Adcorp : General repurchase of ordinary shares

ADCORP HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 1974/001804/06 Share code: ADR

ISIN: ZAE000000139

("Adcorp" or "the Company")

GENERAL REPURCHASE OF ORDINARY SHARES

At the annual general meeting of Adcorp held on 29 July 2021 ("2021 AGM"), shareholders, by special resolution, granted a general authority to the board of directors of the Company and its subsidiaries ("the Group") to repurchase up to 10% of the issued ordinary share capital of the Company, on the terms and subject to the conditions specified in the notice of the 2021 AGM.

Shareholders are hereby advised that, during the period commencing on 15 July 2022 to 18 July 2022, the Company's subsidiary, Torque Technical Computer Training Proprietary Limited, repurchased an aggregate of 708 345 ordinary shares, representing 0.66% of the issued ordinary share capital of the Company as at the date on which the authority to repurchase the ordinary shares was granted. The aforementioned ordinary shares were repurchased for an aggregate value of R3 980 392.76, funded out of the Group's available cash resources, as follows:

Date of	Aggregate	Highest price	Lowest price	Volume	Aggregate
repurchases	number of	per ordinary	per ordinary	weighted	value
	ordinary	share	share	average
	shares	repurchased	repurchased	price
	repurchased
15 July	708 345	567.00 cents	556.00 cents	561.93	R3 980 392.76
2022 to				cents
18 July
2022

The repurchases were made in terms of the general authority granted by shareholders at the 2021 AGM and were effected through the order book operated by the JSE Limited trading system without any prior understanding or arrangement between the Company or subsidiary and the counterparties. The requirements for the general repurchase of ordinary shares in terms of paragraph 5.72(a) of the JSE Limited Listings Requirements, have been complied with.

The Company or its subsidiaries may not repurchase any further shares in terms of the general authority granted at the 2021 AGM. A new general authority to repurchase shares was granted by Adcorp shareholders at the annual general meeting of the Company held on 28 July 2022 ("2022 AGM"), which general authority will be valid until the Company's next annual general meeting.

As at the date of this announcement, the Group held 5 255 134 ordinary shares in treasury, including the repurchased shares referred to in this announcement. The impact of the repurchases of the ordinary shares on the financial position of the Group is immaterial, as the repurchases were funded out of the Group's available cash resources.

OPINION OF THE BOARD

The Board 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:

• the Company and the Group will be able, in the ordinary course of business, to repay their debts;
• the consolidated assets of the Company and the Group will be in excess of the consolidated liabilities of the Company and the Group;
• the Company's and the Group's share capital and reserves will be adequate for the ordinary business purposes of the Company and the Group; and
• the Company and the Group will have sufficient working capital for ordinary business purposes.

Johannesburg

29 July 2022

Sponsor

PSG Capital