DRA Global, the JSE- and ASX-listed multi-disciplinary consulting and engineering group focused on the mining and minerals resources sector, plans to delist following an off-market share buy-back. Shareholders will vote on this in November. In the meantime, due to the low level of trading in the share the company will offer shareholders holding up to 11,088,080 DRA shares (20% of the current issued capital) to buy back shares at R24.55 per share for an aggregate R271,45 million. Those still holding shares after the 20% take-up will, if the company delists, remain shareholders of an unlisted entity.

Following the results of the scrip dividend election, NEPI Rockcastle will issue 9,806,671 new ordinary shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R1,38 billion.

Visual International has advised it will be entering into share subscription agreements with related and non-related parties to raise funds to strengthen the balance sheet to better position the company to engage with funders and banks to develop its other property development projects. The shares will be issued at 4 cents per share – a premium of 9.53%.

Chrometco has received shareholder approval to change the name of the company to Sail Mining Group.

This week the following companies repurchased shares:

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 786,070 shares were repurchased at an aggregate cost of A$2,84 million.

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 429,070 shares at an average price of £26.86 per share for an aggregate £11,52 million.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 30 September – 4 October 2024, a further 4,823,628 Prosus shares were repurchased for an aggregate €195 million and a further 486,028 Naspers shares for a total consideration of R2,1 billion.

Three companies issued profit warnings this week: EOH, Insimbi Industrial and Afrimat.

During the week, four companies issued cautionary notices: Barloworld, Salungano, Chrometco and Vunani.

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