In a move integral to its objective of demerging its 78.56% stake in Anglo American Platinum (Amplats), Anglo American has successfully completed an on-market offering of 13,94 million Amplats shares at R515.00 per share. The shares which represent a 5.3% shareholding will reduce Anglo’s stake to 73.26%. Anglo’s remaining shares are subject to a lock-up of 90 days. The R7,2 billion proceeds from the placing will be used to reduce Anglo’s net debt as the group focuses on copper, premium iron ore and crop nutrients in a drive to achieve sustainable attractive returns.

Vukile Property Fund has raised R1,5 billion in equity following the placement of 88,2 million shares in an accelerated bookbuild, representing approximately 7.7% of the company’s market capitalisation. The shares were placed at a price of R17.00 per share representing a 4.63% discount to the 10-day VWAP on 9 September 2024. The proceeds from the equity raise will allow Vukile to pursue value-accretive opportunities in South Africa and Europe.

Following the results of the scrip dividend election, Lighthouse Properties plc will issue 41,972,049 ordinary shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R325,7 million.

Brimstone Investment Corporation has subscribed for 1,59 million shares amounting to a R50 million investment in FPG Investments. The company’s principal investment is an 86.4% shareholding in FPG Property Fund, a property-owning entity with a focus on the convenience retail sector.

AVI will pay shareholders a special dividend of 280 cents per share, payable on 21 October 2024.

AltVest Capital, a platform providing alternative investments by offering fractional ownership of bespoke investment opportunities, is to move its listing from the Cape Town Stock Exchange (CTSE) to the JSE’s AltX. The company listed on CTSE in May 2022 taking a secondary listing on A2X in September of that year. Prior to listing on the JSE, the company will undertake a capital raise, offering up to 1 million Ordinary shares, 3,924,674 A shares, 718,844 B shares and 29,833,894 C shares, subject to a minimum subscription amount of R6,5 million in respect of the Ordinary Shares, of which R2,5m has been underwritten by WGW Capital. The price at which the ords, A, B and C shares will be offered for subscription will be R6.50, R1.80, R11.00 and R3.20 respectively. Each of the equity offerings (A-C shares) are linked to an investee company. These are Umganu Lodge, Bambanani Family Group and Altvest Credit Opportunities Fund. The shares will commence trading on AltX from 14 October 2024.

This week the following companies repurchased shares:

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 417,823 shares at an average price of £29.42 per share for an aggregate £12,29 million.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 2 – 6 September 2024, a further 2,302,976 Prosus shares were repurchased for an aggregate €76,64 million and a further 184,929 Naspers shares for a total consideration of R671,11 million.

Three companies issued profit warnings this week: Clientele, Mustek and Hyprop Investments.

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