Ellies, which entered voluntary business rescue in January this year, has advised that the appointed business rescue practitioner has concluded that there is no reasonable prospect of the Company being rescued. Given this, an application will be made to the place the company into liquidation.
WeBuyCars listed on Thursday 11 March, 2024 with a market capitalisation of R8,51 billion. The final number of ordinary shares in issue at the listing date was 417,181,120. The share price closed on its first day of trading at R20.40 – up close to 9% on the R18.75 price per share of its initial public offering.
A number of companies announced the repurchase of shares.
British American Tobacco has commenced its programme to buyback ordinary shares using the £1,57 billion net proceeds from its sale of ITC shares. The company will buy back £1,60 billion of its ordinary shares – £700 million in 2024 and the remaining £900 million in 2025. This week the company repurchased a further 1,480,000 shares at an average price of £23.35 per share for an aggregate £3,48 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 2 to 5 April 2024, a further 2,426,285 Prosus shares were repurchased for an aggregate €71,59 million and a further 226,606 Naspers shares for a total consideration of R749,3 million.
Two companies either issued, renewed, or withdrew cautionary notices this week: Tongaat Hulett and MultiChoice.
DealMakers is SA’s M&A publication.
