The JSE’s suspension of Tongaat Hulett is, as it noted in the SENS announcement, not as a result of Tongaat’s July 15th request for a voluntary temporary suspension but rather based on its failure to publish timeously its provisional results as per the JSE Listing Requirements. Tongaat is working towards finalising its restructuring plan on which the publication of the provisional results depends.
The latest update on the investment by Ivanhoe Mines in local natural gas and helium producer Renergen reveals that the strategic investment involving the second subscription of shares has lapsed due to the non-fulfilment of conditions within the stipulated 120-day period. In March this year Ivanhoe’s initial investment gave it a 4.35% shareholding in Renergen which was to be increased to 25% after a subscription to a second tranche and 55% following a third tranche.
In February MC Mining announced it had entered into a subscription agreement with local resource investor Senosi Group Investment whereby the company would issue a total of up to 71,697,242 for R86 million. The funding would be undertaken in two tranches with the first tranche of 38,4 million shares, representing 19.9% stake in the company, for an aggregate of R46 million. The second tranche funding was conditional on shareholder approval which was not obtained and therefore the issue of an additional 33,3 million shares at R1.20 per share will no longer take place.
Datatec has issued 4,787,467 new company shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of R176,08 million.
Naspers and Prosus continued with their open-ended share repurchase programmes. This week the companies announced that during the period 11th to 15th July 2022, a total of 5,155,610 Prosus shares were acquired for an aggregate €338,14 million and 659,095 Naspers shares for R1,68 billion.
British American Tobacco repurchased a further 960,000 shares this week for a total of £33,24 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.
Three companies issued profit warnings. The companies were: Trencor, Kumba Iron Ore and Anglo American Platinum.
Nine companies this week issued or withdrew cautionary notices. The companies were: MTN, Telkom SA Soc, PSV, Tongaat Hulett, Huge Group, MTN Zakhele Futhi (RF), Astoria Investments, Ascendis Health and Nutritional Holdings.
DealMakers is SA’s M&A publication
