According to Cell C’s prelisting statement, c.53.8% of the shares in the telecom have been offered to a select institutional investors. The offer which opened on Thursday 13 November will close on 21 November 2025. 173,4 million shares are being offered together with 9,52 million overallotment shares at a price of between R29.50 and R35.50 per share, giving the company a potential market capitalisation on the JSE of between R10 billion and R12 billion when it lists on 27 November 2025. The offer includes an allocation of up to 68 million shares valued at R2,4 billion to a BEE SPV (Sisonke) which will acquire a stake of between 5% and 20% in Cell C. The gross proceeds from the offer and the sale of the offer shares, are expected to be up to R6,5 billion. The proceeds raised will be allocated towards the settling of certain of The Prepaid Company’s (Blu Label Unlimited) interest-bearing borrowings and other debt obligations. The listing will provide Cell C with access to capital markets, to support and develop further growth of the company and to finance acquisitions and investments in businesses, technologies, services, products, software, intellectual property rights, spectrum and other assets.

Africa Bitcoin has acquired a further 0.6833 BTC for a cash consideration of R1,22 million. The group now hold 3,1949 BTC with an aggregate value of R5,81 million. The R4,05 million raised from the recent placement was used to fund the acquisition.

Delta Property Fund has disposed of its entire stake of 14,869,210 ordinary shares in Grit Real Estate Income Group at 5.45 pence per share for an aggregate sale consideration of £810,371.95. The shares were sold to Peresec Prime Brokers. The disposal is a category 2 transaction and does not require shareholder approval.

Marshall Monteagle has successfully raised US$10,7 million from shareholders via a renounceable Rights Offer. A total of 8,964,377 Rights Offer shares were offered at an issue price of $1.20/R21,35 per share in the ratio of one Rights Offer share for every four Marshall shares.

Copper 360 will on 17 November distribute the circular with details of its proposed claw-back and rights offer. The company aims to offer 280 million shares in its claw-back offer of R140 million and up to 520 million new shares at 50 cents per share raising R260 million in a rights offer. The company has obtained a fairness opinion form an independent expert confirming that the related party conversions are fair to shareholders. Results of the offer will be published on 8 December 2025.

Numeral is proposing to consolidate the company’s issued shares on a 10 to 1 basis, subject to shareholder approval. The company will then undertake a private placement of shares for cash to raise up to R100 million of which US$2 million (c.R34,5 million) will be partly underwritten by Boundryless, an existing shareholder which is owned c.$4,6 million by Numeral.

Southern Palladium will no longer seek shareholder approval to change the company’s name to Southern Platinum. The name change was proposed to reflect the diversity of the metal resources within the company’s project portfolio. However, following feedback from major shareholders the Board has decided to retain the current name.

This week the following companies announced the repurchase of shares:

Premier intends to commence with a general share repurchase programme in terms of the general authority granted to it by shareholders. The rationale for the share repurchase is to ensure that the Group’s capital structure remains efficiently structured, before any effects of the RFG transaction. Shares will be repurchased at a price of up to R154 per share, being the reference price in the RFG transaction.

Woolworths has repurchased 6,9 million shares at an average price per share of R51.22 for an aggregate R353,4 million since the repurchase programme commenced in September 2025.

In October 2024, Anheuser-Busch InBev announced a US$2 billion share buy-back programme to be executed within the next 12 months which will result in the repurchase of c.31,7 million shares. The shares acquired will be kept as treasury shares to fulfil future share delivery commitments under the group’s stock ownership plans. During the period 3 to 7 November 2025, the group repurchased 1,150,019 shares for €62,01 million.

On 19 February 2025, Glencore announced the commencement of a new US$1 billion share buyback programme, with the intended completion by the time of the Group’s interim results announcement in August 2025. This week the company repurchased 6,400,000 shares at an average price per share of £3.58 for an aggregate £22,9 million.

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 375,391 shares were repurchased for an aggregate cost of A$1,22 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 547,300 shares were repurchased at an average price per share of £3.60 for an aggregate £1,97 million.

In May 2025, British American Tobacco 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 550,000 shares at an average price of £41.93 per share for an aggregate £23,06 million.

During the period 3 to 7 November 2025, Prosus repurchased a further 902,724 Prosus shares for an aggregate €54,09 million and Naspers, a further 390,090 Naspers shares for a total consideration of R480,68 million.

Three companies issued a profit warning this week: Goldrush, RFG and RMH.

Two company issued or withdrew a cautionary notice: Hulamin and Copper 360.

DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com