Weekly corporate finance activity by SA exchange-listed companies

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Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2019-07-19 | Source: DealMakers | Author: DealMakers

Weekly corporate finance activity by SA exchange-listed companies

Ingenuity Property Fund to repurchase shares and delist
Ingenuity has made a cash offer to repurchase all the ordinary shares in the company for a repurchase price of R1.08 per share. A general offer to shareholders of Ingenuity (excluding the Consortium) will run concurrently. Ingenuity has received irrevocable undertakings from shareholders holding 33.29% of the company's stock. The decision to delist is based on the fact that since listing in 2007, the company has seen no material benefit from being in the listed environment.


Stenprop
Stenprop has advised that it has repurchased 1,150,000 ordinary shares at 110 pence per share. The repurchase is intended to mitigate the dilutive effect of the scrip dividend election.


Adapt IT repurchases shares
Adapt IT has advised that 4,836,650 ordinary shares have been repurchased for a total of R48,39 million at an average cost per share of R5,69.


Datatec repurchases shares
The company repurchased during the period June 28 to July 15 2019, 1,697,160 shares for R59,35 million. The repurchased shares will be cancelled and delisted.


Argent Industrial repurchases shares
The company has over the period March 20 and July 3, 2019 repurchased 1,155,544 ordinary shares valued at R6 million. The shares have been delisted and cancelled. Argent is entitled to repurchase a further 11,45 million shares.


Reinet repurchases shares
The company has, repurchased a further 170,599 shares at an average price of R233.11 per share for a total consideration of R39,77 million.


Glencore repurchase shares
This week the company repurchased a further 11,802,286 shares at a cost of £31,78 million (R551,81 million) in terms of its buy-back programme.


Mondi delists and takes secondary inward listing
Mondi announced in 2018 the simplification of its corporate structure. All conditions in relation to this Simplification have been fulfilled. Admission of the new Mondi plc shares on the JSE will take place on July 29, 2019 - termination of the listing of Mondi Ltd shares on the JSE will be on July 30, 2019.


ABInBev puts Budweiser Brewing IPO on hold
The company has decided not to proceed with the announced public offering of a minority stake in its Asia Pacific subsidiary, Budweiser Brewing Company APAC, on the Hong Kong Stock Exchange. It said it would monitor market conditions and evaluate its options.


Absa lists metal ETFs
Absa has listed three of its metal exchange-traded funds - NewGold, NewPlat and NewGold Palladium - on A2X.


Vunani to apply for transfer to the Main Board
Vunani has advised shareholders it is in the process of preparing an application to transfer its listing from the Alternative Exchange of the JSE to the Main Board of the JSE. The effective date of the transfer will be advised in due course.


Three companies issued a profit warning announcement
The following companies issued profit warnings this week: Hulamin, Phumelela Gaming and Leisure and AECI.


11 companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Phumelela Gaming and Leisure, Omnia, Pioneer Food, Zeder Investments, Middle East Diamond Resources, enX, Peregrine, Union Atlantic Minerals, Tongaat Hulett, EOH and Ingenuity Property Investments.


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