Exchange-Listed Companies

Following the detailed cautionary in June, the Alviva Board has received a firm intention offer to acquire all the issued shares in the company not already owned by the Consortium (Tham Investments, P Ramasamy, Day One Asset Management and certain members of the management team). The proposed transaction is a cash offer of up to R2,56 billion for a purchase consideration of R28.00 per Alviva share, representing a 45% premium to the 30-day VWAP of R19.29. The transaction will result in Alviva becoming a majority black-owned privately held company. Shareholders can expect to receive a circular around December 23, 2022.

African Equity Empowerment Investments (AEEI) has made a firm intention announcement to acquire the 6.14% equity stake (15,976,380 shares) in Premier Fishing and Brands (PFB) held by minority shareholders. The stake represents the outstanding shares in PFB not held by AEEI excluding the 37.63% stake held by Sekunjalo Investments (3,57%) and 3Laws Capital South Africa (34.06%). AEEI which currently has a 56.23% stake will acquire the scheme shares for R1.60 per share and will delist PFB from the JSE, citing illiquidity and low free float as reasons.

PBT Group has disposed of its entire investment in preference shares held in Yonex Investments (a B-BBEE company) to Sanlam Investment Management for R53,3 million. PBT intends to distribute R31,5 million of the disposal consideration by way of a special distribution to shareholders.

Northam Platinum has increased the maximum cash component consideration in relation to its offer to shareholders in Royal Bafokeng Platinum from R10 billion to R17 billion. The offer price remains at R172,70 per share (R180,50 less dividend paid), substantially higher than Impala Platinum’s offer made in December 2021 to RBPlat shareholders of R150 per share – R90 in cash and 0.300 ordinary Impala Platinum shares per RBPlat share (R60).

Hybrid Equity, a division of Old Mutual Alternative Investments (Old Mutual), has invested a further R420 million to increase its stake in Mulilo. Hybrid Equity made its first investment in 2015 when it invested R120 million in the South African renewable energy developer.

The results of the general offer by Heriot REIT to purchase Safari Investments RSA shares has closed with acceptances from shareholders holding 23,664,848 Safari shares representing 7.6% of the total shares in issue. Following the closing, Heriot and concert parties hold 40.7% of the total share in issue.

Delta Property Fund continued with its disposal programme, selling the property situated at 28 Central Road in Kimberley. Known as Beconsfield, the property was acquired by Dino & Lambro Investments for R22,1 million. The proceeds will be utilised in the reduction of debt.

Shoprite has informed shareholders that following the Competition Tribunal’s findings, the August 2021 acquisition by the company of Massmart stores has been approved with certain conditions to address competition and public interest concerns. The ruling sees the exclusion of 15 stores, the majority of which are to be separately divest of by Massmart to small or medium-sized businesses. The final transaction which will be effective on 9 January 2023 will include 42 Cambridge Food and Rhino Cash and Carry stores (including adjacent liquor stores), two Fruitspot facilities, the Massfresh Meat business and 12 Masscash Cash and Carry stores.

Despite best efforts on the part of Adcorp management to dispose of AllaboutXpert Australia for a fair and reasonable price, the Australian subsidiary has been placed in voluntary administration. The business, on a consolidated basis, contributed less than 1.7% of the group’s revenue for the six months ended 31 August 2022.

Unlisted Companies

Epiroc, a Swedish productivity and sustainability partner for the mining and infrastructure industries, is to acquire Pretoria headquartered Mernok Elektronik. Mernok designs and produces proximity detection technologies and collision avoidance systems for customers based primarily in Africa. The acquisition is expected to be completed in the first quarter of 2023.

Tabono Investments, an investment company in Africa with experience in mining, logistics and recycling, and ACE Green Recycling, a US-based recycling platform for battery materials, are to form a joint venture to build and operate two environmentally sustainable battery recycling facilities in South Africa.

BOS Brands has secured an undisclosed sum of additional growth equity from an investment consortium to fund the expansion of the BOS Ice Tea brand into the UK from its established base in Europe. The consortium includes Siya Kolisi, his wife Rachel Kolisi, the Banducci family and a follow-on investment by the Ferguson family in the UK.

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