The support by Pick n Pay shareholders of management’s plan to turnaround the ailing retailer was clearly evident in the results of its Rights Offer, attracting R8,2 billion in subscriptions, double the initial R4 billion targeted. The offer, which was fully underwritten, consisted of an issue of 252,206,809 new shares at a subscription price of R15.86 per share. The subscription price represented a 32.48% discount and constituted c.33.8% of the company’ share capital. Proceeds will be used to recapitalise the company as will the net proceeds of the intended Boxer IPO.

The GPI Women’s BBBEE Empowerment Trust will purchase 8,310,834 Grand Parade Investments shares at R3.39 per share from the company’s wholly owned subsidiary GPI Management Services. The purchase price of these treasury shares is R28,17 million, will be funded by a capital contribution for the full amount by GPI Management Services.

Grindrod Shipping, 83% owned by Taylor Maritime Investments, is to delist from Nasdaq effective 26 August and from the JSE on 30 August 2024. The delisting follows regulatory approval of the company’s selective capital reduction, which will see a share buyback of 3,5 million shares at $14.25 per share from shareholders.

A number of companies announced the repurchase of shares:

In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 355,122 shares at an average price of £27.49 per share for an aggregate £9,76 million.

In terms of its US$5 million general share repurchase programme announced in March 2024, Tharisa has repurchased a further 9,783 ordinary shares on the JSE at an average price of R19.51 per share and 351,667 ordinary shares on the LSE at an average price of 83.59 pence. The shares were repurchased during the period 29 July – 2 August 2024.

Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 29 July – 2 August 2024, a further 3,738,623 Prosus shares were repurchased for an aggregate €119 million and a further 285,326 Naspers shares for a total consideration of R991 million.

Three companies issued profit warnings this week: Hulamin, Impala Platinum and MTN.

One company issued a cautionary notice this week: Trematon Capital Investments.

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