Barclays plc is to undertake an accelerated bookbuild to dispose of its remaining 7.44% stake (63,072,652 shares) in Absa Group. The shares will be placed at R169 per share for a total consideration of R10,66 billion. Following the sale, Barclays will no longer own any ordinary shares in the Absa Group.
Rebosis Property Fund has entered business rescue following the failure of its turn-around strategy to strengthen the Group’s balance sheet. The group announcement lists restricted timeframes, the impact of a rising interest rate cycle and the delay of rental payments by government departments and municipalities as reasons for the vulnerable financial position it now finds itself.
Altvest Capital which listed on the Cape Town Stock Exchange in May this year has taken a secondary listing on A2X with effect from September 6, 2022. MAS plc indicated this week that it too was aiming to take a secondary listing on the A2X alternative exchange with further details to be provided in due course.
Tsogo Sun Hotels has received confirmation of its name change from the Companies and Intellectual Property Commission. Shares under the name Southern Sun will trade from September 7, 2022.
A number of companies announced the repurchase of shares
Super Group has repurchased 25,025,919 shares in the open market at an average share price of R29.63 per repurchase share. The shares were repurchased between May and August, excluding the closed period, for a total value of R741,5 million. Following the repurchase, the group holds 12,61 million shares as treasury shares representing 3,47% of the shares in issue.
Glencore this week repurchased 7,420,000 shares for a total consideration of £35,8 million. The share purchases form part of the second part of the Company’s existing buy-back programme which is expected to be completed over the period from August 4, 2022 to February 14, 2023.
South32 has restarted its repurchase programme and this week repurchased 990,346 shares at an aggregate cost of A$4,11 million.
Prosus continued with its open-ended share repurchase programme. This week the company announced that during the period 22nd to 26th August 2022, a total of 3,234,455 Prosus shares were acquired for an aggregate €208,14 million.
British American Tobacco repurchased a further 690,602 shares this week for a total of £23,9 million. Following the purchase of these shares, the company holds 207,154, 782 of its shares in Treasury.
Three companies issued profit warnings. The companies were: Trellidor, Mustek and Fortress REIT.
Six companies this week issued or withdrew cautionary notices. The companies were: PSV Holdings, Cognition, Tongaat Hulett, Huge, Grindrod Shipping and Conduit Capital.
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