Lighthouse Properties announced an equity raise targeting c.R500 million to be implemented through an accelerated bookbuild process. Due to strong demand, the company increased the amount of the equity raise to R1 billion. A total of 127,388,535 shares were successfully placed at R7.85 per share representing a 3.1% discount to the closing price on 18 September 2024. Following the issue of the new shares, the company will have a total of 2,023,353,689 shares in issue. During 2024 Lighthouse acquired three Iberian malls and will use the capital raise to proactively manage its liquidity to be positioned for further value accretive opportunities as they arise.
Spear REIT successfully concluded a vendor consideration placement, raising R457,75 million. The company placed a total of 50,302,197 new shares at an issue price of R9.10, reflecting a discount of 1% to the 30-day VWAP on 13 September 2024. The proceeds of the placement will be used to partly settle the purchase consideration of R1,15 billion for the Western Cape property portfolio acquired from Emira Property Fund in April this year.
OUTsurance has announced the payment of a special dividend to shareholders of 40 cents per ordinary share.
This week the following companies repurchased shares:
South32 announced in its annual financial statements released in August that it would increase its capital management programme by US$200 million, to be returned via an on-market share buy-back. This week 803,837 shares were repurchased for an aggregate cost of A$2,58 million.
In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 320,873 shares at an average price of £29.40 per share for an aggregate £9,44 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 9 – 13 September 2024, a further 2,455,339 Prosus shares were repurchased for an aggregate €79,46 million and a further 198,018 Naspers shares for a total consideration of R699,8 million.
Four companies issued profit warnings this week: Texton Property Fund, Metair Investments, Choppies Enterprises and Mustek.
During the week, two companies issued cautionary notices: Choppies Enterprises and Europa Metals.
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