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.
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