Following PBT’s disposal of its investment in Payapps in March this year, shareholders will receive a special distribution of R0.75 per PBT share in addition to a further R0.75 per share in the form of a capital reduction distribution. The resulting total distribution of R1.50 per share equates to R156,9 million to be paid out to shareholders.
Tradehold is proposing to change its name to Collins Property Group, subject to shareholder approval. Tradehold’s primary investment focus will be its portfolio of industrial and logistics properties held through its subsidiary Collins Property Projects. In due course, the company will apply to the JSE for classification as a Real Estate Investment Trust.
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 1,665,680 shares at an aggregate cost of A$7,14 million.
Glencore this week repurchased 11,040,000 shares for a total consideration of £51,46 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 3 to 6 April 2023, a further 1,783,398 Prosus shares were repurchased for an aggregate €126,87 million and a further 351,220 Naspers shares for a total consideration of R1,15 billion.
Two companies issued profit warnings this week: Nu-World and Zeder Investments (due to the unbundling of KAL).
Three companies issued or withdrew cautionary notices: Finbond, Primeserv and Chrometco.
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