Richemont has proposed a special dividend of CHF1.00 per ‘A’ share/10 ‘B’ shares. The dividend will be payable following the AGM scheduled to take place on September 6, 2023. In addition, the company has announced a new programme to buy back up to 10 million ‘A’ shares representing 1.7% of the issued share capital of the company. The shares will be held in treasury together with the 4 million ‘A’ shares currently held in treasury to hedge awards to executives and employees.
Mediclinic International’s shares will be suspended on JSE and NSX on May 25, 2023, following the company’s acquisition announced in August 2022. Manta Bidco, a joint venture owned by Remgro and MSC Mediterranean Shipping, acquired the remaining 55,44% stake in the company from minorities in a £2,05 billion transaction.
Purple Group has advised it intends to raise a maximum of R105 million from shareholders by way of a renounceable rights offer. A total of 129,629,630 will be offered at a subscription price of R0.81 per Rights Offer share. Shareholders holding shares equating to 27.12% have committed to follow their rights in terms of the offer and Sanlam Investment Holdings has agreed to underwrite the Offer. The funds will be used to fund the expansion needs of 70%-held Easy Equities which will be raising R150 million for its needs. The remaining R45 million will be funded by Easy Equities’ shareholders Sanlam which holds the remaining 30% stake.
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:
Gemfields has repurchased 1,729,550 shares at a price of R3.45 per share which will be held as treasury shares. Following the repurchase, the total number of ordinary shares in issue is 1,218,586,612.
Calgro M3 has repurchased a further 5,198,000 shares for R14,78 million representing 3.71% of the issued ordinary share capital of the company. A further 18,89 million shares (7.03%) may be repurchased in terms of the General Authority granted.
Nedbank has cumulatively repurchased 15,784,216 shares representing 3.1% of the companies issued share capital. 9,595,526 shares have been delisted and cancelled with effect from Monday 8 May, 2023 while application has been made to the JSE for the delisting and cancelation of a further 4,178,925 shares.
Lewis has repurchased 1,765,939 shares, representing 3% of the company’s issued share capital. The shares were repurchased at an aggregate cost of R83,4 million between October 31, 2022 and May 11, 2023.
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 1,867,780 shares at an aggregate cost of A$7,55 million.
Glencore this week repurchased 14,700,000 shares for a total consideration of £63,87 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 8 to 12 May 2023, a further 2,735,903 Prosus shares were repurchased for an aggregate €177,97 million and a further 573,864 Naspers shares for a total consideration of R1,81 billion.
Five companies issued profit warnings this week: KAP, Stefanutti Stocks, Dipula Income Fund, Telkom SA SOC and Coronation Fund Managers.
Five companies issued or withdrew a cautionary notice: Premier Fishing and Brands, Attacq, African Equity Empowerment Investments, Pembury Lifestyle and Chrometco.
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