Canal+ has notified shareholders that it has, this week, acquired a further 3,868,391 MultiChoice shares in open/off market transactions. The shares were acquired at an average price per share of R119.16, below the mandatory offer price of R125.00 per share, for an aggregate R461 million. Canal+ now holds an aggregate of c.42.47% of the MultiChoice shares in issue. Having jointly requested that the Takeover Regulation Panel grant an extension to the date by which the parties must release a combined circular to MultiChoice shareholders, the TRP has granted an extension to 4 June 2024.
To reduce the compliance burden of small shareholders, Putprop has announced it will proceed with the implementation of an Odd-lot Offer to 403 shareholders. These shareholders comprise 52% of the total number of shareholders in the company holding just 5,959 shares representing 0.01% of total share in issue. The offer price will represent a 5% premium to the 30-day VWAP at the close of business on 3 June 2024.
Sibanye-Stillwater is looking to shareholders to approve the conversion of its US$500 million senior unsecured guaranteed convertible bonds, due in 2028, into ordinary shares. The convertible bonds are currently classified as cash-settled instruments which will be subject to a cash settlement if shareholders to not approve the issuance of additional Sibanye-Stillwater shares.
The JSE has warned shareholders of aReit Prop that the company may face suspension of its listing on the bourse if the company fails to submit its annual report before 31 May 2024.
A number of companies announced the repurchase of shares:
Sephaku repurchased 6,911,175 shares during the period 21 December 2023 to 25 April 2024. The shares were repurchased for an aggregate R7,16 million and will be retained as treasury shares.
In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 1,213,074 shares at an average price of £23.47 per share for an aggregate £2,85 million. On 1 May 2024, the company cancelled 87 million treasury shares held, reducing the number of shares held in treasury to 133,28 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 22 to 26 April 2024, a further 5,502,741 Prosus shares were repurchased for an aggregate €170,69 million and a further 368,303 Naspers shares for a total consideration of R1,32 billion.
Two companies issued profit warnings this week: We Buy Cars and Renergen.
Three companies either issued, renewed, or withdrew cautionary notices this week: Ellies, Ibex Investment and Conduit Capital.
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