The proposed recapitalisation of Brait will include a fully underwritten equity capital raise of up to R1,5 billion with the proceeds retained by the company for general working capital purposes, potential investment in existing portfolio companies and repayment of Brait Group debt. Titan Financial Services will underwrite the offer which will be priced and underwritten at a 25% discount to the 5-day VWAP preceding the announcement. Brait has secured irrevocable undertakings to support the capital raise from Titan and other shareholders collectively holding 43% of the Brait’s ordinary shares.
RCL FOODS has released further details on the unbundling to shareholders and the listing of Rainbow Chicken. The company will undertake a pro rata distribution in specie of Rainbow shares in the ratio of 1 Rainbow share for every 1 ordinary RCL FOODS share held. The unbundling, which does not require shareholder approval, is anticipated to be on 1 July 2024. The trading of Rainbow shares on the Main Board of the JSE will commence on 26 June 2024.
Capital & Regional PLC will issue 8,089,516 new shares at an issue price of R11.67/£0.48 per share in lieu of a final dividend resulting in retained profits of R94,4 million.
Sirius Real Estate will not be offering a scrip dividend alternative to shareholders but for those wishing to receive a dividend in the form of shares, the Dividend Reinvestment Plan (DRIP) will be available.
The Odd-Lot Offer price per Putprop share of 311.60038 cents represents a 5% premium to the 30-day VWAP of the share at the close on 3 June 2024. The company intends to repurchase 5,959 Putprop shares for an aggregate R19,486. The results of the offer will be released on 25 June 2024.
Gaia Fund Managers a South African impact infrastructure specialist asset manager has listed the Gaia Renewables 1 Limited (GR1) B Preference Share on the Cape Town Stock Exchange’s Equities Market and Impact Board on 31 May 2024. Gaia will apply for secondary listings for the GR1 B Preference Share on the Botswana Stock Exchange, Nairobi Stock Exchange, and Ghana Stock Exchange.
The suspension of trading on the JSE by Oanda PLC was lifted on 5 June 2024 following the publication of outstanding financial statements.
Powerfleet will delist from the Tel Aviv Stock Exchange with effect from 29 August 2024. The company’s shares will continue to trade on The Nasdaq Global Market and the Johannesburg Stock Exchange.
A number of companies announced the repurchase of shares:
On 3 June Thungela Resources completed its share repurchase programme with the repurchase of 3,307,667 ordinary shares. The shares, which represent 2.35% of issued share capital were repurchased at an average price of R133.21 per share for an aggregate R441,6 million.
In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 124,055 shares at an average price of £24.26 per share for an aggregate £3 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 27 – 31 May 2024, a further 3,173,298 Prosus shares were repurchased for an aggregate €107,32 million and a further 231,995 Naspers shares for a total consideration of R886,46 million.
Three companies issued profit warnings this week: Copper 360, MultiChoice and The Spar Group.
One company withdrew a cautionary notice this week: Trustco.
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