Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2020-08-14 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Sun International rights offer results
The company has completed its rights offer of 127,174,696 Sun International shares in the ratio of 93.01 rights offer shares for every 100 existing ordinary shares at a subscription price of R9.44 per share to raise R1,2 billion. The underwriters to the offer, Value Capital Partners and Steyn Capital Management have taken up 3,097,730 and 3,872,162 shares respectively. Following the offer, the total issued share capital of the company will increase to 263,905,660.

The Foschini Group rights offer results
The fully underwritten TFG rights offer of 94,270,486 new ordinary shares at R41.90 was fully subscribed after taking in to account excess applications received and as a result the underwriters were not required to subscribe for any rights offer shares. Aggregate proceeds of R3,95 billion was raised which will be used to reduce debt and insulate the balance sheet, ahead of what is expected to be a sustained period of economic uncertainty and to pursue TFG's organic growth strategy and further leverage TFG's existing brands to gain market share. The company stated earlier that the funds will not necessarily be used to settle the recently announced acquisition of parts of Edcon's business Jet.

Vunani proposes unbundling and separate listing of private equity assets
The company proposes an unbundling of the private equity assets and a subsequent listing on a local exchange other than the JSE. The rational for the transaction is to unlock value for shareholders.

Results of Stenprop's scrip distribution alternative
The company has issued 3,301,265 new shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of R82 million.

Orion Minerals raises cash
The company has raised A$6,12 million in a share placement to fund its Prieska copper project. A total of 361,341,167 shares will be issued at A$.,017 per share in two tranches. The first tranche will consist of 361 million shares to be issued under the company's existing authority. The second tranche of 19 million shares will be issued to Tembo Capital Mining Fund, subject to shareholder approval.

Quilter repurchases shares
This week the company has repurchased 1,240,693 shares on the London Stock Exchange at a cost of £1,84 million and 1,410,305 shares on the JSE at a cost of R48,06 million.

12 companies issued a profit warning announcements
The following companies issued profit warnings this week: Montauk, Curro, Lewis Group, Sasol, Transcend Residential Property Fund, Stadio, Exxaro Resources, FirstRand, Absa Group, Tower Property Fund, ARB Holdings and Anchor Group.

Five companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: CSG Holdings, Redefine Properties, PPC, Adcorp and Famous Brands.

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