Tongaat Hulett’s recapitalisation bid suffered a setback this week with the Takeover Regulation Panel (TRP) retracting the exemption given for Tongaat to make a mandatory offer to shareholders. In mid-January the company announced its intention to raise R4 billion via a rights issue to reduce its massive debt. The transaction was to be underwritten by major shareholder Magister Investments and would likely have pushed its stake above the 35% threshold, triggering a mandatory offer to minorities. The waiver of the mandatory offer was a condition precedent to the Magister deal. Following an investigation by the TRP after a complaint, the changed ruling means the company/Magister would need to be able to acquire the entire company.
Oasis Crescent has issued a total of 725,159 new units in terms of its scrip distribution alternative amounting to R18,1 million.
Another miner has announced its intention to take a secondary listing on A2X, with Impala Platinum set to list on June 13, 2022.
The JSE welcomed the inward bound listing of Southern Palladium on June 8, 2022, after an initial delay. The company, which has also listed on the ASX, raised A$19 million in an initial public offering (IPO) which closed on May 6. The company floated 89.75 million ordinary shares of which 39.63 million will move onto the SA register. The share price closed its first day of trade on the JSE at R25,00 per share. Towards the end of the month, June 27, CA Sales will list 461,432,502 ordinary shares on the Main Board in the Diversified Retailers sector. The company will delist from the CTSE on June 24.
Lewis has repurchased 4,326,696 of its own ordinary shares, being 6.6% of its issued share capital at the onset of the repurchase programme. The shares were repurchased as price ranging from R42.69 to R52.00 for an aggregate R215,8 million.
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:
This week British American Tobacco repurchased 2,110,000 shares for a total of £75,19 million. The purchased shares will be held in treasury with the number of shares permitted to be repurchased set at 229,400,000.
Glencore this week repurchased 3,441,117 shares for a total consideration of £18,2 million in terms of its existing buyback programme which is expected to end in August 2022.
This week two companies issued profit warnings. The companies were: Multichoice and Nictus.
Three companies issued or withdrew cautionary notices to shareholders this week. The companies were: Hulamin, Safari Investments RSA and Nutritional Holdings.
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