Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2019-09-20 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Trencor proposes repurchase, unbundling and inward listing
Trencor has announced it proposes to unbundle its 47% stake in Textainer to shareholders which will be preceded by the secondary inward listing of Textainer on the main board of the JSE. Prior to the unbundling, Trencor will make an odd-lot and specific offer to shareholders holding fewer than 100 and 635 shares respectively. The maximum number of shares to be repurchased is c. 207,472 at an offer price of R25.63 per share. Assuming conditions precedent are met, Trencor anticipates that the share unbundling will occur on December 17, 2019.

Europa Metals issues shares
Europa Metals, has received notices of exercise in respect of certain pre-existing warrants to subscribe for 166,666,667 new ordinary shares at a price of R0.0045 per share for a cash subscription of R751,963.

Argent Industrial repurchases shares
Argent has repurchased 506,800 ordinary shares representing 0.63% of the issued ordinary share capital with an aggregate value of R2,98 million. The company is entitled to repurchase a further 15,63 million shares (19.37% of the ordinary shares as at the date of the authority). The repurchases were funded from excess working capital resources.

Imperial Logistics to repurchase shares
The company has advised that it has, over the period December 10, 2018 to September 18, 2019, repurchased 8,003,743 of its own shares in terms of the general authority granted at the annual general meeting held in October 2018. The average effective price paid per share was R59.83 and the value of shares repurchased was R478,89 million. The company may still repurchase a further 2,1 million (1,04% of the issued share capital).

Old Mutual repurchases shares
The company repurchased 29,277,070 shares over the period September 12 to 18, 2019 for a total consideration of R595,5 million. The shares were repurchased as part of its R2,4 billion share repurchase programme announced earlier this month.

Reinet launches fourth share buyback programme
The company repurchased 131,800 shares at an average price of R259.00 per share at a total cost of R34,16 million. The company 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 4,612,946 shares valued at A$12,85 million (R128,53 million).

Anglo American repurchases shares
Anglo has repurchased 803,130 shares at a cost of £15,48 million (R281,61 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 15,598,325 shares at a cost of £39,8 million (R724,71 million) in terms of its buy-back programme.

Imbalie Beauty suspension lifted
The JSE has approved the lifting of the suspension of Imbalie shares as of September 13, 2019. The shares were suspended in August 2018 due to a disclaimer of opinion audit due to going concern issues.

Six companies issued a profit warning announcement
The following companies issued profit warnings this week: ELB Group, Texton Property Fund, Quantum Foods, EOH, Gemfields and Blue Label Telecoms.

11 companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Niveus Investments, Labat Africa, Blue Label Telecoms, Avior Capital Markets, Pembury Lifestyle, Choppies Enterprises, Delta Property Fund, Rebosis Property Fund, Jasco Electronics, Marshall Monteagle and 4Sight.

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