Choppies Enterprises intends to launch a partly underwritten renounceable rights offer to raise P300 million. The offer will be partly underwritten by Ivygrove and Export Marketing. The company will offer a total of 520,833,333 ordinary shares at an offer price of P0.576/R0.82368. The offer will open on 15 June 2023.

CA Sales has made an odd-lot offer to approximately 5,073 shareholders holding less than 100 CA&S ordinary shares. If the 117,861 shares are repurchased at an assumed price of R7.29 per share, the cost to the company will be c. R859,207 (excluding transfer costs).

Adcorp shareholders are to receive a special gross dividend of 91,3 cents per ordinary share in addition to a final gross dividend of 16,5 cents per ordinary share. This follows the release of the company’s audited results for the year ended 28 February 2023.

On June 30 2023, at a general meeting of the company’s shareholders, Nampak will propose a restructure of its share capital by consolidating and reducing the authorised ordinary shares by the consolidation of every 250 shares into one share, propose and increase in the authorised, unissued share capital of the company and the issue of new shares to implement a proposed rights offer to raise gross proceeds of up to R1 billion. The company will over the next two months conclude credit-approved term sheets for the refinancing package for the next five years. This, together with the group’s progress in its implementation of the restructuring plan, will determine the size of the rights offer required. The date by which credit approved term sheets for the refinancing of the group debt needs to be finalised has been extended from 15 June to 15 July 2023.

Kibo Energy is to issue 48,000,000 in respect of a warrant exercise notice received. The shares will be issued at a price of £0.001 with an aggregate value of £48,000.

The Mediclinic and Bidco deal, first announced in August 2022, has become effective. Mediclinic is expected to delist from the JSE and the NSX from commencement of trade on 7 June 2023.

Tradehold has received confirmation that the special resolution for the change of name of the company to Collins Property Group Ltd. The company will trade on the JSE under its new name from 13 June 2023 under the share code ‘CPP’.

Barloworld and Astral Foods have taken secondary listings on A2X with effect from 7 June 2023. These companies with market capitalisations of c.R16 billion and R6,1 billion respectively, will retain their listings on the JSE. These listings will bring the number of instruments listed on A2X to 134 with a combined market capitalisation of over R9 trillion.

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:

Over the period 2 December 2022 to 31 May 2023, Southern Sun has repurchased 50,604,422 shares at an average price of R4.47 per share for an aggregate R226,31 million. The repurchased shares represent 3.4% of the company’s issued share capital. A further 16.6% may be repurchased in terms of the General Authority granted by shareholders in September 2022.

Lewis has repurchased a further 2,801,999 shares, representing 4.8% of the issued share capital of the company at the beginning of the share repurchase programme. The shares were acquired for an aggregate R114,14 million.

The Old Mutual Board believes that the Old Mutual share price is trading at a discount to its intrinsic value and believes that a share repurchase programme will deliver longer term incremental value to shareholders. The Group has commenced a Repurchase Programme of R1,5 billion and will continue to repurchase the company shares until the maximum amount is reached.

South32, this week, repurchased a further 1,043,510 shares at an aggregate cost of A$4,10 million.

This week Glencore repurchased a further 12,330,000 shares for a total consideration of £51,78 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 22 to 26 May 2023, a further 2,313,758 Prosus shares were repurchased for an aggregate €151,98 million and a further 514,577 Naspers shares for a total consideration of R1,64 billion.

Seven companies issued profit warnings this week: Mahube Infrastructure, Buka Investments, Brikor, Trustco, Huge Group, Capital Appreciation and Spar.

Three companies issued or withdrew a cautionary notice: Choppies Enterprises, Primeserv and Afrimat.

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