Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2020-08-21 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Europa Metals raises funds
The company has raised £2 million via the issue of 15,686,274 new ordinary shares at an issue price of 12.75 pence per share. Of these new shares, certain directors subscribed for 156,862 shares. The shares were issued at a discount of 22.7% to the closing price of 16,50 pence on August 18, 2020, and represent 31.9% of the company's enlarged issued share capital. The proceeds will be utilised toward completion of certain key components of a Pre-Feasibility Study in respect of the Toral lead-zinc-silver project in Spain.

Results of Sirius Real Estate's scrip distribution alternative
The company has issued 6,981,451 new ordinary shares in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of the company of R115,75 million.

Stenprop repurchases shares
The company has repurchased 865,937 shares at 117 pence per share in a move to mitigate the dilutive effect of the scrip dividend election. Following the transaction the total number of treasury shares is 13,371,423 and the total number of shares in issue (less treasury shares) is 285,403,752.

Northam Platinum acquires additional Zambezi preference shares
The company has acquired an additional 9,635,664 Zambezi preference shares for a total cash consideration of c.R804,6 million. Following the acquisition, Northam will hold 74,729,551 Zambezi preference shares representing 46.7% of all Zambezi preference shares in issue. The face value of these preference shares amounts to c. R5,96 billion.

Quilter repurchases shares
This week the company has repurchased 1,819,447 shares on the London Stock Exchange at a cost of £2.67 million and 1,297,117 shares on the JSE at a cost of R43,65 million.

Mine Restoration Investments Business Rescue update
The company's urgent application to have the Business Rescue Process set aside has been successful. The High Court of South Africa handed down the judgement on August 13, 2020.

22 companies issued a profit warning announcements
The following companies issued profit warnings this week: ELB Group, Master Drilling, Woolworths, Kap Industrial, Consolidated Infrastructure, Nictus, Libstar, Momentum Metropolitan, NEPI Rockcastle, Fortress REIT, Resilient REIT, Balwin Properties, Truworths International, Grindrod, Santam, Sanlam, Murray & Roberts, Mr Price, Imperial Logistics, Kaydav, African Dawn Capital and ADvTECH.

Eight companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Tongaat Hulett, Mine Restoration Investments, Advanced Health, Brikor, Hulisani, Safin, PSV and Freedom Property Fund.

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