Quilter plc is to launch an odd-lot offer to shareholders holding fewer than 200 ordinary shares in the company on 28 April 2023 and who will still hold those shares on 10 November this year. This applies to approximately 134,000 (67%) of the company’s shareholders, representing 1.21% of the total number of shares in issue. If all shares eligible to participate are tendered, Quilter will pay out £16,1 million for 17 million shares based on a price of 90.1 pence per share which represents a 5% premium to the market price.
OUTsurance will pay shareholders a special dividend of 8.5 cents per share payable on 9 October 2023.
A further 31,096,000 shares have been issued by Kore Potash following the approval by shareholders of the issue in respect of the conversion of convertible loan notes into equity by its chairman David Hathorn.
Argent Industrial has repurchased a further 325,487 ordinary shares representing 0.58% of the issued share capital of the company for an aggregate R5,11 million. The company is entitled to repurchase a further 10,82 million shares in terms of the general authority granted at the last annual general meeting.
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 9,650,000 shares for a total consideration of £44,13 million.
South32 continued with its programme of repurchasing shares in the open market. This week a further 5,605,784 shares were acquired at an aggregate cost of A$18,68 million.
The JSE has warned Labat Africa that it may face suspension and possible removal of its listing from the bourse if it fails to release its Annual Financial Statements before 30 September 2023.
Three companies issued profit warnings this week: York Timber, Southern Sun and Astral Foods.
Two companies issued or withdrew a cautionary notice: PSV and African Equity Empowerment Investments.
DealMakers is SA’s M&A publication.
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