The shareholders of Distribution & Warehousing Network Ltd. (JSE:DAW) authorized a share repurchase program at the Annual General Meeting on December 14, 2012. Under the program, the company will repurchase up to 10% of its issued capital. The repurchases will be implemented through the order book operated by the JSE trading system, without prior understanding or arrangement between the company and the counterparty. The repurchases will be made at a price not greater ... than 10% above the weighted average of the market value of the ordinary shares for the 5 business days immediately preceding the date on which the transaction was effected. The company and/or its subsidiaries cannot repurchase shares during a prohibited period. The company will appoint only agent to make repurchases on its behalf. The company will make public disclosure for every cumulative repurchase of 3% or more of the issued share capital. The share repurchase program shall expire at the earliest of the conclusion of the next Annual General Meeting, or after 15 months.
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