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The weekly roundup of corporate finance activity by SA-exchange listed companies.

Released weekly in M&A Pulse and Ghost Mail

23 June 2022

Orion Minerals has undertaken a capital raise to underpin the next phase of development of its portfolio of advanced base metal assets in South Africa. The company has had commitments for two of the three tranche placements at A$0.02 per share (R0.22 per share). Tranche one will raise A$3,1 million through the issue of 156 million shares and a further A$2,9 million through the issue of 145 million shares. For every two shares issued under the placement, one option is attached. The company may issue an additional 699 million shares to raise up to A$14 million. In addition, the company has announced a share purchase plan providing shareholders an opportunity to increase their shareholding in the company at the same offer price.

A special dividend of 525 cents has been declared by Omnia in respect of the year ended March 31, 2022. The payment date is August 1, 2022.

Schroder European Real Estate Investment Trust has declared a special dividend of 4.75 euro cents per share following the successful execution of the Paris, Boulogne-Billancourt business plan.

Resilient REIT has repurchased 12,055,757 shares on the open market for an aggregate value of R664,4 million with the average weighted repurchase price per share of R55.11. The repurchase shares represent 3.01% of the company’s issued share capital.

Mustek repurchased a further 1,620,000 ordinary shares for a purchase consideration of R25,4 million, representing 2.53% of the total issued shares of the company. The shares were repurchased during the period June 3 to June 21, 2022.

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

South32 this week repurchased 3,068,132 shares at an aggregate cost of A$13,01 million.

This week British American Tobacco repurchased 3,260,000 shares for a total of £114,03 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

Glencore this week repurchased 7,910,000 shares for a total consideration of £37,4 million in terms of its existing buyback programme which is expected to end in August 2022.

This week three companies issued profit warnings.

The companies were: Naspers, Prosus and PPC.

Five companies this week issued or withdrew cautionary notices.

The companies were: Novus, Conduit Capital, Castleview Property Fund, Trustco and African Equity Empowerment Investments.

16 June 2022

Castleview Property Fund has issued 3,631,378 new company shares in terms of its scrip distribution alternative retaining R16,74 million in new equity. The company’s total issued share capital now consists of 41,042,547 ordinary shares. 

The JSE published the names of companies who have failed to submit provisional reports within the three-month period as stipulated in the JSE’s listing requirements. They are: Visual International, Chrometco, Sable Exploration and Mining, Luxe and African Dawn Capital. If provisional reports are not submitted before June 30, 2022, their listing may be suspended.

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

South32 this week repurchased 836,073 shares at an aggregate cost of A$3,76 million.

This week British American Tobacco repurchased 2,130,000 shares for a total of £74,35 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

Glencore this week repurchased 6,970,000 shares for a total consideration of £34,76 million in terms of its existing buyback programme which is expected to end in August 2022.

This week two companies issued profit warnings.

The companies were: Multichoice and Nictus.

Three companies issued or withdrew cautionary notices to shareholders this week. The companies were: Aveng, Chrometco and Onelogix.

9 June 2022

Tongaat Hulett’s recapitalisation bid suffered a setback this week with the Takeover Regulation Panel (TRP) retracting the exemption given for Tongaat to make a mandatory offer to shareholders. In mid-January the company announced its intention to raise R4 billion via a rights issue to reduce its massive debt. The transaction was to be underwritten by major shareholder Magister Investments and would likely have pushed its stake above the 35% threshold, triggering a mandatory offer to minorities. The waiver of the mandatory offer was a condition precedent to the Magister deal. Following an investigation by the TRP after a complaint, the changed ruling means the company/Magister would need to be able to acquire the entire company.

Oasis Crescent has issued a total of 725,159 new units in terms of its scrip distribution alternative amounting to R18,1 million.

Another miner has announced its intention to take a secondary listing on A2X, with Impala Platinum set to list on June 13, 2022.

The JSE welcomed the inward bound listing of Southern Palladium on June 8, 2022, after an initial delay. The company, which has also listed on the ASX, raised A$19 million in an initial public offering (IPO) which closed on May 6. The company floated 89.75 million ordinary shares of which 39.63 million will move onto the SA register. The share price closed its first day of trade on the JSE at R25,00 per share.

 

Towards the end of the month, June 27, CA Sales will list 461,432,502 ordinary shares on the Main Board in the Diversified Retailers sector. The company will delist from the CTSE on June 24.

Lewis has repurchased 4,326,696 of its own ordinary shares, being 6.6% of its issued share capital at the onset of the repurchase programme. The shares were repurchased as price ranging from R42.69 to R52.00 for an aggregate R215,8 million.

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

This week British American Tobacco repurchased 2,110,000 shares for a total of £75,19 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

Glencore this week repurchased 3,441,117 shares for a total consideration of £18,2 million in terms of its existing buyback programme which is expected to end in August 2022.

This week two companies issued profit warnings.

The companies were: Multichoice and Nictus.

Three companies issued or withdrew cautionary notices to shareholders this week.

The companies were: Hulamin, Safari Investments RSA and Nutritional Holdings.

2 June 2022

BHP has paid its shareholders an in specie dividend in the form of Woodside Petroleum shares in connection with the merger of its oil and gas portfolio with Woodside. 914,768,948 Woodside ordinary shares received as part of the merger have been distributed to BHP shareholders valued at US$19,6 billion.

Equites Property Fund has issued a total of 1,421,922 new company shares in terms of its scrip distribution alternative, retaining R28,16 million in new equity. The company’s total issued share capital now consists of 777,995,297ordinary shares.

Isa Holdings is to pay shareholders a special dividend of 10 cents per share totalling an aggregate of R17,1 million.

Data specialist PBT Group is to distribute 30 cents per share in the form of a special dividend for a total distribution of R31,8 million.

AngloGold Ashanti is the latest listed corporate to take a secondary listing on A2X Markets. The company will retain its listings on the JSE, NYSE, ASX and the Ghana Stock Exchange. The shares will be available to trade on the A2X platform from June 6, 2022.

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

Barloworld is to buy back up to 10% of its issued ordinary share capital through a repurchase programme on the open market.

Glencore this week repurchased 6,200,000 shares for a total consideration of £32,6 million in terms of its existing buyback programme which is expected to end in August 2022.

South32 this week repurchased 1,335,716 shares for an aggregate cost of A$6,41 million.

This week British American Tobacco repurchased 1,964,000 shares for a total of £69,56 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

This week three companies issued profit warnings.

The companies were: African Equity Empowerment Investments, Imbalie Beauty and Mantengu Mining.

Four companies issued cautionary notices to shareholders this week.

The companies were: PSV, Tongaat Hulett, FirstRand and Tradehold.

26 May 2022

BHP is to pay shareholders an in specie dividend in the form of Woodside Petroleum shares in connection with the merger of its oil and gas portfolio with Woodside. BHP will receive 914,768,948 Woodside ordinary shares as part of the merger.

As per the company announcement in March, Quilter this week announced it had returned £328 million to shareholders, via the allotment and redemption of 1,638,123,081 B shares relating to the B Share Scheme (there are 1,64 million existing ordinary shares in issue). The B shares, which were not listed, were redeemed for 20 pence per B share on May 24, 2022.

Resilient REIT has advised its shareholders that the market value of Lighthouse Properties’ shares for the purposes of the distribution announced in April will be R7.85 per share. Resilient announced it would make a distribution in specie of 190,741,186 Lighthouse shares to Resilient shareholders at a ratio of 0,48000 Lighthouse shares for every one Resilient share held.

Tsogo Sun Hotels has been rebranded to Southern Sun. The decision follows the separate listing of the hotel group in 2019 and realisation that the gaming and hotel groups operate in different markets making the joint use of the Tsogo Sun brand not optimal. The company’s share code will remain unchanged.

Kibo Energy has issued 56,118,047 new Kibo shares at £0.0016 per share to Sanderson Capital Partners in settlement of a £89,788 loan.

The inward listing on the JSE (and on the ASX) by Southern Palladium has been delayed and will not list on May 25 as previously reported. The company is waiting confirmation of the revised listing date from the ASX.

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

The repurchase programme announced on March 24, 2022 by Reinet Investments has been completed with the total repurchase of 2,500,000 shares for a total consideration of R810,2 million (€49,2 million). The shares repurchased will be held as treasury shares.

Glencore this week repurchased 2,211,242 shares for a total consideration of £11,5 million in terms of its existing buyback programme which is expected to end in August 2022.

South32 this week repurchased 1,313,091 shares for an aggregate cost of A$6,15 million.

This week British American Tobacco repurchased 1,660,000 shares for a total of £44,02 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

This week four companies issued profit warnings.

The companies were: Tharisa, Tsogo Sun Hotels, Brikor and Mix Telematics.

Five companies issued cautionary notices to shareholders this week.

The companies were: Etion, Hulamin, Tradehold, Datatec and Mahube Infrastructure.

19 May 2022

A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:

As part of the repurchase programme announced on March 24, 2022, Reinet Investments has repurchased a further 418,823 ordinary shares at an average price of R317.30 per share for a total consideration of R132,9 million (€7,9 million).

Glencore this week repurchased 2,434,011 shares for a total consideration of £11,3 million in terms of its existing buyback programme which is expected to end in August 2022.

South32 this week repurchased 2,493,858 for an aggregate cost of A$11,1m shares.

This week British American Tobacco repurchased 2,106,156 shares for a total of £72,3 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.

This week five companies issued profit warnings.

The companies were: Finbond, Life Healthcare, Quantum Foods, Indluplace Properties and Stefanutti Stocks.

Three companies issued cautionary notices to shareholders this week.

The companies were: Ascendis Health, African Equity Empowerment Investments and Premier Fishing and Brands.