Corporate Finance activity of the week


Corporate Finance activity of the week

Published Date: 2018-11-30 | Source: DealMakers | Author: Marylou Greig

Corporate Finance activity of the week

Texton Property Fund to repurchase BEE shares
Following the failure of the company's BEE SPV, to maintain the minimum share cover ratio as per the PIC Loan agreement Texton, will in terms of the PIC's Put Option, repurchase 51,858,876 BEE shares representing 13.79% of the its share capital. The amount to be paid to the PIC is not referenced off the market price per Texton share but rather is contractually to be determined as an amount equal to the PIC loan balance which equates to R12.90 per share. At the current share price of R4.10 this translates to a 215% premium to the market price. Shareholders will have to approve the repurchase.

Netcare pays special dividend
Netcare has declared a special dividend of R0.40 per share to shareholders. This is in line with the company's investment approach that if attractive investment opportunities are unavailable then excess capital will be returned to shareholders.

MMI Holdings repurchases shares
MMI, has since its last announcement in July 2018, repurchased a further 53,585,496 shares at a total cost of R938,06 million.

Vunani share repurchase results
The total number of shares repurchased by the company pursuant to the Odd-lot offer was 2,219 while shareholders holding 7,326 shares sold their shares to the company in the specific offer. Shares were repurchased at R2.75 per share.

Onelogix repurchases shares
Onelogix has repurchased 3,507,669 shares at R3.50 per share with a total value of R12,28 million. The shares represent 1.21% of the company's issued share capital in terms of the general authority granted by shareholders at the annual general meeting held in November 2017.

Reinet Investments repurchases shares
The company repurchased a 432,462 shares during the period November 20 to 23 at an average price of R205.90 per share for a total consideration of R89,04 million. The repurchases were made as part of the share buyback programme announced on November 19, 2018.

Visual International looks to secure additional funding
The company has advised the additional funding being sought through the specific issue of shares for cash to Robco and TLP Investments One Five Four, which was subject to a number of suspensive conditions, has lapsed. The parties are in discussion regarding the revival of these subscription agreements including other third parties. An announcement will be made in due course.

South32 repurchases shares
The company has, this week, repurchased a further 7,052,796 shares for A$22 million (R220,38 million).

Hammerson plc repurchases shares
This week the company repurchased 1,184,957 shares at a cost of £4,97 million (R87,92 million) as part of a share buyback programme for its ordinary shares to return realised disposal proceeds to shareholders over the next 12 months. The maximum aggregate consideration under the programme will be €300 million up to a maximum of 79,422,719 ordinary shares.

Glencore repurchase shares
This week the company repurchased a further 16,250,000 shares at a cost of £46,52 million (R823,36 million) in terms of its buy-back programme.

African Rainbow Minerals takes a secondary listing
ARM has taken a secondary listing on A2X, as of November 29, 2018. The company will retain its primary listing on the JSE and its issued share capital will be unaffected by the listing on A2X.

Greenbay Properties to trade under new name
Following shareholder approval, the company name will change to Lighthouse Capital.

PSG Konsult lists on foreign exchange
The company listed on the Stock Exchange of Mauritius on November 27, 2018.

Nine companies issued a profit warning announcement
The following companies issued profit warnings this week: Orion Real Estate, Consolidated Infrastructure, Adrenna Property, Etion, Alexander Forbes, Purple Group, PSV Holdings, Rebosis Property Fund and African Phoenix Investments.

Seven companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Verimark, Astoria Investments, Texton Property Fund, Visual International, Putprop, Labat Africa and Brikor.

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