Spur said that it has entered into an agreement for the specific repurchase of 10.85 million ordinary shares, which constitutes 10percent of the total issued share capital of Spur from GPI Investments 1, a wholly-owned subsidiary of GPI, for R24 a share.
The repurchase comes after the two companies announced three months ago that they were in talks “that may result in significant implications for both companies”.
In addition, Spur is separately seeking approval to repurchase 6.64 million Spur shares, which constitute 6.12 percent of the total issued share capital of Spur, held in Treasury by Share Buy-back, a wholly-owned subsidiary of Spur, at a price of R21.91 a share.
The price is the market value of Spur shares as at June 25, and Spur will apply for the delisting and cancellation of the repurchased Spur shares.