ANNUAL MEETING
Buyback nod fails to boost Lewis
The prospect of renewed share repurchasing failed to move the Lewis share price on Tuesday and it closed marginally weaker at R27.45. At the annual general meeting earlier in the day, 99.9% of shareholders voted to give the board authority to repurchase up to 5% of the shares in issue. In early October, the company informed shareholders that in the four months to end-September, it had exhausted the authority, granted at the 2016 meeting, to repurchase 3% of the firm’s shares. In those four months, Lewis spent R95m repurchasing 2.9-million shares at R28.62-R35.50. This was the first repurchasing the group had done since 2009. In 2005-09, it repurchased 11.1-million shares at an average price of R50.67 a share.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.