Shareholders of DRA Global, the JSE- and ASX-listed multi-disciplinary consulting and engineering group focused on the mining and minerals resources sector, this week voted in favour of delisting the company. Accordingly, DRA Global will proceed with an off-market equal access share buy-back of up to 11,088,080 shares at R24.55 per share for an aggregate R271,45 million. Those still holding shares after the 20% take-up will, when the company delists, remain shareholders of an unlisted entity. The buy-back will commence on 26 November and close on 12 December 2024. The company’s listing on the JSE will terminate on 6 January 2025.

Potash development company, Kore Potash plc, has successfully completed a share subscription fundraise of US$900,000 through the issue of 25,441,268 new ordinary shares at 2.76 pence per share representing a 15% discount to the closing price on 1 November 2024. Admission of the new shares is expected to take place on 18 November. The net proceeds of the fundraise will be used to further advance the work that is expected to lead to the signing of the Engineering Procurement and Construction contract for the Kola Potash Project and to provide working capital for Kore Potash.

Shareholders of Fortress Real Estate Investments holding 75.94% of Fortress B shares in issue, elected the dividend in specie option whereby shareholders could opt to receive NEPI Rockcastle (NRP) shares in lieu of a cash dividend. A transfer of 6,054,285 NRP shares will be made retaining R641,9 million of cash not utilised to pay the cash dividend.

Zeder Investments has declared a special dividend of 20 cents per share resulting in the payment of an aggregate R308 million to shareholders. This follows the disposal of two primary farming production units, TWK and Applethwaite by Zeder Financial Services’ 87.1%-held Zeder Pome Investments and Capespan Agric.

CA Sales has, as partial settlement of its R37,5 million acquisition of the remaining shares in Mac Marketing Communications (Mauritius) and Mac Investments, issued 1,524,971 new CA&S shares.

Following the results of the scrip dividend election, Equites Property Fund will issue 25,598,068 ordinary shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R358,38 million.

Visual International has convinced related and non-related parties to subscribe for shares in Visual at 4 cents per share to extinguish the liabilities of the company. Visual will issue up to 746,992,210 shares, restoring the positive net asset value of the company. At the AGM to be held on 22 November 2024, shareholders will be asked to vote on increasing the authorise share of the company from 1 billion to 5 billion shares. A circular will be distributed during November.

The JSE has notified shareholders of AH-Vest that the listing of the company has been annotated with RE to indicate its failure to submit annual reports timeously and, as such, may be suspended if not submitted before 30 November 2024.

The JSE has approved the transfer of the listings of enX and Huge Group to the General Segment of Main Board lists with effect from commencement of trade on 8 November 2024. The listing requirements in this segment are less onerous for the smaller cap firms.

African Dawn Capital, suspended in July by the JSE due to its inability to meet the required deadline to publish its audited annual financial statements for the year ended 29 February 2024, has had its suspension lifted, following the release of the company’s annual report.

This week the following companies repurchased shares:

Hammerson plc continued with its programme to purchase its ordinary shares up to a maximum consideration of £140 million. The sole purpose of the buyback programme is to reduce the company’s share capital. This week the company repurchased 755,225 shares at an average price per share of 293 pence per share.

South32 announced in its annual financial statements released in August that it would increase its capital management programme by US$200 million, to be returned via an on-market share buy-back. This week 1,059,973 shares were repurchased at an aggregate cost of A$3,92 million.

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 467,029 shares at an average price of £27.16 per share for an aggregate £12,68 million.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 28 October to 1 November 2024, a further 3,714,714 Prosus shares were repurchased for an aggregate €146,41 million and a further 288,872 Naspers shares for a total consideration of R1,2 billion.

One company issued a profit warning this week: Murray & Roberts.

During the week, five companies issued cautionary notices: Accelerate Property Fund, Clientèle, Vukile Property Fund, Murray & Roberts and Cilo Cybin.

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