The Nampak Board and management are in the process of implementing various turn-around initiatives to restructure the group from a conglomerate to a business focused on specific packaging operations. To optimise the capital structure of the group, management intends to raise R1 billion via a rights issue and R2,6 billion via an asset disposal plan. In terms of the rights offer, which is to be partly underwritten to a maximum of R450 million, shareholders will receive the rights to subscribe for rights offer shares on the basis of 2.20902 rights for every one Nampak ordinary share at a 23.49% discounted price of R175.00 per rights offer share. The results of the offer will be announced on 26 September 2023.
Northam Platinum has disposed of 30,065,866 Impala Platinum shares which the company received as part payment for the sale of its stake in Royal Bafokeng Platinum. The shares were sold on the open market, raising R3,15 billion.
As part of its capital optimisation strategy, Investec Ltd acquired a further 3,146 Investec Plc shares on the open market at an average price of R105.75 per share.
Trustco has announced it is to undertake a share repurchase programme. The maximum number of shares that can be repurchased in terms of the programme is 197,447,716 shares.
As part of Investec Ltd’s share repurchase programme, the company reported this week that it had repurchased 28,461 shares at an average price per share of R104.88. Since 21 November 2022, the company has repurchased 13,6 million shares at a cost of R1,45 billion.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 21 – 25 August 2023, a further 2,150,482 Prosus shares were repurchased for an aggregate €135,99 million and a further 322,464 Naspers shares for a total consideration of R1,03 billion.
Glencore intends to complete its programme to repurchase the company’s ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 5,970,000 shares for a total consideration of £25,98 million.
South32 continued with its repurchase programme, repurchasing a further 931,147 shares this week at an aggregate cost of A$3,19 million.
Suspended in July 2020 for failure to submit its provisional report, Pembury Lifestyle Group will be delisted from the JSE on 5 September 2023 with shareholders remaining invested in an unlisted company.
The Cape Town Stock Exchange has welcomed two new listings – Thibault REIT and GAIA Renewables REIT. Thibault, a property holding and investment company with a 10.02% stake in Safari and 14,46% stake in Texton listed on the CTSE on 25 August 2023 with a market capitalisation of R103 million. GAIA Renewables which listed on 31 August 2023 is a ring-fenced REIT providing investors with access to commercial and industrial renewable energy investments in South Africa.
DRDGold will join other mining companies on A2X with a secondary listing effective 5 September 2023. This latest listing brings the number of instruments listed on A2X to 179 with a combined market capitalisation of over R10,6 trillion.
Three companies issued profit warnings this week: Murray & Roberts, Afristrat and Putprop.
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