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.
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