Adcorp has repurchased 73,701 shares for a consideration of R295,798 in terms of its Odd-lot Offer, representing 0.07% of the company’s total issued share capital.
Kore Potash plc has advised on the conversion of Convertible Loan Notes into 109,865,053 new ordinary shares in the company at a price of 0.38 pence per new ordinary share. Following the issue of the new shares, the total issued share capital of the company will consist of 4,229,532,173 ordinary shares.
Deutsche Konsum REIT-AG has announced it is to withdraw its secondary listing on the JSE. The company, which has a primary listed on the Frankfurt Stock Exchange, listed on the JSE in March 2021. The intention was to attract interested South African investors. However, despite various initiatives, engagements with investors have not yielded the desired results from a local market perspective. Further details will be announced in due course.
Oando plc, which has a secondary listing on the JSE, has had the trading of its shares suspended. This follows the company’s failure to comply with the JSE Listings Requirements by not publishing its year-end results for 2022 and the interim results for 2022 and 2023.
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 1,76 million shares at an average price of £23.71 per share for an aggregate £4,17 million.
Tharisa plc, dual listed on the JSE and London Stock Exchange, is to undertake a US$5 million general share repurchase programme during the period 26 March to 21 February 2025. The repurchase will represent up to 10% of the ordinary shares in issue.
Hammerson plc has, in accordance with the terms of its share repurchase programme announced on 12 March 2024, this week purchased a further 857,634 shares at a volume weighted average price of 26,92 pence, for an aggregate £232,393.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 18 to 22 March 2024, a further 3,994,681 Prosus shares were repurchased for an aggregate €109,8 million and a further 315,210 Naspers shares for a total consideration of R976,9 million.
Five companies issued profit warnings this week: Gemfields, Wesizwe Platinum, Salungano, Randgold & Exploration and Balwin Properties.
Three company either issued, renewed, or withdrew cautionary notices this week: Telkom SA SOC, Pick n Pay Stores and AYO Technology.
DealMakers is SA’s M&A publication.
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