Momentum Metropolitan repurchased 44,798,859 shares for a total purchase consideration of R750 million, representing 3% of the Group’s share capital. The shares which were repurchased between August 10 and October 26, 2022, will be delisted and cancelled.
As part of its capital optimisation strategy, Investec ltd acquired on the open market 517,193 Investec plc shares at an average price of 410 pence per share (LSE and BATS Europe) and 379,603 Investec plc shares at an average price of R84.27 per share (JSE). Since October 3rd the company has purchased 37,22 million shares. The purchase programme will end on or before 17th November 2022.
Pick n Pay Stores is to take a secondary listing on the A2X Markets exchange with effect from November 1, 2022. The company’s primary listing will remain on the JSE and its issued share capital will be unaffected.
After months in discussion with its lenders on a debt restructure plan Tongaat Hulett has entered voluntary business rescue. Its Botswana, Mozambique and Zimbabwe sugar operations are funded independently from the company and as such are not financially distressed. Metis Strategic Advisors has been appointed as business rescue practitioners.
A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:
Glencore this week repurchased 19,700,000 shares for a total consideration of £97,39 million. The share repurchases form part of the second phase 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 this week repurchased a further 5,322,381 shares at an aggregate cost of A$19,42 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period October 17 -21, a further 4,127,703 Prosus shares were repurchased for an aggregate €210,91 million and a further 831,983 Naspers shares for a total consideration of R1,8 billion.
British American Tobacco repurchased a further 689,584 shares this week for a total of £23,03 million. Following the purchase of these shares, the company holds 214,370,564 of its shares in Treasury.
The only company to issue a profit warning this week was Mix Telematics.
Cognition withdrew its cautionary notice.
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