Go Life International is to issue 475 million shares to raise cash to settle creditors. The company will issue 232,5 million shares each to Novanod and DVN Family office and a further 10 million shares to Yusuf Sooklall. Novanod and DVNFO have also agreed to provide additional funds of R3 million (R1,5 million each) as additional loan funding towards the settlement of remaining creditors amounting to c.R2,8 million.

PSG Konsult is proposing to change the company’s name to PSG Financial Services Limited. The reason given by the Board for the proposed name change is that it believes it to be a more descriptive name for the comprehensive services the company offers. Shareholders will be asked to vote on the proposition at the next annual general meeting.

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 1,093,372 shares at an aggregate cost of A$4,55 million.

Glencore this week repurchased 11,600,000 shares for a total consideration of £52,22 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 2 to 5 May 2023, a further 2,261,846 Prosus shares were repurchased for an aggregate €150,68 million and a further 337,954 Naspers shares for a total consideration of R1,07 billion.

Two companies issued profit warnings this week: Efora Energy and Quantum Foods. And one company issued or withdrew a cautionary notice: PSV.

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