Richemont has advised it intends to terminate its South African depository receipt programme and to list ‘A’ shares on the JSE as a secondary listing, in addition to their listing on the SIX Swiss Exchange. If the depository receipt holders approve the termination of the programme and the company obtains the other relevant regulatory approvals, holders will receive one ‘A’ share in exchange for 10 depository receipts that they own. The secondary listing will take place on 19 April 2023.
Following the cancellation of the Premier listing in December and the announcement by Brait in March that it had been approached by investors supporting a listing of Premier, the company will list in the Food Products sector of the main board of the JSE today, 24 March 2023. Investors acquired 65 million shares in an IPO priced at R53,82 per share (excluding the 1,86 million overallotment shares) raising in total R3,6 billion and valuing the company at R6,9 billion (Brait will retain a 47% stake).
On February 6 2023 Cashbuild advised shareholders of its intention to repurchase the Odd-lot Holdings from the Odd-lot Holders. The offer price of 19728.75450 cents represents a 5% premium to the 30-day volume weighted average price of a Cashbuild Share at the close of business on Friday, 17 March 2023. Shares repurchased will be delisted with effect from the commencement of trading on or about Monday, 3 April 2023.
Afrimat’s sector classification on the JSE has been reclassified from the Basic Materials Construction and Materials sector to the General Mining sector with effect from 20 March 2023. The JSE lifted the suspension of trade in the shares of Trustco on 23 March 2023 following the Company’s publication of its audited consolidated results for the 12-month period ended 31 August 2022.
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:
Calgro M3 has repurchased 6 million shares in the open market during the period 15 March to 20 March, 2023. The shares were repurchased at R2.50 per share for an aggregate value of R15 million.
South32 has increased its share repurchase programme by c. $50 million in anticipation of a stronger outlook for commodity prices in the second half of its financial year. This will enable the company to return $158 million to shareholders before September 2023. This week the company repurchased a further 2,627,923 shares at an aggregate cost of A$10,69 million.
Glencore this week repurchased 14,880,000 shares for a total consideration of £65,48 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 13 to 17 March 2023, a further 4,453,715 Prosus shares were repurchased for an aggregate €289,18 million and a further 621,447 Naspers shares for a total consideration of R1,91 billion.
Three companies issued profit warnings this week: Transaction Capital, York Timber and Accelerate Property Fund.
Two companies issued or withdrew cautionary notices. The companies were: Choppies Enterprises and Life Healthcare.
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