Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2019-10-11 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Sibanye Gold to restructure
The company has announced its intention to commence an internal restructure process to create a more efficient group structure whereby Sibanye-Stillwater will acquire 100% of the issued share capital of Sibanye Gold by way of a scheme of arrangement. Currently the gold assets sit at the holding company level. The restructure will bring these assets in as a subsidiary. The shares in Sibanye-Stillwater will be listed on the JSE and the American depositary shares on the NYSE to replicate the listings of Sibanye Gold.

Long4Life acquires Spur shares
Long4Life has increased its stake in The Spur by 8.5% by acquiring shares on the open market. The transaction, worth c.R220 million increases the company's stake in the multi-brand restaurant franchisor to 12.5%.

RH Bophelo proposes Rights Offer
The company has announced its intention to launch a rights offer to raise an additional R1,5 billion in capital from shareholders during November/December 2019, subject to favourable market conditions. The funds will be used for the acquisition of a number of opportunities currently in the pipeline which could be concluded during the next three to six months. The pipeline will further develop RH Bophelo's healthcare platform.

Results of Growthpoint Properties' scrip distribution alternative
The company has issued 51,515,094 new ordinary shares in terms of its scrip distribution alternative retaining R1,12 billion in the company. The shares were issued at a discounted price of R21.75 per share.

Kibo Energy plans to issues share for cash
The company is seeking to raise a minimum of £1,5 million of which £1 million is fully underwritten by TS Capital on behalf of TS Capital Clients, at a price of 0.45 pence per share. The proceeds of the placing will be utilised to further develop the company's energy portfolio.

Ecsponent issues additional preference shares
Ecsponent has, under its R5 billion preference share programme, issued additional preference shares valued at R16,11 million.

Raven Property Group to repurchase shares
The company has issued a circular in which it proposes to offer to purchase 1 in every 44 shares held by way of a tender offer at a price of 55 pence per share. If the maximum number of 11,621,569 shares is acquired, the amount paid to shareholders will amount to £6,4 million.

Reinet repurchases shares
The company repurchased 375,969 shares at an average price of R277.55 per share for a total cost of R104,35 million.

Old Mutual repurchases shares
The company repurchased 23,610,393 shares over the period October 3 to October 8, 2019 for a total consideration of R467 million. The shares were repurchased as part of its R2,4 billion share repurchase programme.

South32 repurchases shares
The company this week repurchased 6,354,396 shares valued at A$15,63 million (R159,47 million).

Anglo American repurchases shares
Anglo has repurchased 612,923 shares at a cost of £10,98 million (R203,81 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 16,870,302 shares at a cost of £38,1 million (R707,19 million) in terms of its buy-back programme.

Two companies issued a profit warning announcement
The following companies issued profit warnings this week: Adcorp and Astral Foods.

Fivecompanies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: AEP Energy Africa, Marshall Monteagle, Jasco Electronics, Tongaat Hulett and Middle East Diamond Resources.

DealMakers is SA's M&A publication.

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