Accelerate Property Fund is to proceed with a R50m fully underwritten renounceable rights offer to raise required working capital. The company will issue 71,428,571 shares for a subscription price of 70 cents per Rights Offer share in the ratio of 6 Rights Offer shares for every 100 APF shares held. The subscription price represents a discount of 31.14% to the 30-day volume weighted average price on 9 December 2022.
In an off-market block trade, AltX-listed Heriot REIT, the company which in 2022 undertook an unsuccessful take private of Safari Investments RSA, has acquired 20 million Safari shares. The shares, purchased from SA Corporate Real Estate, at R5.60 per share was for a total consideration of R112m. Following the acquisition, Heriot and its concert parties collectively hold a 47.1% stake in Safari.
Renergen, an emerging integrated renewable energy producer, has announced plans to list on the Nasdaq Stock Market later this year to raise additional funding for the second phase of its Virginia Gas Project.
As part of its capital optimisation strategy, Investec Ltd this week acquired on the open market a further 476,138 Investec Plc shares at an average price of 518 pence per share (LSE and BATS Europe) and 440,987 Investec Plc shares at an average price of R110.00 per share (JSE).
Chrometco, Efora Energy and New Frontier Properties updated shareholders on their suspension status. Chrometco remains suspended due to the late publication of the provisional annual financial statements for the year ended February 2022. The company is struggling to appoint new auditors due to two subsidiaries within the group being in Business Rescue. Efora is yet to publish its consolidated annual financial results for the year ended February 2021 citing delay in the finalisation of subsidiary Afric Oil’s results which has since been sold. New Frontier Properties were suspended for the late publication of the 2020 financial statements.
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:
Glencore this week repurchased 18,000,000 shares for a total consideration of £98,14 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.
Investec continued with its repurchase programme, repurchasing 510,006 shares for a total consideration of R55,8. The shares will be cancelled and reinstated as authorised but unissued shares.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 23 to 27 January, 2023, a further 2,979,757 Prosus shares were repurchased for an aggregate €229,3 million and a further 464,150 Naspers shares for a total consideration of R1,6 billion.
Three companies issued profit warnings this week: Italtile, Sea Harvest and RCL Foods.
Three companies issued or withdrew cautionary notices. The companies were: Lux Holdings, African Equity Empowerment Investments and Ellies.
DealMakers is SA’s M&A publication.
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