Fairvest has acquired 193,754,733 Dipula Income Fund shares from Coronation Asset Management. Fairvest will, in consideration for these shares, issue 203,733,518 Fairvest B shares. The acquisition of the Dipula shares is in line with its strategy to become a retail-only REIT servicing low-income communities in SA. Following the acquisition, Fairvest has a 26.3% stake in Dipula, making it its largest shareholder.
Orion Minerals has issued 1,741,070 shares for A$24,375 as payment of Directors Fees in lieu of cash settlement.
Boxer Retail has issued an order book update and offer price guidance ahead of its 28 November 2024 listing, advising that the order book is multiple times covered at the top end of the offer price range of R54 per share. At this price the issue of up to 157,407,408 offer shares is expected representing c.34.4% of the issued share capital immediately following admission (with overallotment option exercised in full).
Diversified healthcare REIT Assura plc listed on the JSE on 21 November 2024 taking a secondary listing on the Main Board. The UK REIT listed 3,250,608,887 shares, via the fast-tracking process, with a market capitalisation of c.£1,3 billion.
This week the following companies repurchased shares:
In October, Anheuser-Busch InBev announced a US$2 billion share buy-back programme to be executed within the next 12 months which will result in the repurchase of c.31,7 million shares. The shares acquired will be kept as treasury shares to fulfil future share delivery commitments under the group’s stock ownership plans. During the period 13 – 15, November 2024, the group repurchased 605,446 shares for €32,2 million.
The Old Mutual Board is of the view that the share is at a discount to its intrinsic value and that a share repurchase programme will deliver longer term incremental value to shareholders. Commencing 21 November 2024, the group will acquire up to 81 million shares equivalent to R1 billion.
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 797,123 shares at an average price per share of 280 pence.
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 1,134,521 shares were repurchased at an aggregate cost of A$4,17 million.
In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 444,785 shares at an average price of £28.63 per share for an aggregate £12,73 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 11 – 15, November 2024, a further 4,192,009 Prosus shares were repurchased for an aggregate €159,21 million and a further 309,395 Naspers shares for a total consideration of R1,27 billion.
Five companies issued profit warnings this week: Trematon Capital Investments, Barloworld, Crookes Brothers, Efora Energy and RMB Holdings.
During the week, three companies issued cautionary notices: Sail Mining, Salungano and Vunani.
DealMakers is SA’s quarterly M&A publication.
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