Investec buys back R61.65 million preference shares

By Rebecca Melvin

New York, Oct. 7 – Investec Ltd. said it has repurchased R61,646,406.11 of its preference shares, or 986 578 shares, representing 3.1% of the issued preference share capital of the company on the Johannesburg Stock Exchange.

The purchases were made under the share buyback program announced Sept. 28 and approved on Aug. 6 at the company’s annual general meeting. Under the program, the company may repurchase up to 20% of the issued preference share capital of the company.

The recent repurchases were for as high as R62.50 per share and as low as R59.00 per share.

Application is being made to delist the shares and cancel them.

The preference shares remaining in issue following the repurchases amounts to 31,227,921 shares.

Investec is a financial services company listed on both the London and Johannesburg stock exchanges.

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