Weekly corporate finance activity by SA exchange-listed companies

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Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2020-01-24 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Alexander Forbes to repurchase shares
The company has announced it is to repurchase 200,800,000 shares held by Mercer at a price of 515 cents per share for a total repurchase consideration of R1,03 billion. The shares represent c. 15.6% of the issued share capital of the company.


Naspers sells Prosus shares through an accelerated bookbuild
The company has placed 22 million Prosus N ordinary shares representing c. 1.4% of the issued Prosus N shares at a price of €67.50 per share resulting in gross proceeds of €1,5 billion (R24 billion). Following the placing, Naspers' stake in Prosus falls to c. 72.5%.


Brait announces terms of Rights Offer
The Offer will consist of a fully committed and underwritten renounceable rights offer by Brait of 795,454,545 new shares at a deeply discounted offer price of R6.60 per new share in the ratio of 1.6870 new shares for every 1 share held. The offer price represents a 48.6% discount to the JSE closing price of R12.85 on January 20, 2020. The share sale will raise R5,25 billion and is part of a group restructure and introduction of new strategic investor Ethos Private Equity.


Sephaku announces intention to undertake Rights Offer
The Offer will consist of a partially underwritten renounceable rights offer by Sephaku of 46,270,261 new shares at an offer price of R0.81 per new share in the ratio of 1 Rights Offer Share for every 4.5 ordinary shares held. The capital raise follows the announcement late last year that it intended to raise R50 million in equity.


Renergen completes capital raise
The company has placed 5,600,000 CDIs at A$1.20 per security, raising a total of A$6,72 million representing a 4,7% discount to 30 day VWAP. Proceeds will be used to replenish cash used to acquire the remaining stake in Tetra4 and the balance to further explore the gas discovery made in December.


Delta Property Fund disposes of shares
The company has disposed of 6,497,566 shares in Grit Real Estate Income Group through an off-market transaction at $1.09 (R16.06) per Grit share for a total consideration of R104,4 million. The proceeds were used to reduce debt, supplement capital expenditure as well as replenish working capital.


Indequity repurchases shares
The company has repurchased 551,869 shares, representing 4.43% of the issued ordinary share capital of the Company. The shares were repurchased at an average price of 788c per share for a total consideration of R4,35 million.


Hulamin repurchases shares
The company has repurchased 9,587,905 shares, representing 3% of the issued ordinary share capital of the company as at May 15 2019. The shares were repurchased at an average price of 258c per share for a total consideration of R24,75 million.


Kore Potash plc issue shares
The company has issued a total of 3,811,398 shares to certain non-executive directors in lieu of cash fees of $74,875. Following the issue, the company's issued share capital will consist of 1,541,252,564 shares.


Anglo American repurchases shares
Anglo has repurchased 424,677 shares at a cost of £9,34 million (R175,51 million). The repurchase is part of the company's buyback programme announced on July 25, 2019.


iHealthcare lists on 4AX
iHealthcare Group Holdings (IHGH) and iHealtcare Group Ltd (IHG), listed on 4AX on January 17 under the healthcare sector. IHGH listed 1,54m shares giving it a market cap of R41,57 million while IHG listed 2,33 million shares resulting in a market cap of R62,89 million. The listing price of both shares was R26.99.


Gemfields seeks admission on the AIM market
The company has announced its intention to list on the AIM market of the London Stock Exchange. Currently it has a primary listing on the JSE and a secondary listing on the Bermuda Stock Exchange. The intention is not to raise capital in conjunction with admission which is expected on February 14, 2020.


One company issued a profit warning announcements
The following company issued a profit warning this week: Blue Label Telecoms.


Five companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Ayo Technology Solutions, Zarclear, African Phoenix Investments, Efficient and Grand Parade Investments.


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