Premier Group is set to list on the JSE by way of an Initial Public Offering. The group will list on the main board under the Food Products’ sector. The offer for the sale of shares held by Brait intends to raise gross proceeds of up to R3,7 billion. The proposed pricing range of R53.82 – R67.04 per share translates into a valuation of R6,9 billion to R8,6 billion – a 10%-28% discount to Brait’s latest valuation of Premier. Titan and Rand Merchant Bank have committed to underwrite R2,9 billion and R500 million respectively. The capital raised from this unbundling will assist in addressing Brait’s future liquidity requirements.
Mantengu Mining intends to raise R15 million by way of a fully underwritten renounceable rights offer. The company will offer 15,000,000,000 shares at 0.1 cent per rights offer share.
EOH has announced a proposed rights offer of R500 million and a specific issue for cash of R100 million to Lebashe Investment Group – EOH’s BEE shareholder. The net proceeds of the capital raise will be used to repay c.R563 million of its bridge facility while maintaining sufficient working capital in the short to medium terms.
Sun International has acquired 49,6 million Grand Parade Investments (GPI) securities in the open market for an undisclosed sum. The shares represent a 10.56% stake in the company. Last week GMB Liquidity Corporation made a mandatory offer to GPI minorities following an increase in its stake to over 35%. GPI holds stake in two of SA’s most profitable gaming assets.
The JSE has warned Fortress REIT that it is at risk of losing its REIT status if a compliance declaration is not submitted before month end.
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:
Capital & Counties Properties has repurchased 684,539 shares for a total consideration of £773,726 in accordance with the authority granted by shareholders at its annual general meeting in June 2022.
Glencore this week repurchased 18,150,000 shares for a total consideration of £92,82 million. The share repurchases form part of the second phase of the Company’s existing buy-back programme which is expected to be completed by February 2023.
South32 has this week repurchased a further 1,882,677 shares at an aggregate cost of A$7,38 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period November 7 – 11, a further 5,290,317 Prosus shares were repurchased for an aggregate €271,83 million and a further 787,223 Naspers shares for a total consideration of R1,74 billion.
British American Tobacco repurchased a further 1,250,277 shares this week for a total of £40,64 million. Following the purchase of these shares, the company holds 217,273,604 of its shares in Treasury.
Six companies issued profit warnings this week: Purple Group, Telkom SA SOC, PPC, eMedia, WG Wearne and Afine Investments.
Six companies issued or withdrew cautionary notices. The companies were: African Equity Empowerment Investments, Nutritional Holdings, Trustco, Tongaat Hulett, PSV and Sebata Holdings.
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