be effected
under the general authority granted by shareholders at that meeting.
The repurchase program will extend from the date of this announcement to
March 15, 2016. Should the special resolution, granting the general
authority to repurchase shares, not be passed at the company’s annual
general meeting to be held on September 16, 2015, the repurchase program
will end on September 16, 2015.
Share repurchases may be made by the Company from time to time in open
market transactions at prevailing market prices and are subject to
relevant rules under the Securities Exchange Act of 1934, as amended
(“Exchange Act”). The Company will effect repurchase transactions in
compliance with Rule 10b-18 under the Exchange Act and the Company's
insider trading policy. In accordance with JSE listing rules,
repurchases effected on the JSE will be at a price not greater than 10%
above the volume weighted average trading price of the Company’s shares
on the JSE over the five business days immediately preceding any
particular repurchase.
This press release includes certain “forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
concerning our stock repurchase program. These forward-looking
statements reflect our current views about our plans and intentions,
which are based on the information currently available to us and on
assumptions we have made. Actual results, including whether and to what
extent we repurchase our shares, may differ materially from those
described in the forward-looking statements and will be affected by a
variety of risks and factors that are beyond our control including,
without limitation, those described under the caption “Risk Factors” in
the Company’s Annual Report on Form 20-F filed with the Securities and
Exchange Commission (the “SEC”) for the fiscal year ended March 31,
2015, as updated by other reports that the Company files with or
furnishes to the SEC. The Company assumes no obligation to update any
forward-looking statements contained in this press release as a result
of new information, future events or otherwise.
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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