The weekly roundup of corporate finance activity by SA-exchange listed companies.
Released weekly in M&A Pulse and Ghost Mail
7 December 2023
In connection with the continued implementation of its repurchase programme, Prosus has sold 513,500 ordinary shares in Tencent on the open market, bringing its total ownership in Tencent to 24.99%.
Texton Property Fund is to raise R85 million by way of a fully underwritten, non-renounceable rights offer of 38,636,364 Texton shares at a price of R2.20 per share. The offer price represents a 10% discount to the 30-day VWAP of the shares as at 23 November 2023. The offer will open on Tuesday 2 January and will close on Friday 5 January. Oak Tech Properties and Rex Trueform have underwritten the offer for which they will receive an amount of R274,784, representing 1% of the underwritten shares value. The circular will be available on 21 December 2023.
Lighthouse Properties has disposed of a further 145,509,646 Hammerson plc shares on the open market for an aggregate cash consideration of R936,3 million.
The price for City Lodge’s Odd-lot offer has been announced. The price, at R4.70, is a 5% premium to the 30-day VWAP of the share as at 1 December 2023. The results of the offer will be announced on 18 December 2023.
Having received the final payments from the sale of Syktyvakar, Mondi has announced it will distribute the net proceeds to shareholders by way of a special dividend. If approved the special dividend is expected to be paid in the first quarter of 2024.
Atterbury Property (APH) has settled the balance of the loan owed to RMB Holdings through the issue of 17,876,140 APH shares. RMH now owns 38.5% of APH.
During the period 8 August to 4 December 2023, Calgro M3 repurchased 3,690,342 shares for an aggregate R14,56 million. The shares have been delisted and cancelled. Calgro may repurchase a further 16,7 million shares.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 27 November to 1 December 2023, a further 4,438,373 Prosus shares were repurchased for an aggregate €134,39 million and a further 228,464 Naspers shares for a total consideration of R995,4 million.
Following the announcement in October of its share buy-back programme, AB InBev has repurchased a further 782,924 shares at an average price of €57.44 per share for an aggregate €44,98 million. The shares were repurchased in the period 27 November to 1 December 2023.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of US$1,2 billion by February 2024. This week the company repurchased a further 9,650,000 shares for a total consideration of £43,14 million.
Two companies issued profit warnings this week: Ayo Technology Solutions and Tharisa plc and two companies issued or withdrew a cautionary notice: Chrometco and Ellies.
30 November 2023
Lighthouse Properties has disposed of 98,051,120 Hammerson plc shares for an aggregate cash consideration of R616,1 million.
Quilter has repurchased a total of 15,798,423 shares in terms of its Odd-lot Offer, 291,711 ordinary shares on its UK share register and 15,506,712 shares held by South African shareholders, for an aggregate £13,9 million (R317,2 million). The shares represent c. 1.13% of the existing issue share capital of the company.
Orion Minerals is to issue 25 million shares at R0.20 per share to Clover Alloys. Clover exercised the options which were offered as part of Orion’s placement undertaken earlier this year.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 20 – 24 November 2023, a further 3,450,828 Prosus shares were repurchased for an aggregate €104,72 million and a further 325,415 Naspers shares for a total consideration of R1,11 billion.
Following the announcement in October of its share buy-back programme, AB InBev has repurchased a further 1,630,438 shares at an average price of €57.13 per share for an aggregate€93,15 million. The shares were repurchased in the period 20 to 24 November 2023.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of US$1,2 billion by February 2024. This week the company repurchased a further 9,650,000 shares for a total consideration of £43,1 million.
Six companies issued profit warnings this week:
Efora Energy, Nampak, PBT Group, Purple Group, Transaction Capital and Huge Group.
Six companies issued, renewed or withdrew a cautionary notice:
Sun International, Ellies, Ascendis Health, enX, Afristrat Investment and Hosken Consolidated Investments.
24 November 2023
Sirius Real Estate has undertaken a non-pre-emptive placing of new ordinary shares to raise gross proceeds of £146,6 million. The company issued 170,417,384 new shares at an offer price of 86 pence, representing a discount of c. 5.9% to the closing price on 17 November 2023. The capital raise will provide the company with the flexibility to pursue attractive acquisition opportunities which, it says, exist in Germany and the UK.
African Rainbow Capital Investments will undertake, a fully committed and underwritten, pro rata non-renounceable Rights Offer of R750 million. The company will offer 150 million ordinary shares at R5.00 per rights offer share in the ratio of 11.06579 rights offer shares for every 100 existing ordinary shares held. The rights offer price represents a 7.3% discount to the 30-day VWAP price as at 10 November 2023. The funds raised will be used to meet the medium-term funding requirements of the ARC Fund. Shareholders holding an aggregate 65% stake in ARC Investments have committed to subscribe with the balance of the offer fully underwritten by ARC.
The results of Sable Exploration and Mining’s Rights Offer, which was first announced in February, was all but ignored by shareholders with an uptake of just 1.38% of the rights shares offered. Fortunately, the capital raise was fully underwritten by various parties with the company raising the R52,2 million sought.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 13 – 17 November 2023, a further 5,793,624 Prosus shares were repurchased for an aggregate €174,97 million and a further 429,582 Naspers shares for a total consideration of R1,44 billion.
Following the announcement in October of its share buy-back programme, AB InBev has repurchased 1,570,232 shares at an average price of €56.26 per share for an aggregate €88,34 million. The shares were repurchased in the period 13 to 23 November 2023.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of US$1,2 billion by February 2024. This week the company repurchased a further 9,470,000 shares for a total consideration of £43,62 million.
WG Wearne will have its listing removed from the JSE from the commencement of business on 28 November 2023. The company’s listing was suspended in July 2018 for failure to submit its provisional report. Since its suspension, WG Wearne has failed to remedy the various non-compliances and did not appeal the removal decision by the JSE.
Steinhoff Investments, subject to shareholder approval, is proposing to change the company’s name to Ibex Investment Holdings to align with similar changes implemented through its holding structure. The company will remain listed in the ‘Preference Shares’ subsector of the main board of the JSE.
Four companies issued profit warnings this week:
Stefanutti Stocks, Deneb Investments, The Spar Group and Mantengu Mining.
Three companies issued or withdrew a cautionary notice:
Salungano, Telkom and Tongaat Hulett.
16 November 2023
This week was all about share repurchases and profit warnings.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 6 – 10 November 2023, a further 4,351,713 Prosus shares were repurchased for an aggregate €124,7 million and a further 326,470 Naspers shares for a total consideration of R1,04 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of US$1,2 billion by February 2024. This week the company repurchased a further 10,010,000 shares for a total consideration of £43,88 million.
Super Group has concluded an intra-group repurchase of 5,309,812 shares at a price of R34.51 per Super Group share for an aggregate R183,24 million. The shares will be delisted.
Quilter plc has repurchased 15,798,423 shares in terms of its odd-lot offer. A total of 15,798,423 shares were acquired – 291,711 shares at 88.10 pence and 15,506,712 shares at R20,08 per share.
Five companies issued profit warnings this week: Quantum Foods, Dipula Income Fund, Trematon Capital Investments, Capital Appreciation, Afine Investments and AH-Vest.
Cognition was the only company this week to issue a cautionary notice. The company is in discussions with its holding company, Caxton and CTP Publishers and Printers which, it says may result in an offer by Caxton to acquire those shares in Cognition not already held. Will this be another delisting from the JSE?
9 November 2023
Following the results of the scrip dividend election, Hyprop Investments will issue 20,832,563 ordinary shares in the company in lieu of a dividend, resulting in a capitalisation of the distributable retained profits in the company of R499,981,512.
Due to the disposal of two businesses, enX finds itself in the enviable position of having surplus proceeds to the operational requirements of the company and as such, has declared a special distribution of R1.00 per enX share. The distribution of R182 million will be paid to shareholders on 27 November 2023.
Mantengu Mining has issued 10 million shares, representing 6.49% of its issued share capital, to GEM Global Yield at R1.13 per share. The shares were issued to discharge a commitment fee due by the company for access to a share subscription facility of up to R500 million.
Several listed companies reported repurchasing shares this week. They were:
During the period 27 July to 1 November 2023, Ninety One ltd repurchased 8,900,922 ordinary shares, representing 3% of its issued share capital. The shares, which will be cancelled, were repurchased for an aggregate value of R345,6 million financed from excess cash resources.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 30 October – 3 November 2023, a further 3,965,096 Prosus shares were repurchased for an aggregate €107,7 million and a further 343,784 Naspers shares for a total consideration of R1,02 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of US$1,2 billion by February 2024. This week the company repurchased a further 10,010,000 shares for a total consideration of £43,8 million.
To better reflect the nature of its business, Go Life International will, subject to shareholder approval, change its name to Numeral. The company is a multi-faceted healthcare company offering a comprehensive product range to address needs from pharmaceutical, generic, nutraceutical, medical consumables through to high-end hospital equipment. If approved, the company is expected to trade under its new name on 12 December 2023.
Four companies issued profit warnings this week: Sephaku, Omnia, TWK Investments and MultiChoice.
Five companies issued or withdrew a cautionary notice: Clientèle, Ayo Technology Solutions, Conduit Capital, Ascendis Health and Tongaat Hulett.
2 November 2023
Kore Potash has announced the successful completion of a share subscription which has raised $2,5 million through the proposed issue of 542,250,000 new ordinary shares at a price of 0.38 pence. The funds, raised via a private placement, will for the most part be used to further advance work expected to lead to the delivery of an EOC contract for the Kola Potash Project announced in August.
The details of a proposed rights offer announced in February by Sable Exploration and Mining will now proceed with the offer of 52,213,608 shares at R1 per share. The offer will open on 13 November 2023.
Finbond is to go ahead with the proposed specific repurchase of 340,523,358 ordinary shares, representing c.38.55% of the total issued share capital as announced in August. The shares will be repurchased from Net1 Finance and Massachusetts Institute of Technology at 29.11 cents per share, representing a 19% discount to the 30-business-day VWAP on 9 August 2023.
Several listed companies reported repurchasing shares this week. They were:
Old Mutual announced in May it would commence with a share repurchase programme. The company has now confirmed that on October 16, 2023, it concluded the repurchase of 122,974,063 shares. The price at which the shares were repurchased, and the total amount paid were undisclosed other than to say that the company remained within the value specified in its announcement in May of R1,5 billion.
According to the Q3 results, Textainer repurchased 996,403 shares at an average price of $40.12 per share during the third quarter. The company has, however, suspended its share repurchase programme pending the transaction with Stonepeak announced last week. The deal is expected to close in the first quarter of 2024.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 23 – 27 October 2023, a further 4,646,244 Prosus shares were repurchased for an aggregate €121,7 million and a further 304,926 Naspers shares for a total consideration of R891,95 million.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 9,830,000 shares for a total consideration of £43,5 million.
The JSE has advised that AH-Vest, Sasfin and Rex Trueform have failed to submit their annual reports within the four-month period as stipulated in the JSE’s Listings Requirements. If the companies fail to produce their annual reports on or before 30 November 2023, then their listing may be suspended.
The failure by Lux Holdings to remedy the various listing non-compliances since its suspension on 5 August 2022, has resulted in the removal of its listing from the JSE. The company listing will be removed from the commencement of business on 6 November 2023.
Following the fulfilment of the scheme conditions, the listing of Liberty Two Degrees will terminate at commencement of trade on 14 November 2023.
Six companies issued profit warnings this week:
Sasfin, Renergen, enX, Astral Foods, aReit Prop and Pepkor.
Three companies issued or withdrew a cautionary notice:
Astoria Investments, PSV and Tongaat Hulett.
26 October 2023
The total number of shares held by odd-lot holders in City Lodge Hotels is 336,044, representing just 0.06% of the total issued shares in the company. As a result, the company has proposed an odd-lot offer to the 20,947 shareholders holding these shares at a 5% premium to the 30-day volume weighted average price of a share as at the close of business on Monday 4 December 2023. The repurchase will be funded from City Lodge’s existing cash resources.
Liberty Two Degrees (L2D) has declared a Clean-Out distribution from income of 8.42 cents per L2D share. The company has 908,443,334 shares in issue, inclusive of 42,791,106 treasury shares.
Transcend Residential Property Fund has finalised the Clean-out Distribution to shareholders at 29.44 cents per Transcend share.
The offer price in terms of the odd-lot offer to Quilter shareholders has been finalised at 88.10 pence/2,008.91 cents (ZAR) per share, representing a 5% premium to the VWAP price over the five trading days prior to 20 October, 2023.
Several listed companies reported repurchasing shares this week. They were:
Gemfields has completed its $10 million shareholder approved share buyback programme. In total, 58,423,901 ordinary shares were repurchased, representing 4.83% of the issued share capital on 30 November 2022. The shares will be cancelled in due course.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 16 – 20 October 2023, a further 4,022,308 Prosus shares were repurchased for an aggregate €108,43 million and a further 249,044 Naspers shares for a total consideration of R745,5 million.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,010,000 shares for a total consideration of £43,79 million.
Labat Africa has had the listing of its securities suspended on the JSE for failure to comply with the Listing Requirements by not publishing its financial statements for the year-ending 31 May 2023 within the prescribed period.
Three companies issued profit warnings this week:
Santova, Tiger Brands and Life Healthcare.
Three companies issued or withdrew a cautionary notice:
Chrometco, Clientele and Steinhoff Investment.
19 October 2023
Zeder has declared an ad-hoc gross special dividend of 10 cents per share (R154 million) in its interim results. This is the second special dividend to shareholders; earlier this year the company announced a special dividend of 5 cents per share (R77 million) which was paid out in August.
Exemplar REITail is proposing an equity raise by issuing up to 99,687,204 shares for cash in a private placing via a bookbuild process. The raise is intended to create the headroom for debt-funded growth.
Shareholders of Prosus N shares are to receive a capital repayment of €0.07 (R1.41) per share. Those shareholders not wishing to receive a capital repayment can instead elect to receive a dividend.
Several listed companies reported repurchasing shares this week. They were:
Gemfields has repurchased an additional 40,062,001 ordinary shares for a total consideration of R126,19 million. The repurchased shares will be held as treasury shares.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 9 – 13 October 2023, a further 3,525,732 Prosus shares were repurchased for an aggregate €99,47 million and a further 337,605 Naspers shares for a total consideration of R1,05 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 9,65,000 shares for a total consideration of £44,53 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 2,019,525 shares were acquired at an aggregate cost of A$7,04 million.
Primary Health Properties plc is to take a secondary inward listing on the Health Care REIT sector of the JSE. The UK-based company, an investor in modern primary healthcare premises across the UK and Ireland, has a primary listing on the LSE and is included on the FTSE 250 Index. The REIT will commence trading on the main board of the JSE on 24 October 2023.
With effect from 26 October 2023, Vodacom’s shares will trade on A2X. The company will retain its primary listing on the JSE and its issued share capital will be unaffected by the additional listing.
The JSE has warned shareholders of aReit Prop, AH-Vest and Sasfin that the companies may face suspension and possible removal of their listings from the bourse if the companies fail to release financial statements before 31 October 2023.
One company issued a profit warning this week: Pick n Pay (update).
Three companies issued or withdrew a cautionary notice: Ellies, enX and Afristrat Investment.
12 October 2023
Steinhoff International (in liquidation) shares will officially be delisted from the JSE on Monday 16 October 2023. The company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 2 – 6 October 2023, a further 4,088,088 Prosus shares were repurchased for an aggregate €109,8 million and a further 291,933 Naspers shares for a total consideration of R882,96 million.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 9,650,000 shares.
Gemfields has repurchased an additional 2,940,722 ordinary shares. The repurchased shares will be held as treasury shares.
South32 continued with its programme of repurchasing shares in the open market. This week a further 552,037 shares were acquired at an aggregate cost of A$1,9 million.
One company issued a profit warning this week:
Famous Brands
Three companies issued or withdrew a cautionary notice:
Tongaat Hulett, Trematon Capital Investments and Salungano Group
5 October 2023
Following the results of the scrip dividend election, NEPI Rockcastle will issue 24,995,752 ordinary shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R2,6 billion.
Sebata has declared a special cash dividend of 25 cents per ordinary share, payable out of distributable reserves. The company has 114,915,089 ordinary shares in issue.
Several listed companies reported repurchasing shares this week. They were:
Gemfields has repurchased an additional 1,701,304 ordinary shares at a price for a total consideration of R5,33 million. The repurchased shares will be held as treasury shares.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 26 – 29 September 2023, a further 4,202,494 Prosus shares were repurchased for an aggregate €116,78 million and a further 273,616 Naspers shares for a total consideration of R831,7 million.
Tsogo Sun has repurchased 583,857 shares held by the Gold Reef Share Scheme at a repurchase price of R12.80 for an aggregate R7,47 million. The scheme is being wound down with no further awards being issued. Since the shares are held by a wholly owned subsidiary the repurchase should be cash neutral for the Tsogo Sun Group.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 7,360,000 shares for a total consideration of £33,92 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 1,916,492 shares were acquired at an aggregate cost of A$6,54 million.
Shaftesbury Capital and The Foschini Group are the latest in a long list of companies to take a secondary listing on A2X. Shaftesbury listed on 3 October and Foschini will trade on the A2X platform from 10 October 2023.
Two companies issued profit warnings this week:
Pick n Pay and Finbond.
One company withdrew a cautionary announcement:
Life Healthcare.
28 September 2023
Nampak has successfully raised R1 billion by way of a partially underwritten renounceable rights offer. The offer was oversubscribed with gross demand equating to more than 138% of the available rights offer shares. A total of 5,714,286 shares will be issued at R175 per share.
As part of its capital optimisation strategy, Investec Ltd acquired a further 101,332 Investec Plc shares on the open market at an average price of R105.48 per share.
Ascendis Health has advised shareholders that it has initiated a process to investigate and progress a potential delisting of the company from the JSE. Discussions have been entered into with CAN Capital IHC, an entity owned and controlled by Carl Neethling – the current CEO of Ascendis. Shareholders have been warned that while no offer has been made, if any offer is made, it is not expected to be at a significant premium to the current traded price of 69 cents per Ascendis share.
Optasia, a global fintech company in the Ethos Capital Partners stable, may consider a secondary listing on the JSE in the next 18 months as Ethos seeks to exit its investment. In November last year Brait, in which Ethos has an c.12% stake, hinted at the possible listing of Virgin Active in the medium to long term.
Luxe, the jewellery company which owns Arthur Kaplan and NWJ, was suspended by the JSE in August 2022 for failure to release its financial results. The company faced a further blow this week following a high court judgement placing it in liquidation. Earlier this year Luxe, without notifying the market, had its subsidiaries placed in liquidation. The application to have Luxe placed in liquidation was brought about by Richline SA, a jewellery manufacturer.
Several listed companies reported repurchasing shares. They were:
Gemfields has repurchased an additional 5,200,000 ordinary shares at an aggregate price of R3.21 per share. The repurchased shares will be held as treasury shares. The total number of shares in issue including treasury shares is 1,221,918,104.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 18 – 22 September 2023, a further 3,873,865 Prosus shares were repurchased for an aggregate €110,83 million and a further 340,108 Naspers shares for a total consideration of R1,1 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 9,650,000 shares for a total consideration of £43,73 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 735,515 shares were acquired at an aggregate cost of A$2,44 million.
As part of Investec Ltd’s share repurchase programme, the company reported this week that it had repurchased 152,647 shares at an average price per share of R104.63. Since November 21 2022, the company has repurchased 13,78 million shares at a cost of R1,48 billion.
Profit warnings and cautionary notices issued this week
Seven companies issued profit warnings this week:
Quantum Foods, York Timber, Sable Exploration and Mining, Wesizwe Platinum, Safari Investments RSA,
Buka Investments and EOH.
Seven companies issued or withdrew a cautionary notice:
Life Healthcare, Finbond, Ascendis Health, Conduit Capital, Ayo Technology Solutions, African Equity Empowerment Investments and Steinhoff Investments.
21 September 2023
Quilter plc is to launch an odd-lot offer to shareholders holding fewer than 200 ordinary shares in the company on 28 April 2023 and who will still hold those shares on 10 November this year. This applies to approximately 134,000 (67%) of the company’s shareholders, representing 1.21% of the total number of shares in issue. If all shares eligible to participate are tendered, Quilter will pay out £16,1 million for 17 million shares based on a price of 90.1 pence per share which represents a 5% premium to the market price.
OUTsurance will pay shareholders a special dividend of 8.5 cents per share payable on 9 October 2023.
A further 31,096,000 shares have been issued by Kore Potash following the approval by shareholders of the issue in respect of the conversion of convertible loan notes into equity by its chairman David Hathorn.
Argent Industrial has repurchased a further 325,487 ordinary shares representing 0.58% of the issued share capital of the company for an aggregate R5,11 million. The company is entitled to repurchase a further 10,82 million shares in terms of the general authority granted at the last annual general meeting.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 9,650,000 shares for a total consideration of £44,13 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 5,605,784 shares were acquired at an aggregate cost of A$18,68 million.
The JSE has warned Labat Africa that it may face suspension and possible removal of its listing from the bourse if it fails to release its Annual Financial Statements before 30 September 2023.
Three companies issued profit warnings this week:
York Timber, Southern Sun and Astral Foods.
Two companies issued or withdrew a cautionary notice:
PSV and African Equity Empowerment Investments.
14 September 2023
Following the results of the scrip dividend election, Capital & Regional plc will issue 5,082,996 ordinary shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R64,6 million. The shares represent c. 2.3% of the current issue share capital of the company.
Transpaco has concluded an agreement with Manufacturers Investment Company to repurchase 1,100,000 shares for a cash consideration of R30,61 million. The shares represent 3.67% of the issued shares of the company. The shares will be repurchased at R27.83 per Transpaco share, representing a 10.10% discount to the 30-day weighted average traded price as at 1 September 2023.
Argent Industrial has repurchased 310,376 ordinary shares representing 0.55% of the issued share capita of the company for an aggregate R4,93 million. The company is entitled to repurchase a further 10,83 million shares in terms of the general authority granted at the last annual general meeting.
Tsogo Sun has repurchased 138,044 shares in terms of its of its Odd-lot Offer to shareholders. The shares were repurchased at a repurchase price of R13.01 for a total consideration of R1,795,952.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,370,000 shares for a total consideration of £44,64 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 1,930,472 shares were acquired at an aggregate cost of A$6,34 million.
Investec Property Fund will trade under its new name Burstone Group from commencement of trade on 20 September 2023.
Following the restructuring of AngloGold Ashanti and the move of its primary listing to the New York Stock Exchange, the company’s secondary inward listings on the JSE and A2X will be effective from the commencement of business on 20 September 2023.
Following the acquisition by Impala Platinum of remaining shares in Royal Bafokeng Platinum (RBPlat) from minority shareholders, RBPlat’s listing on the JSE will terminate on 18 September 2023.
Four companies issued profit warnings this week:
Old Mutual, Putprop, Gemfields and AfroCentric.
Five companies issued or withdrew a cautionary notice:
Clientèle, Chrometco, Brikor, Tongaat Hulett and Astoria Investments.
7 September 2023
Lighthouse Properties plc has issued 51,913,215 new Lighthouse shares in terms of its scrip dividend election at R5.39 per share, resulting in a capitalisation of the distributable retained profits in the company of R118 million.
Santam has advised that it is in a position to distribute R2 billion of the gross proceeds received from the sale in 2022 of its 10% interest in the SAN JV to Allianz Europe BV. Shareholders will receive a special dividend from income reserves of R17.80 per share.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 28 August and 1 September 2023, a further 1,012,749 Prosus shares were repurchased for an aggregate €64,99 million and a further 250,654 Naspers shares for a total consideration of R796,4 million.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,550,000 shares for a total consideration of £45,28 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 832,004 shares were acquired at an aggregate cost of A$2,88 million.
Two companies issued profit warnings this week:
Pan African Resources and The Foschini Group.
Five companies issued or withdrew a cautionary notice:
Trematon Capital Investments, Ellies, Afristrat Investment, enX and Brikor.
31 August 2023
The Nampak Board and management are in the process of implementing various turn-around initiatives to restructure the group from a conglomerate to a business focused on specific packaging operations. To optimise the capital structure of the group, management intends to raise R1 billion via a rights issue and R2,6 billion via an asset disposal plan. In terms of the rights offer, which is to be partly underwritten to a maximum of R450 million, shareholders will receive the rights to subscribe for rights offer shares on the basis of 2.20902 rights for every one Nampak ordinary share at a 23.49% discounted price of R175.00 per rights offer share. The results of the offer will be announced on 26 September 2023.
Northam Platinum has disposed of 30,065,866 Impala Platinum shares which the company received as part payment for the sale of its stake in Royal Bafokeng Platinum. The shares were sold on the open market, raising R3,15 billion.
As part of its capital optimisation strategy, Investec Ltd acquired a further 3,146 Investec Plc shares on the open market at an average price of R105.75 per share.
Trustco has announced it is to undertake a share repurchase programme. The maximum number of shares that can be repurchased in terms of the programme is 197,447,716 shares.
As part of Investec Ltd’s share repurchase programme, the company reported this week that it had repurchased 28,461 shares at an average price per share of R104.88. Since 21 November 2022, the company has repurchased 13,6 million shares at a cost of R1,45 billion.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 21 – 25 August 2023, a further 2,150,482 Prosus shares were repurchased for an aggregate €135,99 million and a further 322,464 Naspers shares for a total consideration of R1,03 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 5,970,000 shares for a total consideration of £25,98 million.
South32 continued with its repurchase programme, repurchasing a further 931,147 shares this week at an aggregate cost of A$3,19 million.
Suspended in July 2020 for failure to submit its provisional report, Pembury Lifestyle Group will be delisted from the JSE on 5 September 2023 with shareholders remaining invested in an unlisted company.
The Cape Town Stock Exchange has welcomed two new listings – Thibault REIT and GAIA Renewables REIT. Thibault, a property holding and investment company with a 10.02% stake in Safari and 14,46% stake in Texton listed on the CTSE on 25 August 2023 with a market capitalisation of R103 million. GAIA Renewables which listed on 31 August 2023 is a ring-fenced REIT providing investors with access to commercial and industrial renewable energy investments in South Africa.
DRDGold will join other mining companies on A2X with a secondary listing effective 5 September 2023. This latest listing brings the number of instruments listed on A2X to 179 with a combined market capitalisation of over R10,6 trillion.
Three companies issued profit warnings this week:
Murray & Roberts, Afristrat and Putprop.
17 August 2023
Advanced Health intends declaring a Clean-Out dividend to shareholders of 20 cents per share. The payout is conditional on the Scheme (the offer to acquire the issued shares of the company by Eenhede Konsultante Eiendoms Beperk at 80 cents per share) being declared wholly unconditional.
Resilient REIT has disposed of 162,431,649 shares in Hammerson plc for an aggregate consideration of R982,2 million. Although Hammerson’s results were well received by the market, the Resilient Board says its priority remains focused on Resilient’s energy initiatives and funding its capital commitments while retaining conservative leverage.
Finbond will ask shareholders to vote on the repurchase from related parties of 38.55% of the total issued Finbond shares. The company will repurchase 220,523,358 shares from Net1Finance and 120 million shares from Massachusetts Institute of Technology at a price of 29.11 cents per share. The shares, if repurchased, will be delisted.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,010,000 shares for a total consideration of £43,6 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 7 – 11 August 2023, a further 2,185,222 Prosus shares were repurchased for an aggregate €145,97 million and a further 272,116 Naspers shares for a total consideration of R930,3 million.
Six companies issued profit warnings this week:
Exxaro Resources, Italtile, Northam Platinum, Impala Platinum (update), KAP and Aveng.
Four companies issued or withdrew a cautionary notice:
Finbond, Ayo Technology Solutions, Conduit Capital and Trustco.
10 August 2023
Kore Potash has raised $0,8 million through the issue of 124,384,000 new ordinary shares. The proceeds will form part of its US$5 million commitment as per the Engineering, Procurement and Construction (EPC) contract for the construction of the Kola Potash Project.
Orion Minerals has issued 29,652,776 shares for a total consideration of A$444,792. The shares were issued to Webb Street Capital in lieu of fees owed by Orion for services provided.
Invicta announced the results of the odd-lot offer to the 1,510 ordinary shareholders on the share register holding less than 100 Invicta ordinary shares. The company repurchased 37,501 shares for a total consideration of R1,12 million.
Calgro M3 has repurchased 4,024,601 shares during the period 29 June 2023 to 7 August 2023. The shares, representing 3.30% of the issued ordinary share capital of the company, were repurchased for an aggregate R12,97 million. The shares will be delisted and cancelled.
Glencore has announced the commencement of another programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion with the intended completion by February 2024. The company repurchased a further 1,930,000 shares for a total consideration of £8,79 million this week. In its half year report, Glencore advised it would distribute c.$1 billion ($0.08 per share) by way of a special cash distribution to shareholders.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 31 July – 4 August 2023, a further 2,269,254 Prosus shares were repurchased for an aggregate €159,6 million and a further 473,244 Naspers shares for a total consideration of R1,65 billion.
Reunert shares will be admitted to trade on A2X as a secondary listing with effect from 15 August 2023.
Four companies issued profit warnings this week:
Impala Platinum, Cashbuild, Glencore and Lighthouse Properties.
Two companies issued or withdrew a cautionary notice:
African Equity Empowerment Investments and Life Healthcare.
3 August 2023
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 119,387 Investec Plc shares at an average price of R109.86 per share.
Gemfields has repurchased 1 million of its own ordinary shares at a price of R3.45 per share. Following the repurchase, the company will hold 2,729,550 shares in treasury.
RMB Holdings has repurchased 13,270,019 shares from shareholders representing 0.944% of the company’s issued share capital. The shares, which were repurchased in terms of section 164 of the Companies Act, were repurchased at a s164 fair value offer price of 197.76 cents.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 24 – 28 July 2023, a further 2,308,036 Prosus shares were repurchased for an aggregate €155,3 million and a further 427,172 Naspers shares for a total consideration of R1,42 billion.
During the period 17 – 26 July 2023, as part of Investec Ltd’s share repurchase programme, the company repurchased 360,468 shares at an average price per share of R109.81. Since November 21 ,2022, the company has repurchased 13,4 million shares at a cost of R1,43 billion.
The JSE has flagged Salungano Group for failure to submit its annual report within the four-month period as stipulated in the JSE’s Listing Requirements. The company’s listing on the JSE trading system has been annotated with a ‘RE’ and may be suspended if it fails to submit its annual report on or before 31 August 2023.
Royal Bafokeng Platinum (RBPlat) shares were suspended from trading on the JSE on 2 August 2023, following the acquisition of RBPlats by Impala Platinum via a scheme of arrangement. The shares will be delisted from the JSE on 18 September 2023.
The Board of Investec Property Fund (IPF) will seek shareholder approval on 31 August to change the company’s name to Burstone Group. This follows the internalisation of the South African and European asset management functions of IPF.
Five companies issued profit warnings this week:
African Dawn Capital, AngloGold Ashanti, Workforce, Gold Fields and Sabvest.
Four companies issued or withdrew a cautionary notice:
Clientèle, Chrometco, Ellies and Astoria Investments.
27 July 2023
Zeder Investments will distribute to shareholders a special dividend of 5 cents per share from income reserves. The company has 1,54 billion shares in issue and will distribute, on 28 August 2023, R77 million to shareholders in terms of the special dividend declaration.
The result of the odd-lot offer by CA Sales to shareholders holding less than 100 CA Sales shares, was announced with the company repurchasing a total of 100,025 CA&S ordinary shares representing 0.02% of the total issued shares of the company. The shares were repurchased for a total consideration of R706,283 and the number of shareholders was reduced by c. 35%. The shares will be delisted and the total issued ordinary share capital of the company will be reduced to 474,870,057 with no treasury shares.
Invicta which has odd-lot holdings equal to 36,349 shares has announced an odd-lot offer price of R29,82 per share. The offer is set to close on August 4, 2023.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 17-21 July 2023, a further 2,308,036 Prosus shares were repurchased for an aggregate €155,3 million and a further 427,172 Naspers shares for a total consideration of R1,42 billion.
Three companies issued profit warnings this week: Aveng, Ellies and Royal Bafokeng Platinum.
Five companies issued or withdrew a cautionary notice: Trematon Capital Investments, Afristrat Investment, Ellies, enX and Trustco.
20 July 2023
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 280,009 Investec Plc shares at an average price of 435 pence per share (LSE and BATS Europe) and 294,217 Investec Plc shares at an average price of R107.73 per share (JSE).
Datatec has issued 4,606,140 new Datatec shares in terms of its scrip dividend election at R36,42 per share amounting to R167,7 million.
The specific repurchase by Texton Property Fund of 72,1 million of its shares from the Government Employees Pension Fund for R155 million is unconditional and the shares will be delisted on 20th July.
Tsogo Sun, which dropped ‘Gaming’ from its name in June, proposes to implement an odd-lot offer to facilitate a reduction in the large number of shareholders who hold less than 100 Tsogo Sun shares. The offer price will be announced is expected to be announced in mid-August with the results of the offer released on 11 September 2023.
The consolidation of Nampak’s shares as set out in the circular sent out in May will take effect next week on 26 July, 2023. The authorised and issued share capital will be consolidated and reduced in the ratio of 1 share for every 250 shares.
The JSE has flagged the following companies as having failed to submit their provisional reports within the three-month period as stipulated in the JSE’s Listing Requirements: Accelerate Property Fund, Salungano Group and Sebata Holdings. If provisional reports are not submitted on or before 31 July, 2023, their listings may be suspended.
The following companies reported repurchasing shares. They were:
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. Over the period 10 -14 July 2023, 329,4031 shares were repurchased at an average price per share of R106.73. Since November 21 2022, the company has repurchased 13,041,882 shares at a cost of R1,39 billion.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 10-14 July 2023, a further 2,677,348 Prosus shares were repurchased for an aggregate €179,76 million and a further 431,515 Naspers shares for a total consideration of R1,4 billion.
Four companies issued profit warnings this week:
Anglo American Platinum, Arcelor Mittal, Pick n Pay and Kumba Iron Ore.
Two companies issued or withdrew a cautionary notice:
Astoria Investments and Trustco.
13 July 2023
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 1,081,632 Investec Plc shares at an average price of 443.1 pence per share (LSE and BATS Europe) and 631,560 Investec Plc shares at an average price of R106.39 per share (JSE).
Lighthouse Properties Plc has taken a secondary listing on A2X. The company’s shares, which have a primary listing on the JSE commenced trade on A2X with effect 12 July 2023.
The following companies reported repurchasing shares. They were:
RMB Holdings has repurchased 5,500,000 shares from shareholders representing 0.3896% of the company’s issued share capital. The shares, which were repurchased in terms of section 164 of the Companies Act, were repurchased at a s164 fair value offer price of 197.76 cents.
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. Over the period 3-7 June 2023, 461,101 shares were repurchased at an average price per share of R105.64. Since November 21 ,2022, the company has repurchased 12,712,479 shares at a cost of R1,36 billion.
This week Glencore repurchased a further 12,894,549 shares for a total consideration of £56,53 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 3-7 July 2023, a further 1,827,073 Prosus shares were repurchased for an aggregate €118,69 million and a further 366,934 Naspers shares for a total consideration of R1,2 billion.
Two companies issued a profit warning this week:
Accelerate Property Fund and Sebata.
Three companies issued or withdrew a cautionary notice:
Telkom SA SOC, RMB Holdings and Choppies Enterprises.
6 July 2023
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 1,097,217 Investec Plc shares at an average price of 435.9 pence per share (LSE and BATS Europe) and 472,489 Investec Plc shares at an average price of R103.58 per share (JSE).
Choppies Enterprises has successfully raised P300 million (R429 million) in a rights offer. Shareholders subscribed for 267,5 million shares representing 51.36% of the offer shares with the remaining shares taken up by Ivygrove [196,1m shares (37.65%)] and Export Marketing [57,2m shares (10.98%)] as partial underwriters to the offer.
Remgro has disclosed its final shareholding in Heineken Beverages and Capevin following the implementation of the Distell transaction (first announced in November 2021) and subsequent off-market transactions. Prior to the deal, Remgro held 15.5% stake in Heineken Beverages. In a series of off-market transactions this stake was increased to 18.80% – 13,218,475 shares were acquired for an aggregate R926 million. Remgro’s shareholding in Capevin comprises a 31.36% stake in Capevin ordinary shares with a voting interest of 20.13% and a 35.8% voting interest in Capevin’s B shares, translating into an aggregate voting interest in Capevin of 55.93%
PBT Group has declared a capital reduction distribution to shareholders of R0.165 per share for an aggregate R17,26 million.
Nedbank has repurchased 2,723,917 Nedbank Group shares in terms of its odd-lot offer. The repurchased shares, which represent 0.55% of the total issued ordinary share capital of company were repurchased for a total consideration of R637,58 million.
Heriot REIT through its subsidiary Heriot Properties has disposed of 1,571,645 Safari Investments RSA shares, on market, to majority shareholder Heriot Investments at a disposal price of R5.60 for an aggregate R8,8 million. In a separate on-market block trade, Heriot REIT acquired an additional 385,237 Safari shares at a purchase price per share of R5.75 for an aggregate R2,22 million.
The JSE has flagged the following companies for late submission of their Annual Financial Statements: Acsion, African Dawn Capital and Copper 360. Companies need to submit their annual reports on or before 31 July 2023, or face possible suspension.
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:
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. Over the period 26-30 June 2023, 341,049 shares were repurchased at an average price per share of R103.22. Since November 21 ,2022, the company has repurchased 12,244,378 shares at a cost of R1,31 billion.
This week Glencore repurchased a further 11,220,000 shares for a total consideration of £51,06 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 26-30 June 2023, a further 1,961,211 Prosus shares were repurchased for an aggregate €130,4 million and a further 515,464 Naspers shares for a total consideration of R1,69 billion.
One company issued a profit warning this week: RCL Foods.
Five companies issued or withdrew a cautionary notice:
Ayo Technologies, Tongaat Hulett, RMB Holdings, Conduit Capital and Attacq.
29 June 2023
Naspers and Prosus are to unwind the complex cross-holding structure implemented (against public opinion) in 2021 which aimed at reducing the weighting of Naspers on the JSE and to reduce the discount at which the stocks trade to their respective net asset value. The structure, implemented by way of a share swap, saw Prosus issue shares to acquire c.45% of Naspers. However, reducing the discount continued to prove difficult with management launching an open-ended share repurchase programme which proved more successful. There is, however, a limit under the South African Companies Act as to the amount of Naspers shares that can be acquired. The proposed unwind will result in Naspers owing 43% of Prosus N ordinary shares with a voting interest of 72%. This will remove the limitation and enable the repurchase of shares to continue at the Naspers level – the limitation does not apply at the Prosus level.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 624,947 Investec Plc shares at an average price of 432 pence per share (LSE and BATS Europe) and 419,003 Investec Plc shares at an average price of R105.82 per share (JSE).
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:
Mantengu Mining has announced its intention to buy-back up to 10 million of its listed ordinary shares through its wholly-owned subsidiary Langpan Mining. The share which was trading at R1.70 at the time of the announcement is, according to the Board, significantly below the intrinsic value of R5.55 the share is worth.
Afrimat has repurchased 2,828,790 shares at a price of R53.03 per share from Afrimat Management Services (AMS). The shares were acquired by AMS in anticipation of the issuance of Afrimat shares for partial settlement of the Glenover acquisition. The shares have been delisted from the JSE.
Despite a difficult year, PPC’s operations in South Africa and Botswana reached an optimal level of gearing allowing for the implementation of a new distribution policy. The board has, as a result, approved a distribution in the form of a share repurchase of up to R200 million.
Sanlam has repurchased 31,305,943 shares at a repurchase price of R59.71 per share for an aggregate R1,8 billion. The company has applied to the JSE for the cancellation and delisting of the treasury shares.
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. This week 412,754 shares were repurchased at an average price per share of R106.22. Since November 21 ,2022, the company has repurchased 11,903,329 shares at a cost of R1,27 billion.
This week Glencore repurchased a further 14,700,000 shares for a total consideration of £64,49 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 19-23 June 2023, a further 2,144,444 Prosus shares were repurchased for an aggregate €140,8 million and a further 532,426 Naspers shares for a total consideration of R1,7 billion.
Two companies issued profit warnings this week:
PPC and Crookes Brothers.
Four companies issued or withdrew a cautionary notice:
Attacq, African Equity Empowerment Investments, Life Healthcare and Chrometco.
22 June 2023
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 609,989 Investec Plc shares at an average price of 461 pence per share (LSE and BATS Europe) and 315,503 Investec Plc shares at an average price of R109.81 per share (JSE).
In line with the company’s policy to maintain the number of treasury shares below 10%, Glencore has advised shareholders that it has cancelled 100 million treasury shares.
Industrials REIT which has a secondary listing on the JSE will, following the scheme of arrangement announced in April by a fund managed by Blackstone, delist from the JSE on 27th June 2023.
Resource Generation’s secondary listing on the JSE was suspended in October 2020 due to non-compliance with the Listing Requirements. According to an announcement by the JSE, the company has failed to take adequate action to enable it to reinstate the company’s listing and as such will be removed from July 3, 2023.
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:
Southern Sun has repurchased 48,841,627 shares at an average price per share of R4.20 for an aggregate value of R205,1 million. The repurchase was funded from available cash resources. The company now hold 100 million treasury shares representing 6.8% of the company’s issued share capital.
Adcock Ingram has cumulatively repurchased 8,108,862 ordinary shares from shareholders representing 4.8% of the company’s issued share capital. The shares were repurchased for a total value of R416,8 million. Following the repurchase the company holds 16,922,821 treasury shares.
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. This week 289,998 shares were repurchased at an average price per share of R109.32. Since November 21 ,2022, the company has repurchased 11,490,575 shares at a cost of R1,23 billion.
This week Glencore repurchased a further 16,920,000 shares for a total consideration of £78,28 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 12-16 June 2023, a further 2,484,946 Prosus shares were repurchased for an aggregate €169,1 million and a further 326,922 Naspers shares for a total consideration of R1,03 billion.
Two companies issued profit warnings this week:
Sephaku and PPC and two companies issued or withdrew a cautionary notice:
Clientèle and PSV.
14 June 2023
Labat Africa intends to raise a maximum of R74,68 million via a partially underwritten (by directors) rights offer for working capital purposes with the balance to be retained in an interest-bearing cash reserve account. If fully subscribed, 622,312,545 shares will be issued at 12 cents per rights offer share. Currently the company has a market capitalisation of R49,79 million with the share price trading at 8 cents.
Ellies has proposed to raise R120 million via a Rights Offer to part fund the acquisition of Magetz Electrical and Power On Wheels announced in February. Mazi Asset Management and Imvula Education Empowerment Trust have, together agreed to underwrite the proposed capital raise. Shares will be issued at R0.07 per rights offer share.
Purple Group has successfully raised R105 million via the issue of 129,629,630 shares at an offer price of 81 cents. The rights offer was oversubscribed and accordingly SIH in its capacity as underwriter was not required to subscribe for any shares.
Oasis Crescent Property Fund unit holders representing 45.4% of units qualifying to receive a distribution have elected to reinvest their distribution. The company has accordingly issued 748,452 units in terms of its scrip dividend election at R23.91 per unit amounting to R17,89 million.
Shareholders holding 28.07% of Dipula Income Fund shares have elected to receive the dividend re-investment option resulting in the issue of 18,253,926 new shares retaining R64,25 million in new equity for Dipula.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 552,644 Investec Plc shares at an average price of 451 pence per share (LSE and BATS Europe) and 752,733 Investec Plc shares at an average price of R107.42 per share (JSE).
Brait has revealed to Business Day that it aims to wind-down, sell and unbundle its remaining assets which would result in Virgin Active remaining as the listed entity with a primary listing in Luxembourg and a secondary listing on the JSE.
Merafe Resources will join the growing number of JSE-listed companies to take a secondary listing on A2X. The company will trade on the exchange from June 21, 2023. The listing of Merafe brings the number of instruments listed on A2X to 135.
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:
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. This week 778,251 shares were repurchased at an average price per share of R106.07. Since November 21 2022, the company has repurchased 11,200,577 shares at a cost of R1,2 billion.
South32 this week repurchased a further 1,327,431 shares at an aggregate cost of A$5,17 million.
This week Glencore repurchased a further 11,760,000 shares for a total consideration of £51,9 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period June 5 to June 9 2023, a further 1,692,901 Prosus shares were repurchased for an aggregate €111,41 million and a further 364,626 Naspers shares for a total consideration of R1,14 billion.
Seven companies issued profit warnings this week:
Novus, Thungela Resources, African Equity Empowerment Investments, Mantengu Mining, Prosus, Naspers and Marshall Monteagle.
Four companies issued or withdrew a cautionary notice:
Afristrat Investment, Telkom SA, enX and Ellies.
8 June 2023
Bytes Technology proposes to return cash to its shareholders by way of a special dividend of 7.5 pence per share, equating to £18 million.
Invicta will implement an odd-lot offer to repurchase 36,349 shares from shareholders holding less than 100 Invicta shares. A total of 1,510 shareholders qualify, comprising 40.92% of the total number of ordinary shareholders in the company. The shares will be repurchased at a 5% premium to the 30-day-VWAP of at the close of business on July 24, 2023.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 455,876 Investec Plc shares at an average price of 423 pence per share (LSE and BATS Europe) and 592,443 Investec Plc shares at an average price of R102.65 per share (JSE). Since October 3rd 2022, the company has purchased 43,5 million shares.
The board of SAB Zenzele Kabili have approved a special dividend of 45 cents per ordinary share from income reserves based on the dividend income received from Anheuser-Busch InBev. There are 40,550,001 ordinary shares in issue.
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:
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. This week 528,571 shares were repurchased at an average price per share of R102.13. Since November 21 2022, the company has repurchased 10,422,326 shares at a cost of R1,12 billion.
South32 this week repurchased a further 618,253 shares at an aggregate cost of A$2,41 million.
This week Glencore repurchased a further 14,880,000 shares for a total consideration of £63,82 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 29 May to 2 June 2023, a further 2,448,880 Prosus shares were repurchased for an aggregate €155,81 million and a further 593,402 Naspers shares for a total consideration of R1,83 billion.
Five companies issued profit warnings this week: Steinhoff Investment, Castleview Property Fund, Capital Appreciation (update), Emira Property Fund and MultiChoice.
Three companies issued or withdrew a cautionary notice: Finbond, Life Healthcare and Trustco.
1 June 2023
Choppies Enterprises intends to launch a partly underwritten renounceable rights offer to raise P300 million. The offer will be partly underwritten by Ivygrove and Export Marketing. The company will offer a total of 520,833,333 ordinary shares at an offer price of P0.576/R0.82368. The offer will open on 15 June 2023.
CA Sales has made an odd-lot offer to approximately 5,073 shareholders holding less than 100 CA&S ordinary shares. If the 117,861 shares are repurchased at an assumed price of R7.29 per share, the cost to the company will be c. R859,207 (excluding transfer costs).
Adcorp shareholders are to receive a special gross dividend of 91,3 cents per ordinary share in addition to a final gross dividend of 16,5 cents per ordinary share. This follows the release of the company’s audited results for the year ended 28 February 2023.
On June 30 2023, at a general meeting of the company’s shareholders, Nampak will propose a restructure of its share capital by consolidating and reducing the authorised ordinary shares by the consolidation of every 250 shares into one share, propose and increase in the authorised, unissued share capital of the company and the issue of new shares to implement a proposed rights offer to raise gross proceeds of up to R1 billion. The company will over the next two months conclude credit-approved term sheets for the refinancing package for the next five years. This, together with the group’s progress in its implementation of the restructuring plan, will determine the size of the rights offer required. The date by which credit approved term sheets for the refinancing of the group debt needs to be finalised has been extended from 15 June to 15 July 2023.
Kibo Energy is to issue 48,000,000 in respect of a warrant exercise notice received. The shares will be issued at a price of £0.001 with an aggregate value of £48,000.
The Mediclinic and Bidco deal, first announced in August 2022, has become effective. Mediclinic is expected to delist from the JSE and the NSX from commencement of trade on 7 June 2023.
Tradehold has received confirmation that the special resolution for the change of name of the company to Collins Property Group Ltd. The company will trade on the JSE under its new name from 13 June 2023 under the share code ‘CPP’.
Barloworld and Astral Foods have taken secondary listings on A2X with effect from 7 June 2023. These companies with market capitalisations of c.R16 billion and R6,1 billion respectively, will retain their listings on the JSE. These listings will bring the number of instruments listed on A2X to 134 with a combined market capitalisation of over R9 trillion.
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:
Over the period 2 December 2022 to 31 May 2023, Southern Sun has repurchased 50,604,422 shares at an average price of R4.47 per share for an aggregate R226,31 million. The repurchased shares represent 3.4% of the company’s issued share capital. A further 16.6% may be repurchased in terms of the General Authority granted by shareholders in September 2022.
Lewis has repurchased a further 2,801,999 shares, representing 4.8% of the issued share capital of the company at the beginning of the share repurchase programme. The shares were acquired for an aggregate R114,14 million.
The Old Mutual Board believes that the Old Mutual share price is trading at a discount to its intrinsic value and believes that a share repurchase programme will deliver longer term incremental value to shareholders. The Group has commenced a Repurchase Programme of R1,5 billion and will continue to repurchase the company shares until the maximum amount is reached.
South32, this week, repurchased a further 1,043,510 shares at an aggregate cost of A$4,10 million.
This week Glencore repurchased a further 12,330,000 shares for a total consideration of £51,78 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 22 to 26 May 2023, a further 2,313,758 Prosus shares were repurchased for an aggregate €151,98 million and a further 514,577 Naspers shares for a total consideration of R1,64 billion.
Seven companies issued profit warnings this week:
Mahube Infrastructure, Buka Investments, Brikor, Trustco, Huge Group, Capital Appreciation and Spar.
Three companies issued or withdrew a cautionary notice:
Choppies Enterprises, Primeserv and Afrimat.
25 May 2023
Texton Property Fund is to repurchase 72,129,048 shares from the Government Employees Pension Fund at a repurchase price of R2.15 per share. The repurchase represents 19.8% of the total issued share capital of the company. The shares will be cancelled with the aggregate number of Texton shares in issue reducing to 291,572,055. A total of 31,852,013 shares will be held as treasury shares.
Orion Minerals has issued 115,35 million shares at an issue price of $0.015 (R0,18) to investors as part of its capital raising exercise and a further 51,5 million shares to Tembo Capital as repayment of the convertible loan. Funds from the two-tranche placement to raise $13 million will be used to accelerate the development of both of its key base metal production hubs in the Northern Cape.
In the release of its interim results, Nampak told shareholders that the requirement for a minimum Rights Offer of R1,5 billion has been reduced to a Rights Offer of up to R1,0 billion. On going negotiations to conclude credit-approved term sheets for the refinancing package for the next five years together with the implementation of the restructuring plan will determine the size of the required rights offer, which will be announced to shareholders in due course.
Universal Partners has issued 108,036 new shares to Argo Investments Managers as part settlement of the carry fee owned to Argo in relation to the disposal of the company’s investment in YASA.
PPC has taken a secondary listing on A2X with effect from 30 May 2023. The company will retain its listings on the JSE and the Zimbabwean Stock Exchange. The listing will bring the number of instruments listed on A2X to 129 with a combined market capitalisation of over R9 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:
Lesaka Technologies has repurchased c. 250,000 common shares in the company at a price of $3.26 (R62.08).
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,957,023 shares at an aggregate cost of A$7,90 million.
Glencore this week repurchased 14,880,000 shares for a total consideration of £64,20 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 15 to 19 May 2023, a further 2,696,979 Prosus shares were repurchased for an aggregate €183,62 million and a further 571,127 Naspers shares for a total consideration of R1,91 billion.
Five companies issued profit warnings this week: Nampak, MiX Telematics, Delta Property Fund, Premier Fishing and Brands and Ayo Technology Solutions.
Six companies issued or withdrew a cautionary notice: Ayo Technology Solutions, Conduit Capital, Tongaat Hulett, Primeserv, Finbond and Texton Property Fund.
18 May 2023
Richemont has proposed a special dividend of CHF1.00 per ‘A’ share/10 ‘B’ shares. The dividend will be payable following the AGM scheduled to take place on September 6, 2023. In addition, the company has announced a new programme to buy back up to 10 million ‘A’ shares representing 1.7% of the issued share capital of the company. The shares will be held in treasury together with the 4 million ‘A’ shares currently held in treasury to hedge awards to executives and employees.
Mediclinic International’s shares will be suspended on JSE and NSX on May 25, 2023, following the company’s acquisition announced in August 2022. Manta Bidco, a joint venture owned by Remgro and MSC Mediterranean Shipping, acquired the remaining 55,44% stake in the company from minorities in a £2,05 billion transaction.
Purple Group has advised it intends to raise a maximum of R105 million from shareholders by way of a renounceable rights offer. A total of 129,629,630 will be offered at a subscription price of R0.81 per Rights Offer share. Shareholders holding shares equating to 27.12% have committed to follow their rights in terms of the offer and Sanlam Investment Holdings has agreed to underwrite the Offer. The funds will be used to fund the expansion needs of 70%-held Easy Equities which will be raising R150 million for its needs. The remaining R45 million will be funded by Easy Equities’ shareholders Sanlam which holds the remaining 30% stake.
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:
Gemfields has repurchased 1,729,550 shares at a price of R3.45 per share which will be held as treasury shares. Following the repurchase, the total number of ordinary shares in issue is 1,218,586,612.
Calgro M3 has repurchased a further 5,198,000 shares for R14,78 million representing 3.71% of the issued ordinary share capital of the company. A further 18,89 million shares (7.03%) may be repurchased in terms of the General Authority granted.
Nedbank has cumulatively repurchased 15,784,216 shares representing 3.1% of the companies issued share capital. 9,595,526 shares have been delisted and cancelled with effect from Monday 8 May, 2023 while application has been made to the JSE for the delisting and cancelation of a further 4,178,925 shares.
Lewis has repurchased 1,765,939 shares, representing 3% of the company’s issued share capital. The shares were repurchased at an aggregate cost of R83,4 million between October 31, 2022 and May 11, 2023.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,867,780 shares at an aggregate cost of A$7,55 million.
Glencore this week repurchased 14,700,000 shares for a total consideration of £63,87 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 8 to 12 May 2023, a further 2,735,903 Prosus shares were repurchased for an aggregate €177,97 million and a further 573,864 Naspers shares for a total consideration of R1,81 billion.
Five companies issued profit warnings this week: KAP, Stefanutti Stocks, Dipula Income Fund, Telkom SA SOC and Coronation Fund Managers.
Five companies issued or withdrew a cautionary notice: Premier Fishing and Brands, Attacq, African Equity Empowerment Investments, Pembury Lifestyle and Chrometco.
11 May 2023
Go Life International is to issue 475 million shares to raise cash to settle creditors. The company will issue 232,5 million shares each to Novanod and DVN Family office and a further 10 million shares to Yusuf Sooklall. Novanod and DVNFO have also agreed to provide additional funds of R3 million (R1,5 million each) as additional loan funding towards the settlement of remaining creditors amounting to c.R2,8 million.
PSG Konsult is proposing to change the company’s name to PSG Financial Services Limited. The reason given by the Board for the proposed name change is that it believes it to be a more descriptive name for the comprehensive services the company offers. Shareholders will be asked to vote on the proposition at the next annual general meeting.
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 has increased its share repurchase programme by c.$50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,093,372 shares at an aggregate cost of A$4,55 million.
Glencore this week repurchased 11,600,000 shares for a total consideration of £52,22 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 2 to 5 May 2023, a further 2,261,846 Prosus shares were repurchased for an aggregate €150,68 million and a further 337,954 Naspers shares for a total consideration of R1,07 billion.
Two companies issued profit warnings this week: Efora Energy and Quantum Foods. And one company issued or withdrew a cautionary notice: PSV.
4 May 2023
Castleview Property Fund has issued 41,67 million shares in terms of its specific issue of shares for cash announcement in February. The shares were issued to related parties – associates of I Group Investments, the ultimate holding company of Castleview – at R6.48 per share for an aggregate amount of R270 million. The company expects to issue the remaining 6,17 million shares representing an aggregate value of R40 million during July 2023.
Erin Energy – suspended in April 2018 when the company filed for bankruptcy in the US – has had its secondary listing removed by the JSE. The move by the JSE is based on the failure of the company to make any meaningful progress on the completion of the liquidation proceedings and addressing the various non-compliances with the Listing Requirements since its suspension. The last day to trade (off-market) will be 9 May 2023, following which investors will remain shareholders in an unlisted company.
Shareholders in Tsogo Sun Gaming have been asked to approve the change in the company name to Tsogo Sun Limited. In 2019 the company changed its name from Tsogo Sun Holdings Limited to Tsogo Sun Gaming Limited. The Board believes that given the trademark used is Tsogo Sun in its marketing material and in its domain name this would be more appropriate.
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:
Calgro M3 has advised it has repurchased an aggregate of 7 million shares, representing 4.99% of the issued ordinary share capital of the company. The shares were repurchased at R2.20 per share for an aggregate value of R15,4 million. The shares will be delisted and cancelled. The company may repurchase a further 15,1 million shares in terms of the General Authority granted at the company’s annual general meeting.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 3,101,096 shares at an aggregate cost of A$12,9 million.
Glencore this week repurchased 12,800,000 shares for a total consideration of £60,27 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 24 to 28 April 2023, a further 2,439,269 Prosus shares were repurchased for an aggregate €163,6 million and a further 309,350 Naspers shares for a total consideration of R992,9 million.
One company issued a profit warning this week: Astral Foods and one company issued or withdrew a cautionary notice: Ellies.
27 April 2023
The PBT special dividend of 75 cents per share (a total gross distribution of R156,9 million) has been approved and will be paid on 15 May.
Distell and Heineken have announced that all the scheme conditions have been completed and Distell will delist from the JSE on 28 April.
Kibo Energy issued a total of 794,893,911 new shares following a warrant conversion and convertible note conversion. 284,524,625 shares were issued for the warrants and 510,369,286 shares issued for the convertible loan note conversion.
The Jasco Electronics shareholders have approved the delisting resolution and the offer has become unconditional. The finalisation date announcement is expected to be released in early May.
The Kal Group (previously Kaap Agri) will repurchase and delist 247,843 shares following the release of the odd-lot offer results.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 17 to 21 April, a further 2,651,096 Prosus shares were repurchased for an aggregate €185,26 million and a further 566,392 Naspers shares for a total consideration of R1,9 billion.
Two companies issued profit warnings this week:
Coronation Fund Managers and Renergen.
Three companies issued or withdrew cautionary notices:
Trustco, Life Healthcare and Afristrat Investment.
13 April 2023
Following PBT’s disposal of its investment in Payapps in March this year, shareholders will receive a special distribution of R0.75 per PBT share in addition to a further R0.75 per share in the form of a capital reduction distribution. The resulting total distribution of R1.50 per share equates to R156,9 million to be paid out to shareholders.
Tradehold is proposing to change its name to Collins Property Group, subject to shareholder approval. Tradehold’s primary investment focus will be its portfolio of industrial and logistics properties held through its subsidiary Collins Property Projects. In due course, the company will apply to the JSE for classification as a Real Estate Investment Trust.
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 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,665,680 shares at an aggregate cost of A$7,14 million.
Glencore this week repurchased 11,040,000 shares for a total consideration of £51,46 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 3 to 6 April 2023, a further 1,783,398 Prosus shares were repurchased for an aggregate €126,87 million and a further 351,220 Naspers shares for a total consideration of R1,15 billion.
Two companies issued profit warnings this week:
Nu-World and Zeder Investments (due to the unbundling of KAL).
Three companies issued or withdrew cautionary notices:
Finbond, Primeserv and Chrometco.
5 April 2023
Orion Minerals has raised A$8,9 million via the placement of 593,499,999 shares at an issue price of A$0.015 (R0.18). The placement introduces Clover Alloys (SA) as a new cornerstone investor which will enable Orion to accelerate the development of both of its key base metal production hubs in the Northern Cape province.
Dipula Income Fund has reached a settlement with Breede Coalitions, following the shareholders notification to the company that it intended to exercise its Appraisal Rights. In March the company made an offer to repurchase all of the Dipula A shares for a consideration of 2.4 Dipula B shares for every Dipula A share held. In terms of section 164 of the Companies Act, shareholders of a scheme are afforded the right to demand that the company pay fair value for all DIA and DIB shares. In terms of the agreement reached, Dipula has paid an all-inclusive amount of R34 million for the 1,715,000 DIA shares and 2,000,000 DIB shares held by Breede Coalitions.
Ayo Technology Solutions has disclosed more information on its settlement with the Public Investment Corporation (PIC) following negative press around the scanty details of the agreement reached with the PIC. Ayo will repurchase 17,202,756 ordinary shares from the Government Employees Pension Fund (GEPF) for a total repurchase consideration of R619,42 million. The GEPF will retain a minimum stake of 25.01%.
NEPI Rockcastle will issue 28,830,268 new shares in terms of its scrip distribution alternative. The scrip dividend shares will be issued at R92.82 per share for an aggregate R2,68 billion. The total number of ordinary shares in the company following the issue will increase to 635,830,268.
Cashbuild has repurchased 89 164 shares in terms of its odd-lot offer to shareholders, representing 0.37% of the total issued share capital of the company for a total consideration of R17,59 million.
Shoprite is yet another blue-chip company to announce it will take a secondary listing on A2X. Currently the company’s stock trades on the JSE, the NSX and the LUSE. It will trade on A2X with effect from 11 April, 2023.
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 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,287,351 shares at an aggregate cost of A$5,63 million.
Glencore this week repurchased 8,280,000 shares for a total consideration of £38,24 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 27 to 31 March 2023, a further 3,883,762 Prosus shares were repurchased for an aggregate €272,23 million and a further 485,830 Naspers shares for a total consideration of R1,60 billion.
Two companies issued profit warnings this week:
Advanced Health and Pick n Pay.
Five companies issued or withdrew cautionary notices:
Tongaat Hulett, Conduit Capital, Primeserv, Finbond and Ayo Technology Solutions.
30 March 2023
Vukile Property Fund has announced it is to implement, through an accelerated book build process, an equity raise targeting c. R500 million.
Eastern Platinum has announced a rights offering to fund growth opportunities on the basis of one Right for each Common Share held. At a subscription price of C$0.22 or R1.46 per share, the company will raise R200 million if all rights are exercised and an additional 137,820,773 shares are issued.
KAP Industrial will, as from 4 April 2023, trade under its new name KAP. The JSE share code will remain as KAP and the company will remain listed in the Industrials Sector.
Oceana is to take a secondary listing on A2X with effect from 3 April 2023.
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:
Investec Ltd has repurchased 1,307,149 preference shares at an average price of R94.98 per share, representing 5% of the issued preference share capital of the company. The R124,1m paid to repurchase the shares came from excess cash resources. The Company is not entitled to repurchase any further preference shares in issue under the Programme which has now been closed.
Resilient REIT has cumulatively repurchased 11,772,980 shares representing 3.03% of the Company’s issued share capital. The shares were repurchased at an average price per share of R51.40 for a total value of R605,1 million.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 2,088,911 shares at an aggregate cost of A$8,66 million.
Glencore this week repurchased 13,340,000 shares for a total consideration of £60,12 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 20 to 24 March 2023, a further 4,485,843 Prosus shares were repurchased for an aggregate €305,56 million and a further 555,186 Naspers shares for a total consideration of R1,78 billion.
Four companies issued profit warnings this week:
TeleMasters, Metair Investments, EOH and Wesizwe Platinum.
Six companies issued or withdrew cautionary notices:
Ayo Technology Solutions, Pembury Lifestyle, PSV, Attacq, African Equity Empowerment Investment and Oando.
23 March 2023
Richemont has advised it intends to terminate its South African depository receipt programme and to list ‘A’ shares on the JSE as a secondary listing, in addition to their listing on the SIX Swiss Exchange. If the depository receipt holders approve the termination of the programme and the company obtains the other relevant regulatory approvals, holders will receive one ‘A’ share in exchange for 10 depository receipts that they own. The secondary listing will take place on 19 April 2023.
Following the cancellation of the Premier listing in December and the announcement by Brait in March that it had been approached by investors supporting a listing of Premier, the company will list in the Food Products sector of the main board of the JSE today, 24 March 2023. Investors acquired 65 million shares in an IPO priced at R53,82 per share (excluding the 1,86 million overallotment shares) raising in total R3,6 billion and valuing the company at R6,9 billion (Brait will retain a 47% stake).
On February 6 2023 Cashbuild advised shareholders of its intention to repurchase the Odd-lot Holdings from the Odd-lot Holders. The offer price of 19728.75450 cents represents a 5% premium to the 30-day volume weighted average price of a Cashbuild Share at the close of business on Friday, 17 March 2023. Shares repurchased will be delisted with effect from the commencement of trading on or about Monday, 3 April 2023.
Afrimat’s sector classification on the JSE has been reclassified from the Basic Materials Construction and Materials sector to the General Mining sector with effect from 20 March 2023. The JSE lifted the suspension of trade in the shares of Trustco on 23 March 2023 following the Company’s publication of its audited consolidated results for the 12-month period ended 31 August 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:
Calgro M3 has repurchased 6 million shares in the open market during the period 15 March to 20 March, 2023. The shares were repurchased at R2.50 per share for an aggregate value of R15 million.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 2,627,923 shares at an aggregate cost of A$10,69 million.
Glencore this week repurchased 14,880,000 shares for a total consideration of £65,48 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 13 to 17 March 2023, a further 4,453,715 Prosus shares were repurchased for an aggregate €289,18 million and a further 621,447 Naspers shares for a total consideration of R1,91 billion.
Three companies issued profit warnings this week:
Transaction Capital, York Timber and Accelerate Property Fund.
Two companies issued or withdrew cautionary notices.
The companies were: Choppies Enterprises and Life Healthcare.
9 March 2023
African Equity Empowerment (AEEI) is to unbundle its 49.36% stake in AYO Technologies to shareholders by way of a pro rata distribution in specie in the ratio of 1 AYO share for every 2.89 shares in AEEI in a transaction valued at c.R509,6 million.
Cashbuild received the support of its shareholders to implement an odd-lot offer to shareholders holding fewer than 100 shares. The price paid will be a 5% premium to the 30-day VWAP of a Cashbuild share at the close of business on 17 March, 2023. The company will also repurchase 1,000,000 shares from former CEO Pat Goldrick.
The reverse takeover of Shaftesbury by Capital & Counties Properties first announced in June 2022 is complete and the entity has now changed its name to Shaftesbury Capital, with effect from 7 March 2023. The JSE code will change from CCO to SHC.
Octodec Investments and Fortress Real Estate Investments are to list their securities on A2X with effect from 14 and 16 March respectively. The companies’ listings on the JSE will be unaffected by the secondary listings.
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 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 527,525 shares at an aggregate cost of A$2,44 million.
African Media Entertainment advised that the company had repurchased 50,000 shares during 2022. This was in addition to the announced 451,775 shares repurchased in January this year. The shares were cancelled upon repurchase.
Glencore this week repurchased 12,900,000 shares for a total consideration of £64,76 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 27 February to 3 March 2023, a further 3,163,968 Prosus shares were repurchased for an aggregate €219,65 million and a further 524,864 Naspers shares for a total consideration of R1,73 billion.
Two companies issued profit warnings this week:
Trencor and Metair Investments.
Four companies issued or withdrew cautionary notices.
The companies were: Jasco Electronics, AYO Technology, Trustco Group and Tongaat Hulett.
2 March 2023
Of the 71,43 million rights offer shares available to shareholders of Accelerate Property Fund in terms of its capital raise of R50 million, shareholders took up 16,8 million shares with the remaining 54,62 million going to U Big Investments as per the underwriting agreement. The shares had a subscription price of R0.70 per share.
As part of its capital optimisation strategy, Investec Ltd this week acquired on the open market a further 1,513,703 Investec Plc shares at an average price of 533 pence per share (LSE and BATS Europe) and 680,307 Investec Plc shares at an average price of R116.96 per share (JSE).
Kaap Agri has announced it is to proceed with an odd-lot offer to shareholders holding 312,942 KAL shares, representing 0.42% of the total issued share capital of the company. The cost of the offer is expected to amount to c.R13,37 million (excluding transfer costs).
Santova has applied to the JSE for cancellation of 4,648,548 shares. The treasury shares were repurchased by the company at an average price of R7.75 per share. Following the cancellation effective February 27, 2023, the remaining share capital of the company is 133,555,821.
Buka Investments’ shares have been suspended following the cancellation of its acquisition of Caralli Leather Works and Socrati Footwear from B&B Media and Moltera Group announced in July 2022. As a cash shell, Buka Investments is required, within six months of classification, to enter into an agreement and acquire viable assets to satisfy the conditions for listing in terms of the JSE Listing requirements. Consequently, Buka’s listing was suspended with effect from February 24, 2023.
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 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,645,462 shares at an aggregate cost of A$7,23 million.
Glencore this week repurchased 10,680,000 shares for a total consideration of £53,1 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Investec repurchased a further 415,726 Investec shares for a total consideration of R116 million. The shares were repurchased during the period 20 February to 24 February 2023.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 20 to 24 February 2023, a further 3,366,685 Prosus shares were repurchased for an aggregate €232,68 million and a further 374,723 Naspers shares for a total consideration of R1,22 billion.
Seven companies issued profit warnings this week:
Royal Bafokeng Platinum, Libstar, Murray & Roberts, Hulamin, Putprop, Sanlam and Investec Property Fund.
Five companies issued or withdrew cautionary notices. The companies were:
Murray & Roberts, Acsion, Chrometco, Jasco Electronics and Brikor.
23 February 2023
Sable Exploration and Mining is to undertake a fully underwritten rights offer. The company will offer 52,210,464 ordinary shares, in the ratio of 12 new shares for each existing share at a price of R1 per share. The company aims to raise R52,2 million. The offer will be underwritten by James Allan, a director of the company.
Castleview Property has issued 47,839,506 shares at an issue price of R6.48 per share for an aggregate R310 million. The purpose of the issue is to build cash reserves for liquidity management purposes.
Salungano shareholders have been informed that RBFT Investments, which currently holds 18.1% of the issued shares in the group, wants to increase its shareholding and to ultimately delist the company from the JSE. RBFT proposes to acquire on the open market up to 60 million Salungano shares at R1.40 per share. RBFT Investments says the bid is an exempt partial offer and should not be construed as a general offer by RBFT.
Balwin Properties is to take a secondary listing on A2X with effect from 28 February 2023.
Capital & Counties Properties plc will trade on the JSE under its new name Shaftesbury Capital plc with effect from 9 March 2023. The share code will change from CCO to SHC and the company will remain listed in the same sector subsequent to the name change.
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:
Finbond repurchased 45 million shares in the period 14 – 16 February 2023, representing 4.95% of the company’s issued share capital. The shares were repurchased at a price of R0.26 per share for an aggregate R11,7 million. Of the shares repurchased, 25 million will be delisted and cancelled while the remainder will be held as treasury shares which will, following the repurchase represents 9.81% of Finbond’s issued share capital.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 1,119,759 shares at an aggregate cost of A$5,1 million.
Spear REIT repurchased 6,941,385 at an average price of R7.62 per share representing 2.83% of the issued ordinary share capital. The shares were repurchased during the period 1 July 2022 to 17 February 2023.
Glencore this week repurchased 11,576,699 shares for a total consideration of £59 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed this month.
Investec repurchased a further 909,645 Investec shares for a total consideration of R104,28 million. The shares were repurchased during the period 13 February to 17 February 2023. In addition, the company announced that it had repurchased over the period 30 November 2022 to 20 February 2023, 945,321 preference shares for R89,48 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 13 to 17 February 2023, a further 2,629,344 Prosus shares were repurchased for an aggregate €74,37 million and a further 317,713 Naspers shares for a total consideration of R1,09 billion.
Seven companies issued profit warnings this week:
Aveng, Discovery, Jasco Electronics, Sibanye-Stillwater, Sasfin, Choppies Enterprises and Quantum Foods.
Four companies issued or withdrew cautionary notices. The companies were:
Conduit Capital, Brikor, Coronation Fund Managers and Choppies Enterprises.
16 February 2023
EOH’s rights offer which closed on 10 February, 2023 was oversubscribed, raising R500 million as first announced in November 2022. All 384,615,384 shares were issued at R1.30 per share. In addition, Lebashe Investment Group subscribed for 76,923,076 shares raising a further R100 million.
Alternative trading platform ZARX has had its license cancelled by the Financial Sector Conduct Authority. The Public Investment Corporation holds a 24.14% stake in the exchange. ZARX’s license was suspended in August 2021 due to liquidity and capital adequacy noncompliance.
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:
Argent Industrial repurchased 51,429 shares representing 0.09% of the issued share capital of the company for an aggregate value of R787,19 million.
Hudaco Industries repurchased 1,562,860 shares at an average price of R151,05 per share for a total value of R236,1m. The shares will be delisted and cancelled.
Textainer announced it has repurchased 1,543,267 shares at an average price of US$29.29 per share during the fourth quarter of 2022.
Glencore this week repurchased 22,600,000 shares for a total consideration of £132,59 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed this month.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 6 to 10 February 2023, a further 3,087,207 Prosus shares were repurchased for an aggregate €228,2 million and a further 520,956 Naspers shares for a total consideration of R1,77 billion.
Nine companies issued profit warnings this week:
Pan African Resources, Curro, PSV, Anglo American Platinum, Santam, Gold Fields, Cashbuild, AngloGold Ashanti and Brimstone Investment.
Four companies issued or withdrew cautionary notices.
The companies were: Premier Fishing and Brands, Attacq, African Equity Empowerment Investments and Life Healthcare.
9 February 2023
Renergen has successfully placed 4,600,000 newly issued ordinary shares via an accelerated bookbuild process at R24.00 per share, representing a 6.5% discount to the pre-launch closing price of R25.68 on February 6, 2023. The funds will be used to support the capital expenditure required for the Phase 2 expansion. Phase 2 of the Virginia gas project will produce 34 000 GJ of liquefied natural gas and up to 5 t/d of helium.
Steinhoff International raised R4,9 billion, placing 265 million Pepkor shares in an accelerated bookbuild, representing c. 7.2% of the current issued shares of the company. The placing, at a price of R18.50, represents a 5.3% discount to the pre-launch Pepkor share price on 8 February 2023. The disposal of shares reduces Steinhoff’s stake to 43.8% and increases the free float of Pepkor shares from 49% to 56.2%.
Cashbuild has announced a proposed odd-lot offer to shareholders holding 40,493 shares representing 0.16% of the total issued share capital of the company. The shares will be repurchased at a 5% premium to the 30-day VWAP of a Cashbuild share at the close of business on March 17, 2023.
Industrials REIT has issued 2,343,679 shares in terms of its scrip dividend election, representing 0.78% of the current issued share capital of the company. Following the allocation, the issued share capital of the company will be 298,775,175 of which 1,914,727 will be treasury shares.
Copper 360, the red metal producer is to list on the AltX board of the JSE later this month.
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:
Santova announced the repurchase of 4,109,908 shares during the period November 1, 2022 and February 2, 2023. The shares, which will be held as treasury shares, were repurchased for a total transaction value of R31,93 million.
Datatec repurchased 3,000,000 shares on the open market at a price of R33.50 per share for a total transaction value of R100,5 million. The shares will be held as treasury shares to be used in settlement of share-based remuneration awards.
Glencore this week repurchased 22,500,000 shares for a total consideration of £123,48 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed this month.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 30 January to 3 February 2023, a further 3,966,195 Prosus shares were repurchased for an aggregate €292,8 million and a further 683,846 Naspers shares for a total consideration of R2,29 billion.
One company issued a profit warning this week: Sasol.
Three companies issued or withdrew cautionary notices.
The companies were: Pembury Lifestyle, Tongaat Hulett and Coronation Fund Managers.
2 February 2023
Accelerate Property Fund is to proceed with a R50m fully underwritten renounceable rights offer to raise required working capital. The company will issue 71,428,571 shares for a subscription price of 70 cents per Rights Offer share in the ratio of 6 Rights Offer shares for every 100 APF shares held. The subscription price represents a discount of 31.14% to the 30-day volume weighted average price on 9 December 2022.
In an off-market block trade, AltX-listed Heriot REIT, the company which in 2022 undertook an unsuccessful take private of Safari Investments RSA, has acquired 20 million Safari shares. The shares, purchased from SA Corporate Real Estate, at R5.60 per share was for a total consideration of R112m. Following the acquisition, Heriot and its concert parties collectively hold a 47.1% stake in Safari.
Renergen, an emerging integrated renewable energy producer, has announced plans to list on the Nasdaq Stock Market later this year to raise additional funding for the second phase of its Virginia Gas Project.
As part of its capital optimisation strategy, Investec Ltd this week acquired on the open market a further 476,138 Investec Plc shares at an average price of 518 pence per share (LSE and BATS Europe) and 440,987 Investec Plc shares at an average price of R110.00 per share (JSE).
Chrometco, Efora Energy and New Frontier Properties updated shareholders on their suspension status. Chrometco remains suspended due to the late publication of the provisional annual financial statements for the year ended February 2022. The company is struggling to appoint new auditors due to two subsidiaries within the group being in Business Rescue. Efora is yet to publish its consolidated annual financial results for the year ended February 2021 citing delay in the finalisation of subsidiary Afric Oil’s results which has since been sold. New Frontier Properties were suspended for the late publication of the 2020 financial statements.
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:
Glencore this week repurchased 18,000,000 shares for a total consideration of £98,14 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed by February 2023.
Investec continued with its repurchase programme, repurchasing 510,006 shares for a total consideration of R55,8. The shares will be cancelled and reinstated as authorised but unissued shares.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 23 to 27 January, 2023, a further 2,979,757 Prosus shares were repurchased for an aggregate €229,3 million and a further 464,150 Naspers shares for a total consideration of R1,6 billion.
Three companies issued profit warnings this week: Italtile, Sea Harvest and RCL Foods.
Three companies issued or withdrew cautionary notices.
The companies were: Lux Holdings, African Equity Empowerment Investments and Ellies.
14 December 2022
Mantengu Mining has completed a rights offer raising R15 million. Of the 15 million offer shares, shareholders subscribed for 22.31% with the remaining 77.69% of the rights offer shares allocated to the underwriters.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 2,437,853 Investec Plc shares at an average price of 483 pence per share (LSE and BATS Europe) and 1,584,603 Investec Plc shares at an average price of R101.62 per share (JSE). Since October 3rd the company has purchased 16,6 million shares.
Shareholders of Fortress REIT have approved the change of name of the company to Fortress Real Estate Investments. The counter will trade under its new name from 4th January 2023.
Recently unbundled to Barloworld shareholders on a 1 for 1 basis, Zeda which houses the car rental and vehicle leasing brands Avis and Budget, listed on the JSE this week. The share opened at R18 but closed its first day of trade at R16.70 giving the company a market capitalisation of R3,17 billion.
The termination of the listing of Nutritional Holdings has been formally advised by the JSE and the company will become an unlisted company from December 19, 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:
Glencore this week repurchased 10,980,000 shares for a total consideration of £59,64 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 1,297,187 shares at an aggregate cost of A$5,38 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 5 to 9 December, 2022, a further 3,231,452 Prosus shares were repurchased for an aggregate €206,89 million and a further 591,745 Naspers shares for a total consideration of R1,62 billion.
British American Tobacco repurchased a further 1,838,550 shares this week for a total of £60,45 million.
Two companies issued profit warnings this week:
Randgold & Exploration and Ellies.
Eight companies issued or withdrew cautionary notices.
The companies were: AfroCentric Investment, Trustco, Premier Fishing and Brands, African Equity Empowerment, Luxe, Afristrat Investment, Nutritional Holdings and Alviva.
8 December 2022
Lighthouse Properties’ offer to shareholders to acquire new Lighthouse shares has closed with the company issuing 7,692,308 new shares at R6.50 per share. The R50 million capital raise will provide the company with additional liquidity primarily for capital expenditure at its shopping centres.
York Timber intends to raise R250 million by way of a partially underwritten renounceable rights offer of 142,857,142 ordinary shares at a price of R1.75 per share. A2 Investment Partners will underwrite between R111 million and R160 million of the offer for a fee of R4,78 million. The proceeds of the offer will be utilised to preserve the timber volumes by procuring more timber externally and will be applied towards capital investment in manufacturing plants.
In terms of the scrip distribution alternative, Datatec will issue 3,171,196 new Datatec shares resulting in a capitalisation of distributable retained profits of R137 million.
Oasis Crescent Property Fund will issue 901,099 new units in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of R21,08 million.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 1,359,287 Investec Plc shares at an average price of 500 pence per share (LSE and BATS Europe) and 1,716,167 Investec Plc shares at an average price of R104.32 per share (JSE). Since October 3rd the company has purchased 12,58 million shares.
Transpaco has announced its intention to repurchase 1,56,000 shares from Samuel Abelheim Holdings at R27.48 per share for an aggregate of R42, 87 million, to be drawn from cash resources. The repurchase, which represents 4.95% of the issued share capital of the company, is a related party transaction and thus requires the approval of shareholders.
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:
Glencore this week repurchased 16,100,000 shares for a total consideration of £89,20 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 1,021,256 shares at an aggregate cost of A$4,09 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period November 28 – Dec 2, a further 5,156,456 Prosus shares were repurchased for an aggregate €315,53 million and a further 850,610 Naspers shares for a total consideration of R2,21 billion.
British American Tobacco repurchased a further 580,373 shares this week for a total of £19,77 million.
Two companies issued profit warnings this week:
Marshall Monteagle and Sebata.
Three companies issued or withdrew cautionary notices. The companies were:
Jasco Electronics, Murray & Roberts and Jasco Electronics.
1 December 2022
In its trading update for the year, Nampak announced a proposed capital raise of up to R2 billion during the first quarter of 2023. The group’s current debt package and the US Private Placement funding are due to mature in December and May 2023 respectively. This requires the group to refinance its debt package before the end of March 2023 if management is to put in place a simplified and more robust capital structure and so deliver on its growth strategy.
Lighthouse Properties is offering shareholders up to R50 million in new Lighthouse shares. The company will list up to 7,575,757 new shares with the purpose of providing the company with additional liquidity primarily for capital expenditure at its shopping centres.
A2X Markets is set to welcome three new listings. Woolworths will list on 2 December, Truworths International on 5 December and Hyprop Investments on 7 December 2022.
Rand Merchant Investment Holdings will officially change its name to OUTsurance Group under the new JSE code OUT from commencement of trading on Wednesday 7 December 2022.
The JSE has censured suspended Nutritional Holdings following the company’s “failure to inform the market of price-sensitive information without delay [and] failed to apply the highest standard of care in disseminating information to the market.”
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 1,194,773 Investec Plc shares at an average price of 499 pence per share (LSE and BATS Europe) and 1,450,228 Investec Plc shares at an average price of R102.81 per share (JSE). Since October 3rd the company has purchased 9,50 million shares.
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:
Glencore this week repurchased 13,351,854 shares for a total consideration of £72,67 million. The share repurchases form part of the second phase of the company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 1,828,308 shares at an aggregate cost of A$7,21 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period November 21 – 25, a further 3,693,220 Prosus shares were repurchased for an aggregate €213,56 million and a further 716,371 Naspers shares for a total consideration of R1,76 billion.
British American Tobacco repurchased a further 684,561 shares this week for a total of £22,88 million.
Nine companies issued profit warnings this week:
Mantengu Mining, Mahube Infrastructure, Crookes Brothers, Nictus, Visual International, Sable Exploration and Mining, African Equity Empowerment Investments, Nampak and Salungano.
Four companies issued or withdrew cautionary notices.
The companies were: Finbond, Acsion, Brikor and Chrometco.
24 November 2022
Barloworld is to unbundle and list Zeda next month in the final step of its five-year journey of refocussing on its core earth-moving equipment and food-procurement businesses. Zeda, a wholly-owned subsidiary of Barloworld, which currently houses Barloworld’s investment in its car rental and vehicle leasing house brands Avis and Budget. Shareholders will receive one Zeda share for every one Barloworld share held. Further details on the listing price and projected market valuation will be released in due course.
Renergen has successfully placed an aggregate of 4,365,670 shares raising a total of R107,6 million. The proceeds will be used towards working capital, additional costs relating to the studies required for the further development of Phase 2 of the Virginia Gas Project and costs associated with the turning on of the Phase 1 liquid helium plant.
Further details on Premier’s listing were released. Brait will offer up to 65,031,587 ordinary shares in a price range of R53.82-R67.04. The company will list 128,905,800 shares on 8 December, 2022 in the Food Products sector of the main board of the JSE.
Europa Metals has conditionally raised £580,000 via a subscription for 12,888,888 new shares in the company at an issue price of 4.5 pence (R0.922) per share. The issue price represents a premium of c.60.7% to the closing price on 22 November of 2.8 pence. Following admission, the shares will represent in aggregate 18.87% of the enlarged issued share capital.
Grindrod has announced a special dividend of 55.90 cents per ordinary share as a cash return of 25% of the consideration received from the sale of Grindrod Bank.
Cilo Cybin, the local medical cannabis company which planned to list later this month, has had to abandon its plans after failing to raise enough capital in its IPO. The company raised R20,5 million from investors but required a minimum of R500 million to list on the main board of the JSE or R50 million for a listing on AltX.
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:
In the period 17 May 2022 to 23 November 2022, Spur Corporation repurchased 2,759,000 ordinary shares, representing 3% of the issued share capital of the company. The shares were repurchased for an aggregate R56,59 million. Following the repurchases, the company currently holds 9,795,389 ordinary shares in treasury.
Investec has announced the extension of its repurchase programme which was scheduled to end on or before November 17. The JSE- and LSE-listed company will now repurchase an additional R5.8 billion pushing the total value of its repurchase programme to R7 billion.
4Sight has received shareholder approval to repurchase 125,5 million shares (19% of its share capital). The R16 million repurchase will be funded from cash reserves.
Glencore this week repurchased 18,770,000 shares for a total consideration of £92,19 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 3,388,039 shares at an aggregate cost of A$13,61 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period November 14 – 18, a further 6,167,321 Prosus shares were repurchased for an aggregate €632,05 million and a further 613,279 Naspers shares for a total consideration of R1,53 billion.
British American Tobacco repurchased a further 411,164 shares this week for a total of £12,29 million. Following the purchase of these shares, the company holds 217,764,441 of its shares in Treasury.
Four companies issued profit warnings this week:
Naspers, Prosus, Brikor and Buka Investments.
Four companies issued or withdrew cautionary notices. The companies were:
Murray & Roberts, Afrocentric Investment, Conduit Capital and Huge.
17 November 2022
Premier Group is set to list on the JSE by way of an Initial Public Offering. The group will list on the main board under the Food Products’ sector. The offer for the sale of shares held by Brait intends to raise gross proceeds of up to R3,7 billion. The proposed pricing range of R53.82 – R67.04 per share translates into a valuation of R6,9 billion to R8,6 billion – a 10%-28% discount to Brait’s latest valuation of Premier. Titan and Rand Merchant Bank have committed to underwrite R2,9 billion and R500 million respectively. The capital raised from this unbundling will assist in addressing Brait’s future liquidity requirements.
Mantengu Mining intends to raise R15 million by way of a fully underwritten renounceable rights offer. The company will offer 15,000,000,000 shares at 0.1 cent per rights offer share.
EOH has announced a proposed rights offer of R500 million and a specific issue for cash of R100 million to Lebashe Investment Group – EOH’s BEE shareholder. The net proceeds of the capital raise will be used to repay c.R563 million of its bridge facility while maintaining sufficient working capital in the short to medium terms.
Sun International has acquired 49,6 million Grand Parade Investments (GPI) securities in the open market for an undisclosed sum. The shares represent a 10.56% stake in the company. Last week GMB Liquidity Corporation made a mandatory offer to GPI minorities following an increase in its stake to over 35%. GPI holds stake in two of SA’s most profitable gaming assets.
The JSE has warned Fortress REIT that it is at risk of losing its REIT status if a compliance declaration is not submitted before month end.
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:
Capital & Counties Properties has repurchased 684,539 shares for a total consideration of £773,726 in accordance with the authority granted by shareholders at its annual general meeting in June 2022.
Glencore this week repurchased 18,150,000 shares for a total consideration of £92,82 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 1,882,677 shares at an aggregate cost of A$7,38 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period November 7 – 11, a further 5,290,317 Prosus shares were repurchased for an aggregate €271,83 million and a further 787,223 Naspers shares for a total consideration of R1,74 billion.
British American Tobacco repurchased a further 1,250,277 shares this week for a total of £40,64 million. Following the purchase of these shares, the company holds 217,273,604 of its shares in Treasury.
Six companies issued profit warnings this week:
Purple Group, Telkom SA SOC, PPC, eMedia, WG Wearne and Afine Investments.
Six companies issued or withdrew cautionary notices.
The companies were: African Equity Empowerment Investments, Nutritional Holdings, Trustco, Tongaat Hulett, PSV and Sebata Holdings.
10 November 2022
MC Mining has concluded its fully underwritten renounceable rights offer. The company raised A$40 million with the sub-underwriters taking up the shortfall of 200,026,719 shares.
Buffalo Coal has announced a rights offering. If all rights are exercised, an additional 421,352,596 shares will be issued. The company intends to use the net proceeds to settle its debt with Investec.
Hyprop Investments will issue 16,127,649 new shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of R500 million.
New listings on A2X continues to gain ground with Attacq joining its growing list of companies taking secondary listings on its platform. Attacq shares will commence trading on November 16, 2022.
The trading of Trustco shares has been suspended on the JSE following the ruling by the High Court which dismissed the company’s application with costs. The ruling reinstates the JSE’s decision in November 2020 to suspend the company’s shares for failing to comply with the Listing Requirements in relation to its Annual Financial Statements.
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:
Capital & Counties Properties has repurchased 783,854 shares for a total consideration of £857,933 in accordance with the authority granted by shareholders at its annual general meeting in June 2022.
Glencore this week repurchased 17,840,000 shares for a total consideration of £93,71 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 4,016,123 shares at an aggregate cost of A$14,98 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period October 31 to November 4, a further 5,549,485 Prosus shares were repurchased for an aggregate €261,79 million and a further 507,887 Naspers shares for a total consideration of R997,91 million.
British American Tobacco repurchased a further 555,949 shares this week for a total of £18,67 million. Following the purchase of these shares, the company holds 216,027,057 of its shares in Treasury.
Three companies issued profit warnings this week:
Quantum Foods, Invicta and Novus.
Six companies issued or withdrew cautionary notices.
The companies were:
Alviva, Murray & Roberts, Ellies, Pembury Lifestyle, Grand Parade Investments and Premier Fishing & Brands.
3 November 2022
Tradehold has declared a special dividend of R4.34 per share. The funds are part of the cash consideration of £102,5 million received from the sale of its shareholding in Moorgarth earlier this year.
Labat Africa has advised it has issued a further 22,606,003 new shares for cash. The shares were issued under the company’s General Authority approved by shareholders in May. The company has issued 39,281,862 new shares under this authority representing a cumulative 23.13% of Labat’s issued share capital.
Super Group has proposed an odd-lot offer to shareholders holding a total of 49,014 Super Group shares, representing 0.014143% of the total issued share capital of the company. The offer will be priced at a 10% premium to the 10-day VWAP of the ordinary share at the close of business on Friday, 2 December 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:
Glencore this week repurchased 19,080,000 shares for a total consideration of £96,93 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022, to February 14, 2023.
South32 has this week repurchased a further 2,470,909 shares at an aggregate cost of A$9,19 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period October 24-28, a further 5,601,358 Prosus shares were repurchased for an aggregate €237,02 million and a further 1,019,972 Naspers shares for a total consideration of R1,84 billion.
British American Tobacco repurchased a further 1,100,544 shares this week for a total of £37,01 million. Following the purchase of these shares, the company holds 215,471,108 of its shares in Treasury.
Only one company issued a profit warning this week: AH-Vest.
Five companies issued or withdrew cautionary notices.
The companies were: Trustco, Afristrat Investment, Grand Parade Investments, Finbond Group and Luxe.
27 October 2022
Momentum Metropolitan repurchased 44,798,859 shares for a total purchase consideration of R750 million, representing 3% of the Group’s share capital. The shares which were repurchased between August 10 and October 26, 2022, will be delisted and cancelled.
As part of its capital optimisation strategy, Investec ltd acquired on the open market 517,193 Investec plc shares at an average price of 410 pence per share (LSE and BATS Europe) and 379,603 Investec plc shares at an average price of R84.27 per share (JSE). Since October 3rd the company has purchased 37,22 million shares. The purchase programme will end on or before 17th November 2022.
Pick n Pay Stores is to take a secondary listing on the A2X Markets exchange with effect from November 1, 2022. The company’s primary listing will remain on the JSE and its issued share capital will be unaffected.
After months in discussion with its lenders on a debt restructure plan Tongaat Hulett has entered voluntary business rescue. Its Botswana, Mozambique and Zimbabwe sugar operations are funded independently from the company and as such are not financially distressed. Metis Strategic Advisors has been appointed as business rescue practitioners.
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:
Glencore this week repurchased 19,700,000 shares for a total consideration of £97,39 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022, to February 14, 2023.
South32 has this week repurchased a further 5,322,381 shares at an aggregate cost of A$19,42 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period October 17 -21, a further 4,127,703 Prosus shares were repurchased for an aggregate €210,91 million and a further 831,983 Naspers shares for a total consideration of R1,8 billion.
British American Tobacco repurchased a further 689,584 shares this week for a total of £23,03 million. Following the purchase of these shares, the company holds 214,370,564 of its shares in Treasury.
The only company to issue a profit warning this week was Mix Telematics.
Cognition withdrew its cautionary notice.
20 October 2022
African Dawn Capital, the AltX-listed venture capital vehicle, has issued 6,364,692 new shares at R0.30 per share representing a premium of 66.97% to the 30-day VWAP. The issue represents 10% of the issued share capital of the company. The proceeds of the private placement will be applied towards working capital.
AH-Vest has failed to submit its provisional report within the three-month period stipulated in the JSE’s Listing Requirements. If a provisional report is not submitted on or before 31 October 2022, AH-Vest’s 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:
Glencore this week repurchased 18,260,000 shares for a total consideration of £89,05million. The share repurchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022, to February 14, 2023.
South32 has this week repurchased a further 3,378,820 shares at an aggregate cost of A$12,62 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period October 10 -14, a further 3,734,417 Prosus shares were repurchased for an aggregate €195,11 million and a further 636,174 Naspers shares for a total consideration of R1,4 billion.
British American Tobacco repurchased a further 859,873 shares this week for a total of £28,27 million. Following the purchase of these shares, the company holds 213,680,980 of its shares in Treasury.
Four companies issued profit warnings. The companies were:
Murray & Roberts, Labat Africa, Adcorp and Coronation Fund Managers.
10 companies issued or withdrew cautionary notices. The companies were:
Murray & Roberts, African Rainbow Capital Investments, Brikor, Chrometco, Acsion, Telkom SA SOC, MTN, MTN Zakhele Futhi, MC Mining and OneLogix.
13 October 2022
Datatec is to distribute to shareholders the entire initial gross proceeds of £135,1 million received from the sale of Analysys Mason. Shareholders will receive a special dividend of R12.50 per share with the option of a scrip distribution alternative.
As part of its capital optimisation strategy, Investec ltd acquired on the open market 1,714,710 Investec plc shares valued at £6,6 million (LSE and BATS Europe) and 1,657,834 Investec plc shares for R128 million (JSE). The shares were purchased between 3rd and 7th October, 2022. Investec will purchase a maximum aggregate market value equivalent of R1,2 billion. The purchase programme commenced on 3rd October 2022 and will end on or before 17th November 2022.
The JSE and the New York Stock Exchange have signed a memorandum of understanding to collaborate on the dual listing of companies on both exchanges and will also explore the development of new products and share knowledge around ESG, ETFs and digital assets.
The following companies repurchased their shares on the open market:
Astoria Investments has repurchased 19,335 ordinary shares for an average price of R5.63 per share during September 2022. The repurchased shares represent 0.03% of the Company’s issued share capital.
Glencore this week repurchased 15,450,000 shares for a total consideration of £75,61 million. The share repurchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022, to February 14, 2023.
South32 has this week repurchased a further 8,855,043 shares at an aggregate cost of A$33,13 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. This week Prosus announced the repurchase of a further 3,001,749 shares for an aggregate €167,28 million. Naspers repurchased a further 369,148 shares for a total consideration of R871,77 million.
British American Tobacco repurchased a further 815,795 shares this week for a total of £26,9 million. Following the purchase of these shares, the company holds 212,831,564 of its shares in Treasury.
Four companies issued profit warnings.
The companies were: Finbond, Datatec, Nu-World and Afrimat.
Five companies issued or withdrew cautionary notices.
The companies were: African Equity Empowerment Investments, Afrocentric Investment, Pembury Lifestyle, Conduit Capital and Huge Group.
6 October 2022
This week was all about the repurchase of shares on the open market
Argent Industrial has repurchased 37,000 ordinary shares representing 0.07% of the issued share capital. The shares were repurchased at R13.00 per share for an aggregate value of R481 million.
Glencore this week repurchased 8,759,982 shares for a total consideration of £42,80 million. The share purchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022, to February 14, 2023.
South32 has this week repurchased a further 2,744,745 shares at an aggregate cost of A$10,14 million.
Prosus continued with its open-ended share repurchase programme. This week the company announced the repurchase of 3,625,070 Prosus shares for an aggregate €196,88 million.
British American Tobacco repurchased a further 692,108 shares this week for a total of £22,53 million. Following the purchase of these shares, the company holds 212,015,769 of its shares in Treasury.
Investec ltd is to embark on a purchase programme as part of its capital optimisation strategy. Investec will conduct an on-market purchase of Investec plc ordinary shares to a maximum aggregate market value equivalent of R1,2 billion. The purchase programme commenced on 3rd October 2022 and will end on or before 17th November 2022.
Five companies issued or withdrew cautionary notices.
The companies were: PSV Holdings, Nutritional Holdings, Telkom, Sebata Holdings and Aveng.
15 September 2022
RMB Holdings is to return c.R2 billion to shareholders in the form of a special dividend. Proceeds of R1,75 billion from the sale of Atterbury Europe plus additional capital on hand will see shareholders receive a gross special dividend of 141.67283 cents per RMH share.
FirstRand has declared a special dividend of 125c per share which together with the annual dividend of 342c per share will result in a total distribution to shareholders of R26,2 billion.
Transaction Capital has successfully raised gross proceeds of R1,28 billion in an accelerated bookbuild which was multiple times oversubscribed. A total of 36,055,520 shares were placed at R35.50 per share representing a 3.9% discount to the pre-launch close on 8 September 2022. The capital raised will be used for growth opportunities such as growing its e-commerce offering and expanding its geographical presence.
Cilo Cybin is to list as a SPAC on the main board of the JSE. The company will invest in commercial enterprises operating in the Biotech, Biohacking or pharmaceutical sector. The company aims to raise R500 million in an IPO, issuing 500 million shares at R1 per offer share. Cilo Cybin will list under the “Open End and Miscellaneous Invest Vehicles” sub sector on 14 November, 2022.
Glencore has announced an additional distribution of US$0.11 per share to be paid alongside the H2 distribution of US$0.13 bringing the aggregate distribution amount for H2 to US$0.24 per share made from the capital contribution reserves of the company.
The High Court has granted the Prudential Authority’s application to place Constantia Insurance Company, a subsidiary of Conduit Capital, in provisional liquidation.
Jubilee Platinum has issued 2,5 million shares following notification of the exercise of warrants from a warrant holder at a price of 67 cents per warrant share for a total value of R1,7m.
Anglo American has issued its first sustainability-linked bond. The 4.75% bond has a maturity date of 21 September 2031 for a principal amount of €745m million. Investors will be entitled to a higher final coupon payment should the company not meet certain targets.
A number of companies announced the repurchase of shares
Invicta has repurchased 359,259 preference shares during 22nd July to 12th September for an aggregate R34,47 million. The shares, which represent 4.8% of Invicta’s issued preference shares, will be delisted by 31st October, 2022.
Glencore this week repurchased 9,632,889 shares for a total consideration of £47,13 million. The share purchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022 to February 14, 2023.
South32 has this week repurchased a further 3,575,174 shares at an aggregate cost of A$14,88 million.
Prosus continued with its open-ended share repurchase programme. This week the company announced that during the period 5th to 9th of September 2022 a total of 3,452,359 Prosus shares were acquired for an aggregate €202,42 million. During the period 540,109 Naspers shares were acquired at an average price of R2,428 per share for a total consideration of R1,31 billion.
British American Tobacco repurchased a further 1,060,000 shares this week for a total of £36,99 million. Following the purchase of these shares, the company holds 209,167,661 of its shares in Treasury.
Seven companies issued profit warnings.
The companies were: Tongaat Hulett, York Timber, Wilson Bayly Holmes, W G Wearne, Silverbridge, Texton Property Fund and City Lodge Hotels.
This week one company issued or withdrew a cautionary notice.
The company was: Tongaat Hulett.
8 September 2022
As part of the continued Prosus and Naspers repurchase programme, Prosus has advised that it has sold a further 1,115,000 ordinary shares in Tencent to fund the repurchases. Prosus total ownership in Tencent now stands at 27.99%.
As mentioned at its annual results presentation in August, MAS plc will take a secondary listing on A2X as of September 14, 2022. MAS will retain its primary listing on the Main Board of the JSE and its issued share capital will be unaffected by the secondary listing.
A number of companies announced the repurchase of shares
Invicta has repurchased 4,011,200 shares for an aggregate consideration of R108,45 million. The general repurchase was funded from cash generated from operations.
Glencore this week repurchased 12,880,000 shares for a total consideration of £59,58 million. The share purchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022 to February 14, 2023.
South32 repurchased this week a further 5,296,095 shares at an aggregate cost of A$21,73 million.
Prosus continued with its open-ended share repurchase programme. This week the company announced that during the period 29th August to September 2nd 2022 a total of 3,453,497 Prosus shares were acquired for an aggregate €214,37 million.
British American Tobacco repurchased a further 960,000 shares this week for a total of £33,21 million. Following the purchase of these shares, the company holds 208,114, 782 of its shares in Treasury.
Two companies issued profit warnings.
The companies were: Metair Investments and Advanced Health.
Five companies this week issued or withdrew cautionary notices.
The companies were: Chrometco, Conduit Capital, Onelogix, MC Mining and Tongaat Hulett.
2 September 2022
Barclays plc is to undertake an accelerated bookbuild to dispose of its remaining 7.44% stake (63,072,652 shares) in Absa Group. The shares will be placed at R169 per share for a total consideration of R10,66 billion. Following the sale, Barclays will no longer own any ordinary shares in the Absa Group.
Rebosis Property Fund has entered business rescue following the failure of its turn-around strategy to strengthen the Group’s balance sheet. The group announcement lists restricted timeframes, the impact of a rising interest rate cycle and the delay of rental payments by government departments and municipalities as reasons for the vulnerable financial position it now finds itself.
Altvest Capital which listed on the Cape Town Stock Exchange in May this year has taken a secondary listing on A2X with effect from September 6, 2022. MAS plc indicated this week that it too was aiming to take a secondary listing on the A2X alternative exchange with further details to be provided in due course.
Tsogo Sun Hotels has received confirmation of its name change from the Companies and Intellectual Property Commission. Shares under the name Southern Sun will trade from September 7, 2022.
A number of companies announced the repurchase of shares
Super Group has repurchased 25,025,919 shares in the open market at an average share price of R29.63 per repurchase share. The shares were repurchased between May and August, excluding the closed period, for a total value of R741,5 million. Following the repurchase, the group holds 12,61 million shares as treasury shares representing 3,47% of the shares in issue.
Glencore this week repurchased 7,420,000 shares for a total consideration of £35,8 million. The share purchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022 to February 14, 2023.
South32 has restarted its repurchase programme and this week repurchased 990,346 shares at an aggregate cost of A$4,11 million.
Prosus continued with its open-ended share repurchase programme. This week the company announced that during the period 22nd to 26th August 2022, a total of 3,234,455 Prosus shares were acquired for an aggregate €208,14 million.
British American Tobacco repurchased a further 690,602 shares this week for a total of £23,9 million. Following the purchase of these shares, the company holds 207,154, 782 of its shares in Treasury.
Three companies issued profit warnings.
The companies were: Trellidor, Mustek and Fortress REIT.
Six companies this week issued or withdrew cautionary notices.
The companies were: PSV Holdings, Cognition, Tongaat Hulett, Huge, Grindrod Shipping and Conduit Capital.
25 August 2022
South32 has declared a special dividend of $0.03 per share, returning $139 million to shareholders.
Ascendis Health has successfully raised R101,53 million in a fully underwritten, non-renounceable rights offer through an offer of 143 million new Ascendis shares at an issue price of 71 cents per share. The funds raised will be used, in part, to repay the Austell Facility with the remainder of the proceeds being used to fund the restorative and net working capital requirements of the Medical and Consumer businesses in the near-term.
Raven Property Group has received JSE approval to terminate its secondary listing, which will be removed on August 29, 2022.
The Stock Exchange of Mauritius has withdrawn the listing of New Frontier Properties shares after the market close on August 25, 2022, this as the company failed to comply with the provisions of the listing rules relating to the publication of its financial statements.
A number of companies announced the repurchase of shares
Prosus continued with its open-ended share repurchase programme. This week the company announced that during the period 15th to 19th August 2022, a total of 3,391,090 Prosus shares were acquired for an aggregate €217,4 million.
British American Tobacco repurchased a further 905,000 shares this week for a total of £31,2 million. Following the purchase of these shares, the company holds 206,464 of its shares in Treasury.
Three companies issued profit warnings.
The companies were: Aveng, Cashbuild and Harmony Gold.
Six companies this week issued or withdrew cautionary notices.
The companies were: MTN, Pembury Lifestyle, Telkom SA SOC, Sebata, African Equity Empowerment Investments and Ayo Technology.
18 August 2022
Schroder European Real Estate Investment Trust has declared a further special dividend of 0.10 euro cents per share associated with the successful execution of the Paris, Boulogne-Billancourt business plan.
Orion Minerals has undertaken a further share purchase plan providing shareholders with an opportunity to increase their shareholding in the company at the same offer price of A$0.02 per share (R0.22 per share). The capital raise is part of a broader capital raising to underpin the next phase of development of its portfolio of advanced base metal assets in South Africa.
A number of companies announced the repurchase of shares
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 8th to 12th August 2022, a total of 2,431,395 Prosus shares were acquired for an aggregate €153,72 million and 329,534 Naspers shares for R808,21 million.
British American Tobacco repurchased a further 825,000 shares this week for a total of £27,79 million. The number of shares permitted to be repurchased is set at 229,400,000.
Four companies issued profit warnings.
The companies were: Santam, DRDGOLD, Sibanye Stillwater and Randgold & Exploration.
Four companies this week issued or withdrew cautionary notices.
The companies were: Safari Investments RSA, Alviva, Novus and Aveng.
11 August 2022
Sirius Real Estate has issued 1,271,279 new ordinary shares at R19.22 per share in terms of its scrip distribution alternative resulting in a capitalisation of distributable retain profits of R24,43 million.
Industrials REIT has issued 2,134,779 new ordinary shares at R29.80 per share in terms of its scrip distribution alternative resulting in a capitalisation of distributable retain profits of R63,62 million.
The JSE has suspended trading in all securities of Afristrat Investment given that the company’s audited annual financial statements for the year ended March 31, 2022 are only expected to be distributed on or before November 30. Also suspended is the trading of Luxe securities, whose annual financial statement for the year ended February 28, 2022, are still to be published.
Mantengu Mining (formerly Mine Restoration Investments) shares commenced trading again on August 5, 2022, following the lifting of suspension by the JSE. The company was suspended in July 2016 when the Board applied to the JSE for the voluntary suspension of MRI’s shares.
A number of companies announced the repurchase of shares
Argent Industrial has repurchased 1,054,574 shares over the period July 27 to 29, 2022 in terms of the general authority grated by shareholders. The shares, representing 1.77% of the issued ordinary shares capital, were repurchased for an aggregate R13,5 million. The repurchased shares will be de-listed and cancelled.
Industrials REIT has repurchased a further 50,000 ordinary shares at 171 pence per share as it moves to mitigate the dilutive effect of the scrip dividend election.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 1st to 5th August 2022, a total of 3,885,040 Prosus shares were acquired for an aggregate €245,46 million and 659,095 Naspers shares for R1,58 billion.
British American Tobacco repurchased a further 955,000 shares this week for a total of £31,22 million. Following the purchase of these shares, 204,745,029 shares are held in Treasury. The number of shares permitted to be repurchased is set at 229,400,000.
Three companies issued profit warnings.
The companies were: Cognition, CA Sales and Impala Platinum.
Six companies this week issued or withdrew cautionary notices.
The companies were: Trustco, Motus, Afristrat Investment, Ayo Technology Solutions, Novus and Nutritional Holdings.
4 August 2022
The disposal by enX of the businesses Impact Fork Trucks and EIE Group, have realised net cash proceeds of c.R1,33 billion. While the majority of proceeds have been applied to recapitalisation of subsidiaries, repayment of debt etc. the Board has declared a special distribution of R1.50 per enX share to be paid on August 22, 2022, representing a R273,5 million payout.
The halving of Conduit Capital’s share price this week comes as the company’s subsidiary Constantia Insurance was placed under provisional curatorship by the High Court. Conduit has been in discussions with potential investors to recapitalise the business. Once this is finalised, Conduit expects the restriction to be lifted.
The JSE has advised that Afristrat Investment and Primeserv have failed to submit their annual reports within the four-month period stipulated in the JSE’s Listing Requirements. Should the reports not be submitted before August 31, 2022, their listings may be suspended.
A number of companies announced the repurchase of shares
Glencore has announced another share buy-back programme in which it may repurchase its shares in the market up to an aggregate value of US$3 billion. The shares purchased will be held in treasury.
Adcorp has repurchased 708,345 shares in terms of the general authority granted by shareholders over the period July 15 to 18, 2022 for an aggregate R3,98 million.
Investec Ltd has repurchased 1,537,823 preference shares representing 5% of the company’s issued preference share capital. The preference shares were repurchased at an average price of R96.35 for an aggregate value of R148,2 million during the period May 25 to August 3, 2022.
Industrials REIT has repurchased 100,000 ordinary shares at 168 pence per share as it moves to mitigate the dilutive effect of the scrip dividend election.
Textainer repurchased 1,417,819 shares at an average price of $31.81 per share during the second quarter. On July 22, the board authorised a further increase of $100 million to the share repurchase programme.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 25th to 29th July 2022, a total of 3,303,295 Prosus shares were acquired for an aggregate €218,27 million and 659,095 Naspers shares for R1,64 billion.
British American Tobacco repurchased a further 880,000 shares this week for a total of £28,94 million. Following the purchase of these shares, 203,790,029 shares are held in Treasury. The number of shares permitted to be repurchased is set at 229,400,000.
In March 2015, the Waterberg Coal Company and its subsidiary Firestone Energy were granted voluntary suspensions in the trading of their shares on the ASX and the JSE, pending the outcome of funding negotiations. In December 2017 Firestone entered liquidation proceedings and while the process is still ongoing, the JSE has announced its intention to remove the company’s listing from the Main Board on August 12, 2022.
One company issued a profit warning.
The company was Brimstone Investment.
Three companies this week issued or withdrew cautionary notices.
The companies were: Astoria Investments, Conduit Capital and Cognition.
28 July 2022
Afrimat has closed an equity raise of R680 million representing 8.5% of its current market capitalisation. The equity raise was implemented through an accelerated bookbuild, placing 13,372,665 new shares at an issue price of R50.85, a 7.2% discount to the share price close on July 27. The primary intention of the equity raise is to support the company’s growth strategy, representing two long-life projects – the Gravenhage manganese mining right and the Glenover project. The equity raise was offered to qualifying investors.
Ascendis Health is to raise R101,5 million by way of a fully underwritten (by Calibre Investments) non-renounceable rights offer. 143 million Ascendis shares will be issued at a price of 71 cents per share in the ratio of 29.70633 Rights Offer shares for every 100 Ascendis shares held. The company says, “the issue will restore balance sheet stability and provide a solid foundation for the turnaround and future growth of Ascendis”.
A further 10,471,115 NEPI Rockcastle shares have been sold by Resilient REIT for an aggregate consideration of c. R993 million. Resilient has used the proceeds to further reduce its existing debt.
The Anglo American Platinum board has approved a special dividend of R40 per share equal to R10,6 billion, which together with the interim dividend of R41 per share brings the total pay-out to 80% of headline earnings.
Accelerate Property Fund has issued 252,827,108 new ordinary shares at 70 cents per share in terms of its scrip distribution alternative resulting in a capitalisation of distributable retain profits of R176,98 million.
Vivo Energy’s listing on the JSE will be cancelled with effect from July 29. Its trading on the LSE was terminated on July 26.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 18th to 22nd July 2022, a total of 5,681,167 Prosus shares were acquired for an aggregate €384,78 million and 659,095 Naspers shares for R1,73 billion.
British American Tobacco repurchased a further 976,800 shares this week for a total of £33,7 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.
Three companies issued profit warnings.
The companies were: Ellies, Cashbuild and Royal Bafokeng Platinum.
Four companies this week issued or withdrew cautionary notices.
The companies were: Chrometco, Onelogix, MC Mining and Castleview Property Fund.
21 July 2022
The JSE’s suspension of Tongaat Hulett is, as it noted in the SENS announcement, not as a result of Tongaat’s July 15th request for a voluntary temporary suspension but rather based on its failure to publish timeously its provisional results as per the JSE Listing Requirements. Tongaat is working towards finalising its restructuring plan on which the publication of the provisional results depends.
The latest update on the investment by Ivanhoe Mines in local natural gas and helium producer Renergen reveals that the strategic investment involving the second subscription of shares has lapsed due to the non-fulfilment of conditions within the stipulated 120-day period. In March this year Ivanhoe’s initial investment gave it a 4.35% shareholding in Renergen which was to be increased to 25% after a subscription to a second tranche and 55% following a third tranche.
In February MC Mining announced it had entered into a subscription agreement with local resource investor Senosi Group Investment whereby the company would issue a total of up to 71,697,242 for R86 million. The funding would be undertaken in two tranches with the first tranche of 38,4 million shares, representing 19.9% stake in the company, for an aggregate of R46 million. The second tranche funding was conditional on shareholder approval which was not obtained and therefore the issue of an additional 33,3 million shares at R1.20 per share will no longer take place.
Datatec has issued 4,787,467 new company shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of R176,08 million.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 11th to 15th July 2022, a total of 5,155,610 Prosus shares were acquired for an aggregate €338,14 million and 659,095 Naspers shares for R1,68 billion.
British American Tobacco repurchased a further 960,000 shares this week for a total of £33,24 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.
Three companies issued profit warnings.
The companies were: Trencor, Kumba Iron Ore and Anglo American Platinum.
Nine companies this week issued or withdrew cautionary notices.
The companies were: MTN, Telkom SA Soc, PSV, Tongaat Hulett, Huge Group, MTN Zakhele Futhi (RF), Astoria Investments, Ascendis Health and Nutritional Holdings.
14 July 2022
As part of its update to the market on its Yamana Gold deal, Gold Fields announced it will list on the Toronto Stock Exchange. This announcement together with the promise of higher dividends should sweeten its proposed takeover.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 4th to 8th July 2022, a total of 6,240,339 Prosus shares were acquired for an aggregate €418,95 million and 659,095 Naspers shares for R1,75 billion.
British American Tobacco repurchased a further 960,000 shares this week for a total of £32,56 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 7,529,983 shares for a total consideration of £31,92 million in terms of its existing buyback programme which is expected to end in August 2022.
One company issued a profit warning.
The company was: Sebata
Four companies this week issued or withdrew a cautionary notice.
The companies were: Sebata, Pembury Lifestyle, African Equity Empowerment and Ascendis Health.
7 July 2022
This week was all about repurchases, with companies taking advantage of weaker stock prices to buy back their own shares from the marketplace.
Last week Naspers and Prosus announced the start of an open-ended share repurchase programme of Naspers and Prosus shares. The companies have since announced that during the period 28 June to July 1, 2022, a total of 4,266,596 Prosus shares were acquired for an aggregate €264,3 million and 527,276 Naspers shares for R1,24 billion.
During the period May 27, 2022 to June 30, 2022, Barloworld repurchased 6,004,502 shares for an aggregate value of R548,38 million. The general repurchase represents 3% of the company’s issued share capital. The shares will be delisted and cancelled. Following the cancellation, Barloworld will hold 3,194,290 ordinary shares as treasury shares representing 1.64% of the companies issued ordinary shares.
Investec Ltd has repurchased 942,642 preference shares representing 3.06% of the company’s issued preference share capital. The preference shares were repurchased at prices between R94.33 and R97.79 for an aggregate value of R90,5 million.
Santova has applied to the JSE for the cancellation of 1,329,736 shares held as treasury shares following the repurchase at an average price of R4,24. Following the cancellation of the shares the remaining share capital of the company will be 137,440,516 shares.
This week British American Tobacco repurchased 1,060,000 shares for a total of £37,33 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 7,860,000 shares for a total consideration of £33,54 million in terms of its existing buyback programme which is expected to end in August 2022.
This week one company issued a profit warning.
The company was Trellidor.
One company this week issued or withdrew a cautionary notice.
The company was Aveng.
30 June 2022
The saga with embattled Tongaat Hulett continues with Magister Investments terminating the agreement to underwrite R2 billion of its proposed R5 billion rights offer. The capital raise was to be instrumental in curbing its escalating debt. The company will now establish a restructuring committee and has announced the appointment of non-executive director Piers Marsden as chief restructuring officer to intensify focus on the turnaround of Tongaat.
Prosus has disposed on the open market, 131,873,028 JD.com shares (c.4% stake) it received as an in specie distribution, realising proceeds of c.$3,67 billion. JD.com was considered not part of the group’s core strategic focus.
Adcorp has repurchased an aggregate 1,374,187 shares during the period June 13-24, 2022 for a total value of R8,52 million, funded out of the group’s cash resources. The shares, which represent 1.28% of the issued share capital of the company will be held as treasury shares.
Tiger Brands repurchased a 5,768,836 ordinary shares for a purchase consideration of R898,7 million, representing 3.04% of the total issued shares of the company. The shares were repurchased during the period February 21 to March 31, 2022.
Naspers and Prosus have announced the start of an open-ended share repurchase programme of Naspers and Prosus shares. The programme will run as long as elevated levels of the trading discount to the Group’s underlying net asset value persists. The repurchases will be funded by a reduction in the group’s Tencent stake – an about turn on comments made by Prosus management in April 2021 which stated that it would not dispose of any further Tencent shares for three years.
CA Sales listed on the JSE on June 27, closing the day at R7.54 per share giving the fast moving consumer goods company a market capitalisation of R3,48 billion.
A2X will, on July 4 2022, welcome Discovery to its bourse. Discovery’s secondary listing will bring the total number of instruments available for trade on A2X to 69 with an aggregate market capital of R4,5 trillion.
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 1,472,651 shares at an aggregate cost of A$6 million.
This week British American Tobacco repurchased 1,423,000 shares for a total of £49,8 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 8,610,000 shares for a total consideration of £38,8 millionin terms of its existing buyback programme which is expected to end in August 2022.
This week three companies issued profit warnings.
The companies were: Sable Exploration and Mining, Wilson Bayly Holmes-Ovcon and Visual International.
Four companies this week issued or withdrew cautionary notices.
The companies were: Afristrat Investment, Premier Fishing and Brands, Finbond, Ascendis Health and Datatec.
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.