Technology retailer Connection Group has repurchased about 9.38% of its shares for R10.56 million.
Connection says the 4 396 125 shares were bought on the open market on 27 May for R2.40 a share, or R2.42 per share including costs.
The share repurchase is in terms of a general authority granted by shareholders on 15 October last year.
In terms of the authority, the group can still buy back another 1 234 730 shares. It says the purchases so far have been funded from available cash resources and this will continue to be the case with future repurchases.
"All the shares have been repurchased by a wholly owned subsidiary of Connection Group," the group says in a notice on the JSE`s SENS news service.
"The cumulative repurchases under the general authority which include the share repurchases in the announcement published on 20 May 2003, amount to 8 140 225 ordinary shares or 17.37% of the shares in issue.
"As this exceeds the 10% treasury stock threshold in terms of the general authority, 3 452 748 (7.37%) ordinary shares will be cancelled and the JSE listing in respect of these shares will be terminated."
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