Corporate Finance Activity of the Week

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Corporate Finance Activity of the Week

Published Date: 2018-03-23 | Source: DealMakers | Author: Marylou Greig

Corporate Finance Activity of the Week

Naspers to sell Tencent shares
The company announced its intention to sell up to 190 million Tencent shares to select institutions reducing its stake from 33.2% to 31.2%. The funds will be used in part to reinforce Naspers' balance sheet.


Sirius Real Estate launches equity placing
The company launched an accelerated bookbuild placing 58,34 million shares at £0,60 per share raising £35 million (R588 million). The funds will be used where the company has identified acquisition opportunities offering an attractive mix of stable income and value add potential.


Tawana Resources to unbundle prospective Lithium and Iron Ore assets
Tawana has proposed the spinout to create a new, exploration-focused company listed on ASX with prospective Lithium and Iron Ore assets. The assets to be transferred to SpinCo are the 100% owned Cowan Lithium Project and the 100% owned Yallari Lithium Project, both in Western Australia and the 100% owned Mofe Creek Iron Ore Project in Liberia. The listing will occur in due course.


Pallinghurst Resources to reduce stake in Jupiter Mines
The company intends to dispose of 212,028,012 shares at the placing price of A$0.40 per share resulting in a cash inflow of A$84,8 million. The sale of share is in terms of Jupiter's announced intention to relist on the ASX to provide liquidity for all its shareholders.


Ferrum Crescent launches equity fundraising
The company has conditionally raised £1 million through a proposed subscription and placing of 1,739,130,435 shares at a price of 0.0575 pence per share.


Results of Quantum Foods share repurchase
In terms of the company's odd-lot offer and specific repurchase, a total of 142,804 shares were repurchased for a total consideration of R552 million.


Glencore plc places bond
Glencore announced the successful offering of $500 million non-dilutive cash settled guaranteed convertible bond due in 2025. Concurrently Glencore will purchase from hedge counterparties cash-settled call options on shares of Glencore to hedge its economic exposure to a potential exercise of the conversion rights embedded in the Bonds. The net proceeds of the offering of the Bonds will be used for general corporate purposes and for the purchase of the call options.


Richemont SA places bond
Richemont has successfully placed its inaugural Euro denominated bond transaction with a value of €3,75 billion with fixed income investors across Europe.


Results of Newfund ETFs IPOs
The total subscription received in the IPOs for the Newfunds Value Equity ETF and Newfunds Low Volatility ETF was R33,65 million and R30,54 million respectively. The ETFs will list on the JSE on March 26 on the main board in the Exchange Traded Funds sector.


Stadio issues shares as top-up to settlement
Stadio has issued 10,799,412 shares valued at R74,4 million as top-up consideration for the acquisition of the South African School of Motion Picture Medium and Life Performance, acquired in August 2017.


South32 repurchases shares
The company this week repurchased a further 4,440,702 shares for A$14,32 million (R131,74 million).


Hosken Passenger Logistics and Rail to list on the JSE
HPLR, the largest commuter bus operator in the Cape Metropole through its subsidiary Golden Arrow Bus Services has been granted a listing on the JSE Main Board from April 24, 2018.


Heartwood Properties lists on 4AX
Heartwood, the first property company to list on 4AX listed on March 20. The company has a portfolio of commercial real estate properties primarily in the warehousing and office sector. The 100 million shares listed at R0,59 per share, giving the company a market capitalisation of R59 million.


Helios Towers abandons plans to list on JSE
The company has reversed its decision to list on the local bourse. Although no reasons were given it is believed that investors were worried about the political and policy risks in the Democratic Republic of Congo and Tanzania translating into an IPO price too low for shareholders.


Listing of additional CoreShares GlobalDivTrax securities
1,021,364 GLODIV securities were issued this week at an issue price of R9.80 per security. After the securities have been issued and listed, there will be 7,853,604 securities in issue.


Listing of additional CoreShares Global Prop securities
150,000 Glprop securities were issued this week at an average issue price of R30.10 per security. After the securities have been issued and listed, there will be 9,789,380 securities in issue.


Listing of additional CoreShares Top 50 securities
100,000 CTop50 securities were issued this week at an issue price of R23.65 per security. After the securities have been issued and listed, there will be 34,603,035 securities in issue.


Listing of additional Satrix MSCI World securities
5 500,000 STXWDM securities were issued this week at an average issue price of R27.20 per security. After listing there will be 226,700,000 securities in issue.


Listing of additional Satrix Resi securities
100,000 Satrix Resi securities were issued this week at an issue price of R36.46 per security. After the securities have been issued and listed, there will be 8,587,975 securities in issue.


Listing of additional Satrix MSCI Emerging Markets securities
An additional 100,000 SatrixEMG securities were issued this week at an issue price of R37.47 per security. Following the listing there will be 10,472,719 securities in issue.


Listing of additional Sygnia Itrix EuroStoxx50 securities
700,000 SYGEU securities were issued this week at an issue price of R49.56 per security. After the securities have been issued and listed, there will be 47,900,000 securities in issue.


Five companies issued profit warning announcements
The following companies issued profit warnings this week: Andulela Investment, South Ocean, Kaydav, ISA Holdings and Rhodes Food.


Six companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Cargo Carriers, Oceana, Renergen, Buffalo Coal, Naspers and Mine Restoration Investments.


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