In a move to increase its exposure to SA Corporate Real Estate (SAC), Castleview Property Fund acquired a further 274,240,644 SAC shares at an average purchase price of R2.76 per share for an aggregate consideration of R765,9 million. The purchase was executed by way of on-market block trades on the JSE.

Gemfields will seek shareholder approval to issue 556,203,396 new shares to raise c.US$30 million. The rights issue is fully underwritten by Gemfields’ two largest shareholders, Assore International and Rational Expectations. If approved, the shares will be offered at an issue price of 4.22 pence and R1.0686 per new share, on a 10 new shares for every 21 existing shares held basis. Assore and Rational have also entered into pre-funding agreements with Gemfields whereby each will make loans to the company equivalent to their pro-rate entitlement in the rights issue in the amounts of $8,74 million and $4,65 million respectively. The loans will provide an immediate working capital injection pending the completion of the proposed rights issue.

Lighthouse Properties will issue 16,876,042 shares to shareholders receiving the scrip dividend option in lieu of a final cash dividend, resulting in a capitalisation of the distributable retained profits in the company of R126,74 million.

The JSE has advised Wesizwe Platinum shareholders that the company has failed to submit its financial statements within the three-month period stipulated in the JSE’s listing requirements. The company has until the 2 May 2025 to do so failing which its listing may be suspended.

The JSE has approved the transfer of the listing of Primeserv to the General Segment of Main Board with effect from 22 April 2025. The listing requirements in this segment are less onerous for the smaller and mid-cap firms.

This week the following companies repurchased shares:

Montauk Renewables has announced a share repurchase programme to buy back up to US$5 million of the Company’s issued shares, effective immediately and with no date of termination.

Over the period 3 April to 10 April 2025, Invicta repurchased 3,117,193 shares at an average price per share of R30.94. The shares, which represent 3.39% of the shares in issue, will be delisted and cancelled. The R96,43 million paid for the repurchased shares was funded from cash generated from operations. In terms of the general authority granted by shareholders, the company may repurchase a further 11,32 million shares.

On March 6, 2025, Ninety One plc announced that it would undertake a repurchase programme of up to £30 million. The shares will be purchased in the open market and cancelled to reduce the Company’s ordinary share capital. This week the company repurchased a further 680,242 ordinary shares at an average price of 128 pence for an aggregate £872,446.

In its annual financial statements released in August 2024, South32 announced that it would increase its capital management programme by US$200 million, to be returned via an on-market share buy-back. This week 1,070,748 shares were repurchased at an aggregate cost of A$2,92 million.

On 19 February 2025, Glencore plc announced the commencement of a new US$1 billion share buyback programme, with the intended completion by the time of the Group’s interim results announcement in August 2025. This week the company repurchased 14,000,000 shares at an average price per share of £2.56 for an aggregate £35,82 million.

In October 2024, 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 7 April up to and including 11 April 2025, the group repurchased 3,031,404 shares at an average price of €54.15 per share for a total consideration of €164,16 million.

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 222,350 shares at an average price per share of 238 pence for an aggregate £524,567.

In line with its share buyback programme announced in March 2024, British American Tobacco plc this week repurchased a further 521,925 shares at an average price of £31.43 per share for an aggregate £16,4 million.

During the period 7 to 11 April 2025, Prosus repurchased a further 9,604,234 Prosus shares for an aggregate €352,88 million and Naspers, a further 567,607 Naspers shares for a total consideration of R2,43 billion.

Two companies issued profit warnings this week: Gemfields and Insimbi Industrial.

During the week two companies issued cautionary notices: Conduit Capital and TeleMasters.

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