EPE Capital Partners has released further information on the unbundling of its stake in Brait to shareholders. The capital distribution in specie of 129,117,454 Brait shares will result in Ethos Capital shareholders receiving 0.50857 Brait ordinary shares for every one Ethos Capital A ordinary share, with each Brait ordinary share equating to c. R0.48 per Ethos Capital share.

Ibex Investment (formerly Steinhoff Investment) has completed a R9 billion accelerated bookbuild offering of 500 million Pepkor shares, representing c.13.6% of Pepkor’s current issued share capital. The shares were placed at a price of R18.00 per share, representing a 7.7% discount to the pre-launch price on 24 June. The company’s stake in Pepkor has reduced to c.30.2% and the free float of Pepkor increased to 69.8%.

In terms of the results of its offer to odd-lot shareholders, Putprop has repurchased 4,048 shares representing 0.01% of the total issued share capital of the company. The shares, which will be cancelled and delisted, were repurchased from 362 odd-lot holders for a total consideration of R13,24 million.

As part of the restructuring of its existing debt, Kibo Energy plc will raise £350,00 by way of placing 4,17 billion new ordinary shares of 0.0084 pence. The placing will be settled in two tranches of 1,78 billion shares and the second of 2,38 billion shares only once Kibo shareholder approval has been granted for an increase in the authorised share capital of the company. The entire placing has been raised through a single investor.

The announcement by RCL Foods of its intention to unbundle poultry producer Rainbow Chicken to its shareholders by way of a distribution in specie saw the listing of the company on the JSE Main board this week under the sub-sector Farming Fishing Ranching & Plantations. Rainbow listed on 26 June with 890 million shares and a market capitalisation of R3,25 billion.

Cilo Cybin listed on the AltX Board this week with a market capitalisation of R71 million, representing the first Cannabis SPAC to list on the JSE. Cilo Cybin Pharmaceutical has obtained both medical cannabis cultivation and manufacturing licenses, producing and supplying medical cannabis products to local and international markets.

A number of companies announced the repurchase of shares:

Insimbi Industrial will repurchase R43,1 million shares, funded from its available cash resources. A total of 21,065,200 shares were repurchased from Crimson Clover shareholders and 21,985,200 shares from Casterly Rock shareholders for R1.00 per share. An independent expert has been appointed and a circular will be distributed.

Capital Appreciation has repurchased 46,885,950 shares for an aggregate R56,84 million, funded from available internal cash resources. The shares were repurchased between 26 September 2023 and 13 June 2024 and represent 3.6% of the company’s issued share capital at the time of the General Authority.

Sanlam has repurchased 85,762,051 treasury shares held by its subsidiary SU BEE Investments SPV at a purchase price of R72.97 per share for an aggregate R6,3 billion. The shares represent 3.89% of the issued share capital of the company prior to cancellation.

In terms of its US$5 million general share repurchase programme announced in March 2024, Tharisa has repurchased 12,180 ordinary shares on the JSE at an average price of R18.61 per share and 14,743 ordinary shares on the LSE at an average price of 78.59 pence. The shares were repurchased during the period June 17 – 21, 2024.

Trustco repurchased 120,500,490 of its shares representing 12.8% of the total issued shares in the company from the University of Notre Dame du Lac. The shares will be cancelled.

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 603,233 shares at an average price of £24.97 per share for an aggregate £15,1 million.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 17 – 21 June 2024, a further 3,436,136 Prosus shares were repurchased for an aggregate €117,7 million and a further 254,193 Naspers shares for a total consideration of R948,3 million.

Three companies issued profit warnings this week: PBT Group, Absa Group and Buka Investments.

Three companies issued cautionary notices this week: Coronation Fund Managers, Insimbi Industrial and Pick n Pay.

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