Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2019-09-13 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Prosus lists on Euronext and the JSE
The long awaited listing of Prosus on Euronext and the JSE this week is the result of the unbundling of the group's international internet businesses, including its 31% stake in Chinese tech giant Tencent. The share closed at R1,202.65 giving the company a market capitalisation of R1,95 trillion. Naspers, which will retain a stake of around 73% in Prosus, saw its shares fall 31% in value on the JSE as a result of the unbundling.

Italtile declares special dividend
Italtile has declared a gross special cash dividend of 23 cents per ordinary share. The company has 1,321,654,148 ordinary shares in issue. The special dividend was declared in light of the BEE transaction and the group's cash reserves being in excess of operational requirements.

Northam Platinum completes private placement
The company has completed the private placement of its domestic medium-term notes to the value of R500 million. The notes will attract a floating rate coupon of 2.40% per annum. The total notional value of the notes in issue under the R5 billion Domestic Medium Term Note Programme amounts to R2,325 billion.

Brainworks to issue shares
Brainworks has entered into debt settlement agreements with Argentum, BI Childs and Red Rock Capital in which the company will issue 7,985,581 ordinary shares at an issue price of R6.50 per share.

Labat Africa to issue shares for cash
Labat has received an offer from an international investor to subscribe for 44,900,000 ordinary shares at a subscription rate of R0.85 per share. The shares will be issued under the general authority to issue shares for cash.

Grit Real Estate Income Group to issue shares for cash
The board of directors has announced it wishes to seek authority from shareholders to issue up to 280 million shares as it seeks to raise cash for identified targeted acquisitions valued in excess of $470 million.

PSV to undertake rights offer
PSV has decided to undertake a fully underwritten renounceable rights offer to raise R35,5 million in terms of which the company will offer 591,014,000 new shares at a subscription price of R0,06 per share. An underwritten agreement has been concluded with DNG Energy, who currently holds a 25.6% stake in PSV. The net proceeds of the offer will be used to reduce the Group's net debt position and provide a capital injection to facilitate organic growth.

Ecsponent issues additional preference shares
Ecsponent has, under its R5 billion preference share programme, issued additional preference shares valued at R147,67 million.

Reinet launches fourth share buyback programme
The company has announced the commencement of a fourth share buyback programme in which it intends to purchase shares at market price for an aggregate maximum of €50 million subject to a maximum of 3,1 million shares over a period ending December 12, 2019.

South32 repurchases shares
The company this week repurchased 9,408,148 shares valued at A$25,56 million (R255,64 million).

Anglo American repurchases shares
Anglo has repurchased 670,109 shares at a cost of £12,36 million (R223,8 million). The repurchase is part of the company's buyback programme announced on July 25, 2019.

Glencore repurchases shares
This week the company repurchased a further 15,878,842 shares at a cost of £38,75 million (R702,24 million) in terms of its buy-back programme.

Five companies issued a profit warning announcement
The following companies issued profit warnings this week: York Timber, Hyprop Investments, Bauba Resources, KayDav and Rolfes.

Seven companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Metrofile, Ayo Technology Solutions, Avior Capital Markets, Efficient, Tiso Blackstar, AEP Energy Africa and Phumelela Gaming and Leisure.

DealMakers is SA's M&A publication.

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