Pick n Pay has released details of a strategic response to the situation in which the company finds itself. Under the leadership of Sean Summers, the group intends to implement a two-step recapitalisation plan which will comprise a Rights Offer to existing shareholders of up to R4 billion, providing near-term liquidity, followed by an offering and listing of the Boxer business on the JSE. The rights offer is expected to take place mid-2024 followed by the IPO towards the end of 2024. The group intends to retain a majority stake in Boxer after the IPO.
Vukile Property Fund has raised R1 billion via an accelerated bookbuild. The company placed 68,493,151 shares at R14.60 per share, representing a 0.75% discount to the pre-launch share price on 19 February and a 4.85% discount to the 10-day VWAP.
Copper 360 has successfully raised just short of R100 million, placing 29,411,764 shares at R3.39 per share. This represents a 9.1% discount to the VWAP for the 30 trading days up to February 14. The company has indicated that it has negotiated a buy-back option with the investor (after six months) which would reduce the dilution effect of the issue. Proceeds will be used to fund its expansion strategy and short-term working capital requirements.
Primeserv has advised that during the period 12 December 2023 to 19 February 2024, the company repurchased an aggregate of 519,473 ordinary shares for a total value of R667,033. The shares, repurchased at an average price of R1.22 per share, represent 0.45% of the issued share capital of the company.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 12 – 16 February 2024, a further 3,484,866 Prosus shares were repurchased for an aggregate €101,93 million and a further 272,075 Naspers shares for a total consideration of R913,4 million.
AB InBev has repurchased a further 562,205 shares at an average price of €58.57 per share for an aggregate €32,93 million. The shares were repurchased over the period 12 – 16 February 2024.
A2X will welcome its first inward listing when LSE-listed Neo Energy Metals plc opens for trade on the local bourse on 27 February 2024. Neo Energy Metals is a mining and development company focused solely on uranium and strategic metals supply. The company’s main project, Henkries, is a low-cost eco-friendly uranium project located in the Northern Cape.
Four companies issued profit warnings this week: Northam Platinum, Super Group, Sibanye-Stillwater and Caxton and CTP Publishers and Printers.
Four companies issued, renewed, or withdrew cautionary notices this week: Salungano, Telkom SA SOC, Tongaat Hulett and Pick n Pay,
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
