Orion Minerals has raised A$8,9 million via the placement of 593,499,999 shares at an issue price of A$0.015 (R0.18). The placement introduces Clover Alloys (SA) as a new cornerstone investor which will enable Orion to accelerate the development of both of its key base metal production hubs in the Northern Cape province.
Dipula Income Fund has reached a settlement with Breede Coalitions, following the shareholders notification to the company that it intended to exercise its Appraisal Rights. In March the company made an offer to repurchase all of the Dipula A shares for a consideration of 2.4 Dipula B shares for every Dipula A share held. In terms of section 164 of the Companies Act, shareholders of a scheme are afforded the right to demand that the company pay fair value for all DIA and DIB shares. In terms of the agreement reached, Dipula has paid an all-inclusive amount of R34 million for the 1,715,000 DIA shares and 2,000,000 DIB shares held by Breede Coalitions.
Ayo Technology Solutions has disclosed more information on its settlement with the Public Investment Corporation (PIC) following negative press around the scanty details of the agreement reached with the PIC. Ayo will repurchase 17,202,756 ordinary shares from the Government Employees Pension Fund (GEPF) for a total repurchase consideration of R619,42 million. The GEPF will retain a minimum stake of 25.01%.
NEPI Rockcastle will issue 28,830,268 new shares in terms of its scrip distribution alternative. The scrip dividend shares will be issued at R92.82 per share for an aggregate R2,68 billion. The total number of ordinary shares in the company following the issue will increase to 635,830,268.
Cashbuild has repurchased 89 164 shares in terms of its odd-lot offer to shareholders, representing 0.37% of the total issued share capital of the company for a total consideration of R17,59 million.
Shoprite is yet another blue-chip company to announce it will take a secondary listing on A2X. Currently the company’s stock trades on the JSE, the NSX and the LUSE. It will trade on A2X with effect from 11 April, 2023.
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:
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 1,287,351 shares at an aggregate cost of A$5,63 million.
Glencore this week repurchased 8,280,000 shares for a total consideration of £38,24 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 27 to 31 March 2023, a further 3,883,762 Prosus shares were repurchased for an aggregate €272,23 million and a further 485,830 Naspers shares for a total consideration of R1,60 billion.
Two companies issued profit warnings this week: Advanced Health and Pick n Pay.
Five companies issued or withdrew cautionary notices: Tongaat Hulett, Conduit Capital, Primeserv, Finbond and Ayo Technology Solutions.
DealMakers is SA’s M&A publication.
