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.

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