Castleview Property Fund has issued 41,67 million shares in terms of its specific issue of shares for cash announcement in February. The shares were issued to related parties – associates of I Group Investments, the ultimate holding company of Castleview – at R6.48 per share for an aggregate amount of R270 million. The company expects to issue the remaining 6,17 million shares representing an aggregate value of R40 million during July 2023.

Erin Energy – suspended in April 2018 when the company filed for bankruptcy in the US – has had its secondary listing removed by the JSE. The move by the JSE is based on the failure of the company to make any meaningful progress on the completion of the liquidation proceedings and addressing the various non-compliances with the Listing Requirements since its suspension. The last day to trade (off-market) will be 9 May 2023, following which investors will remain shareholders in an unlisted company.

Shareholders in Tsogo Sun Gaming have been asked to approve the change in the company name to Tsogo Sun Limited. In 2019 the company changed its name from Tsogo Sun Holdings Limited to Tsogo Sun Gaming Limited. The Board believes that given the trademark used is Tsogo Sun in its marketing material and in its domain name this would be more appropriate.

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 advised it has repurchased an aggregate of 7 million shares, representing 4.99% of the issued ordinary share capital of the company. The shares were repurchased at R2.20 per share for an aggregate value of R15,4 million. The shares will be delisted and cancelled. The company may repurchase a further 15,1 million shares in terms of the General Authority granted at the company’s annual general meeting.

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 3,101,096 shares at an aggregate cost of A$12,9 million.

Glencore this week repurchased 12,800,000 shares for a total consideration of £60,27 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 24 to 28 April 2023, a further 2,439,269 Prosus shares were repurchased for an aggregate €163,6 million and a further 309,350 Naspers shares for a total consideration of R992,9 million.

One company issued a profit warning this week: Astral Foods and one company issued or withdrew a cautionary notice: Ellies.

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