Corporate finance activity of the week

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Corporate finance activity of the week

Published Date: 2020-09-11 | Source: DealMakers | Author: Marylou Greig

Corporate finance activity of the week

Stenprop repurchases shares
The company has repurchased 400,000 shares at a cost of 117 pence per share in a move to mitigate the dilutive effects of the scrip dividend election. Following the transaction, the total number of treasury shares held by the company is 14,016,423 shares.


Curro rights offer results
The company has raised the full R1,5 billion from its rights offer announced earlier this year. Of the 185,873,606 shares offered, shareholders subscribed for 157,57 million shares (85.36%) with PSG Financial Services, as the underwriter, subscribing for the remaining 27,2 million shares.


MC Mining issues shares
The company has issued 7,831,785 new shares at R1.27 per share to Columbis Skies, raising c. R10 million. The shares represent 4.8% interest in the company and were issued at a 10% discount to the 30-day VWAP to September 1, 2020. The funds will be used for general working capital requirements as well as progressing the Makhado hard coking coal project.


Quilter repurchases shares
This week the company has repurchased 4,026,483 shares on the London Stock Exchange at a cost of £5,58 million and 2,750,522 shares on the JSE at a cost of R83,85 million.


BHP launches repurchase plan
The company has launched a $1,9 billion subordinated note repurchase plan to be funded from cash resources. The repurchase programme will target US dollar and euro subordinated notes issued in 2015. The company also intends to redeem the $1 billion 6.25% subordinated non-call 5 fixed rate reset notes due in 2075 on their first reset date of October 19,2020 with the intention of reducing the group's gross debt balance.


Ecsponent name change
The company is expected to trade under the new name Afristrat Investments with the share coder ATI from commencement of trade on September 30, 2020.


10 companies issued a profit warning announcements
The following companies issued profit warnings this week: Caxton and CTP Publishers and Printers, Luxe Holdings, ELB Group, Nictus, Capitec Bank, Metrofile, Accelerate Property Fund, Cognition, Alviva and Vunani.


Six companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Metrofile, Accéntuate, Mettle, Bell Equipment, Aspen Pharmacare and Cartrack.


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