Transaction Capital and WeBuyCars (WBC) have raised R902,7 million ahead of WBC’s listing in April in an oversubscribed bookbuild. In terms of the capital raise, 40 million WBC shares were issued, and Transaction Capital disposed of 8,15 million shares at a placement price of R18.75 per share. The shares represent 11.5% of the total issued shares of WBC. Based on the total of 417,2 million WBC shares in issue as at the listing date, the placement price of R18.75 implies a total market capitalisation for WBC of R7,82 billion.
As part of the WeBuyCars listing, Coronation Asset Management has subscribed for 9,12 million shares for an aggregate value of R171 million.
Brait has, via an accelerated bookbuild, placed 15 million Premier Group shares at R60 per share, raising gross proceeds of R900 million – up from the R750 million first announced thanks to strong market support. The placing shares represent 11.6% of the total Premier shares in issue and will reduce Brait’s interest in Premier from 47.1% to c.35.4%. The free float of Premier will increase from c.22% to 33.6%. The proceeds of the placing will be used for general working capital requirements and to reduce debt.
Grand Parade Investments has disclosed that during February 2024, the Group disposed of part of its investment in the Spur Corporation, divesting of 264,550 shares on the open market. The total sale proceeds amounted to R7,9 million.
Pepkor will take a secondary listing on A2X with effect from 2 April 2024. The listing will bring the number of instruments listed on A2X to 181 with a combined market capitalisation of c.R9,1 trillion.
A number of companies announced the repurchase of shares.
British American Tobacco has commenced its programme to buyback ordinary shares using the £1,57 billion net proceeds from its sale of ITC shares. The company will buy back £1,60 billion of its ordinary shares – £700 million in 2024 and the remaining £900 million in 2025. This week the company repurchased a further 300,000 shares at an average price of £24.16 per share for an aggregate £7,25 million.
AB InBev completed the specific repurchase of 3,335,417 of its shares from Altria. The aggregate repurchase price for the Direct Share Buyback was US$200 million at a price per share of $59.96. The shares will be held in treasury to fulfil share delivery commitments.
Thungela Resources has implemented a share repurchase programme ending 3 June 2024. The aggregate purchase price of all shares repurchased will be no greater than R500 million.
Hammerson, in accordance with the terms of its share repurchase programme announced on 12 March 2024, the company has, this week, purchased a further 2,664,939 shares at a volume weighted average price of 26,50 pence, for an aggregate £706,718.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 11 to 15 March 2024, a further 3,894,006 Prosus shares were repurchased for an aggregate €106,44 million and a further 247 646 Naspers shares, for a total consideration of R755,8 million.
Following the successful completion of the buyout of MiX Telematics minorities by PowerFleet, the company’s listing on the JSE will be terminated on 3 April 2024.
Three companies issued profit warnings this week: York Timber, Sasfin and Workforce.
One company either issued, renewed, or withdrew a cautionary notice this week: Ibex Investment.
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