Kore Potash has announced the successful completion of a share subscription which has raised $2,5 million through the proposed issue of 542,250,000 new ordinary shares at a price of 0.38 pence. The funds, raised via a private placement, will for the most part be used to further advance work expected to lead to the delivery of an EOC contract for the Kola Potash Project announced in August.
The details of a proposed rights offer announced in February by Sable Exploration and Mining will now proceed with the offer of 52,213,608 shares at R1 per share. The offer will open on 13 November 2023.
Finbond is to go ahead with the proposed specific repurchase of 340,523,358 ordinary shares, representing c.38.55% of the total issued share capital as announced in August. The shares will be repurchased from Net1 Finance and Massachusetts Institute of Technology at 29.11 cents per share, representing a 19% discount to the 30-business-day VWAP on 9 August 2023.
Several listed companies reported repurchasing shares this week. They were:
Old Mutual announced in May it would commence with a share repurchase programme. The company has now confirmed that on October 16, 2023, it concluded the repurchase of 122,974,063 shares. The price at which the shares were repurchased, and the total amount paid were undisclosed other than to say that the company remained within the value specified in its announcement in May of R1,5 billion.
According to the Q3 results, Textainer repurchased 996,403 shares at an average price of $40.12 per share during the third quarter. The company has, however, suspended its share repurchase programme pending the transaction with Stonepeak announced last week. The deal is expected to close in the first quarter of 2024.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 23 – 27 October 2023, a further 4,646,244 Prosus shares were repurchased for an aggregate €121,7 million and a further 304,926 Naspers shares for a total consideration of R891,95 million.
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 9,830,000 shares for a total consideration of £43,5 million.
The JSE has advised that AH-Vest, Sasfin and Rex Trueform have failed to submit their annual reports within the four-month period as stipulated in the JSE’s Listings Requirements. If the companies fail to produce their annual reports on or before 30 November 2023, then their listing may be suspended.
The failure by Lux Holdings to remedy the various listing non-compliances since its suspension on 5 August 2022, has resulted in the removal of its listing from the JSE. The company listing will be removed from the commencement of business on 6 November 2023.
Following the fulfilment of the scheme conditions, the listing of Liberty Two Degrees will terminate at commencement of trade on 14 November 2023.
Six companies issued profit warnings this week: Sasfin, Renergen, enX, Astral Foods, aReit Prop and Pepkor.
Three companies issued or withdrew a cautionary notice: Astoria Investments, PSV and Tongaat Hulett.
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