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.
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