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BOCA RATON, Fla., December 06, 2021--(BUSINESS WIRE)--MiX Telematics (NYSE: MIXT), a leading global Software-as-a-Service ("SaaS") provider of connected fleet management solutions, announced the approval of an increased share repurchase program. Shareholders are advised that the MiX Telematics board of directors (the "Board") has approved, on December 3, 2021, an increase to the share repurchase program under which the Company may repurchase ordinary shares, including American Depositary Shares ("ADSs"). Post this increase, and after giving effect to shares already purchased under the program, the Company may repurchase additional shares with a cumulative value of R160 million.
A summary of the general repurchase of shares approved by the Board on May 23, 2017 and the above increase is set out below:
Share repurchase program approved on May 23, 2017
Less: Shares repurchased to date
Maximum value of shares that may be repurchased under the original program
Share repurchase program increase approved on December 3, 2021
Maximum value of shares that may be repurchased in the future under the increased program
The total value of the whole share repurchase program post the December 3, 2021 increase is R396.5 million.
Shareholders are advised that the total number of shares previously repurchased by MiX Telematics since the share repurchase program was announced on May 23, 2017 has been disclosed in the Company’s annual financial statements and applicable SEC filings. These repurchases were pursuant to the terms and conditions of a special resolution passed at the annual general meeting held on 14 September 2016 and thereafter renewed annually in 2017, 2018, 2019, 2020 and 2021.
The Company may repurchase its shares from time to time in its discretion through open market transactions and block trades, based on ongoing assessments of the capital needs of the Company, the market price of its securities and general market conditions. This share repurchase program may be discontinued at any time by the Board and the Company has no obligation to repurchase any specified amount of its shares under the program. The repurchase program will be funded out of existing cash resources.
The share repurchase program will extend from December 3, 2021 unless and until discontinued by the Board or the date when the R160 million limit is exhausted. Any repurchases effected under the share repurchase program will be in accordance with the general authority granted by special resolution of the Company’s shareholders passed at the Company’s annual general meeting held on September 9, 2021.
Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices and in accordance with the Company’s insider trading policy. With respect to repurchases of ADSs on the New York Stock Exchange, the Company will effect such transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. In accordance with JSE Listings Requirements, repurchases effected on the JSE will be at a price not greater than 10% above the volume weighted average trading price of the Company’s shares on the JSE over the five business days immediately preceding any particular repurchase. All repurchases will be undertaken without any prior arrangement between the Company and the counter-party.
The Board, having considered the effect of the share repurchase program and having made due and careful enquiry as to the working capital requirements of the Company and its subsidiaries for the twelve months following the date of implementation of the share repurchase program, confirm that the solvency and liquidity tests required by the South African Companies Act 71 of 2008 have been complied with.
December 6, 2021
About MiX Telematics Limited
MiX Telematics is a leading global provider of connected fleet and mobile asset solutions delivered as SaaS to over three-quarters of a million subscribers in over 120 countries. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia, Romania and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and MiX Telematics American Depositary Shares are listed on the New York Stock Exchange (NYSE: MIXT). For more information, visit www.mixtelematics.com.
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