Coronation Fund Managers Limited (JSE:CML) announces a share repurchase program. Under the program, the company will repurchase its own shares from shareholders that hold less than 100 ordinary shares (?Odd-lot Holders?) and will repurchase shares from shareholders holding 100 shares or more but equal to or less than 500 shares (?Specific Holders?). The offer Price for both the offers will be at a 10% premium to the 30-day volume weighted average price of a share at the close of business on the business day immediately prior to the finalization date.

The purpose of the offer is to provide Odd-lot Holders and Specific Holders with an opportunity to realize the value of their investment without incurring dealing charges which might otherwise make it impractical to sell their holding, and to provide liquidity for those Odd-lot Holders and Specific Holders who elect not to retain their Odd-lot Holdings and Specific Holdings and to reduce the costs and complexity of a large shareholder base. The offers will be funded from the company?s existing cash resources. The shares repurchased will be cancelled, delisted, and reinstated as authorized but unissued shares.

The company has fixed April 19, 2024, as the record date for the offer. The offer is subject to shareholder approval to be obtained at the General Meeting which will be held on March 27, 2024. The offer will expire on April 19, 2024.