Adcorp Holdings Limited (JSE:ADR) announces a share repurchase program. Under the program, the company will repurchase its own shares from odd-lot holders, who hold less than 100 shares of the company. The offer price will be at a premium of 5% to the 30-day volume weighted average price of a share at the close of business on March 4, 2024 (being the final business day before the finalization announcement). The purpose of the offer is to provide odd-lot holders with the ability to dispose of their odd-lot holdings on an efficient basis and will provide liquidity for those holders who elect not to retain their odd-lot holdings or who make no election, in which case such odd-lot holders will be deemed to have agreed to dispose of their odd-lot holdings. The offer will be funded from the company?s existing cash resources. The repurchased shares will be cancelled, delisted, and reinstated as authorized but unissued shares. The company has fixed March 22, 2024, as the record date for the offer. The offer is subject to shareholder approval to be obtained at the General Meeting scheduled to be held on February 27, 2024. The offer will expire on March 22, 2024.

On March 5, 2024, the company finalized the repurchase price at ZAR 4.0134847 per share.