Weekly corporate finance activity by SA exchange-listed companies

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Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2020-07-31 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

City Lodge finalises Rights Offer
City Lodge is to proceed with a renounceable rights offer of R1,2 billion which will allow the company to repay corporate debt, provide for its obligation under the BEE funding arrangements and give the company sufficient working capital to fund the cash flow shortfall as a result of the impact of the national lockdown. The offer will be fully underwritten by Standard Bank and will consist of an offer of 566,460,609 renounceable rights in the ratio of 13 rights offer shares for every 1 City Lodge ordinary share held, offered for a subscription price of R2.12 per offer share.


Indequity repurchases shares
The company has, in the period February 20 to July 27, repurchased 1,954,727 at a total cost of R15,18 million. Following the repurchase, Indequity will hold 950,000 shares as treasury shares representing 8.74% of the company's ordinary shares in issue. Of the repurchased shares 781,967 have been cancelled and delisted.


Quilter repurchases shares
This week the company has repurchased 1,292673 shares on the London Stock Exchange at a cost of £1,70 million and 992,262 shares on the JSE at a cost of R30,94 million.


Momentum Metropolitan to list on A2X
The company has received approval to list its ordinary shares on A2X with effect from August 5, 2020. MMH will retain its listing on the JSE and the Namibian Stock Exchange.


12 companies issued a profit warning announcements
The following companies issued profit warnings this week: Mazor Group, City Lodge Hotels, Octodec Investments, Merafe Resources, Sephaku, Mpact, Liberty, Bowler Metcalf, Sebata, ArcelorMittal South Africa, Standard Bank and Raubex.


Six companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Mettle Investments, Advanced Health, Sasol, Rand Merchant Investment, Astoria Investments and Labat Africa.


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