Corporate finance activity of the week


Corporate finance activity of the week

Published Date: 2020-09-18 | Source: DealMakers | Author: Marylou Greig

Corporate finance activity of the week

ARC Investments to undertake rights offer
The company has advised it is to undertake a fully committed and underwritten pro rata non-renounceable rights offer of R750 million. The company will offer 272,727,273 shares at a price of R2.75 per rights offer share in the ratio of 26.09711 rights offer share for every 100 exiting ordinary shares held. The offer price represents a 5.4% discount to the 30-day VWAP as at September 3, 2020.

Putprop repurchases shares
The company has entered into a share buy-back agreement with Allan Gray to repurchase 1,488,098 ordinary Putprop shares at R3.13 per share for a total consideration of R4,66 million. The specific repurchase represents 3.39% of Putprop's current shares in issue.

Results of NEPI Rockcastle's scrip distribution alternative
The company has issued 25,791,534 new ordinary shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of the company of R1,67 billion.

Quilter repurchases shares
This week the company has repurchased 5,480,850 shares on the London Stock Exchange at a cost of £7,43 million and 2,461,657 shares on the JSE at a cost of R71,50 million.

Impala Platinum proposes odd-lot offer
Odd-Lot shareholders representing 48.7% of the total number of ordinary shareholders in the company hold a total of 232,581 Implats shares. The company proposes the implementation of an odd-lot offer at a price to be advised representing a 10% premium to the 30-day VWAP of the Implats shares at the close of business on October 26, 2020. The offer will be subject to shareholder approval.

19 companies issued profit warning announcements
The following companies issued profit warnings this week: Texton Property Fund, Bidvest, EPE Capital Partners, Sasfin, York Timber, RMB Holdings, Gemfields, Astral Foods, ISA Holdings, Trellidor, Grand Parade Investments, Remgro, Transaction Capital, Tiso Blackstar, The Foschini Group, Attacq, Hulamin, Hyprop Investments and Indluplace Properties.

Three companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Pembury Lifestyle, PPC and Mettle.

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