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

Released weekly in M&A Pulse and Ghost Mail

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.