In the release of its financials for the year ended 30 June 2025, Remgro reported it had, during September, sold its entire stake in British American Tobacco (1,252,712 BAT shares at an average price of R967.18 per share) for a gross consideration of R1,21 billion. Shareholders will receive a special dividend of 200 cents per share with the R1,41 billion declared out of income reserves.
Capital Appreciation will trade under its new name Araxi and share code AXX from commencement of trade on Wednesday 1 October 2025.
As previously reported, Sebeta did not release its results for the year ended March 2025 on 29 August 2025 citing a delay in the technical review of the Inzalo Capital transactions. The auditors are now finalising the necessary consultations required to enable them to express an audit opinion on the results which are now expected to be released by 15 October 2025.
Pan African Resources plc expects to move the trading of its shares from AIM to the Main Market of the LSE in late October. The admission remains subject to the approval by the Financial Conduct Authority.
This week the following companies announced the repurchase of shares:
South32 continued with its US$200 million repurchase programme announced in August 2024. The shares will be repurchased over the period 12 September 2025 to 11 September 2026. This week 382,991 shares were repurchased for an aggregate cost of A$1 million.
The purpose of Bytes Technology’s share repurchase programme, of up to a maximum aggregate consideration of £25 million, is to reduce Bytes’ share capital. This week 550,000 shares were repurchased at an average price per share of £3.94 for an aggregate £2,17 million.
Glencore plc’s current share buy-back programme plans to acquire shares of an aggregate value of up to US$1 billion. The shares will be repurchased on the LSE, BATS, Chi-X and Aquis exchanges and is expected to be completed in February 2026. This week 8 million shares were repurchased at an average price of 3.09 per share for an aggregate £24,77 million.
In May 2025 Tharisa plc announced it would undertake a repurchase programme of up to US$5 million. Shares have been trading at a significant discount, having been negatively impacted by the global commodity pricing environment, geo-political events and market volatility. Over the period 15 to 19 September 2025, the company repurchased 2,988 shares at an average price of R21.88 on the JSE and 5,000 shares at 92.70 pence per share on the LSE.
In May 2025, British American Tobacco plc extended its share buyback programme by a further £200 million, taking the total amount to be repurchased by 31 December 2025 to £1,1 billion. The extended programme is being funded using the net proceeds of the block trade of shares in ITC to institutional investors. This week the company repurchased a further 621,894 shares at an average price of £39.96 per share for an aggregate £24,84 million.
During the period 5 to 19 September 2025, Prosus repurchased a further 2,067,689 Prosus shares for an aggregate €115,6 million and Naspers, a further 132,635 Naspers shares for a total consideration of R794,59 million.
Three companies issued profit warnings this week: Renergen, Gemfields and Visual International.
During the week one company issued or withdrew a cautionary notice:
ArcelorMittal South Africa.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
