Weekly corporate finance activity by SA exchange-listed companies


Weekly corporate finance activity by SA exchange-listed companies

Published Date: 2020-11-06 | Source: DealMakers | Author: Marylou Greig

Weekly corporate finance activity by SA exchange-listed companies

Motus repurchases shares
The company has repurchased 5,953,364 of its own shares representing 3.04% of the issued share capital of the company for a total of R335,35 million. A further 13,598,008 shares remain under the general authority granted by shareholders. The general repurchase was funded from available cash resources.

Allied Electronics begins process of unbundling and listing of Bytes UK
Altron has provided further information of its intention to unbundle the entire issued capital of Bytes UK via a demerger process which will see the subsidiary renamed Bytes Technology Group plc. The new company will have a primary listing on the LSE with a secondary inward listing on the Main Board of the JSE. A minimum offer price for the shares of £1.89 per share estimates a minimum market capitalisation of £450 million (c.R9,4 billion). This represents (at close of business on October 30) 89% of Altron's current market capitalisation. Admission to the LSE and JSE is expected to commence on December 17, 2020.

Prosus to implement an on-market repurchase programme and to acquire Naspers shares
The company intends to implement an on-market Prosus N ordinary share repurchase programme of up to US$1,37 billion from its free-float shareholders and an on-market Naspers N ordinary share purchase programme of up to US$3,63 billion. Further details will be communicated in due course.

Sibanye-Stillwater proposes odd-lot and specific offers
The company is proposing to make an offer to certain holders of its ordinary shares via an odd-lot offer and a specific repurchase in terms of the listing requirements of the JSE. The offer price will be at a premium of 5% to the VWAP of a Sibanye-Stillwater share on the JSE over the 10 trading days up to the day immediately prior to the finalisation date announcement which is expected to be on or before 11th December 2020.

Zarclear sells Stenprop shares on the open market
The company has sold 1,847,979 Stenprop shares at R27.10 per share and 300,496 Stenprop shares at R26.50 per share on an on-market block trade. Following the disposals, Zarclear now owns in aggregate 12,33 million Stenprop shares representing a c.4.13% equity stake in Stenprop.

Texton Property Fund shares acquired on the open market
Oak Tech Properties acquisition of an 8% stake in Texton shares on the open market which triggered an offer to minorities by way of a scheme of arrangement has acquired a further 1,537,501 Texton shares at a price not greater than the proposed offer consideration of R1.20 per share. Following the open market acquisition, Oak Tech's stake in Texton now stands at 40.51%.

Results of Equites Property Fund's scrip distribution alternative
The company has issued 10,618,480 new ordinary shares at a reinvestment price per new share of R16.20 in terms of its scrip distribution alternative resulting in a capitalisation of distributable retained profits of the company of R172 million.

South32 repurchases shares
The company this week repurchased 5,674,151 shares valued at A$11,69 million (R133,32 million).

Quilter repurchases shares
The company has repurchased, since October 13, 2020, 11,618,582 shares at a cost of £14,73 million.

Six companies issued a profit warning announcements
The following companies issued profit warnings this week: Conduit Capital, Trustco, Novus, Tiger Brands, Delta Property Fund and Mr Price.

Five companies either issued, renewed or withdrew cautionaries
The following companies advised shareholders: Vunani, Allied Electronics, Northam Platinum, Adcorp and Pembury Lifestyle.

DealMakers is SA's M&A publication.

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