With reference to the mandatory offer by Novus to Mustek shareholders in November 2024, Novus has acquired on the open market, 2,031,438 Mustek shares (a 3.53% stake) at R13.00 per share in a transaction valued at R26,41 million. The shares increase the company’s interest in Mustek to 38.6% which together with concert parties constitutes c.58.89% of the issued share capital in Mustek.

Final authorisation has been received by Shuka Minerals from the Competition and Consumer Protection Commission for the proposed acquisition of 100% interest in Zambian mining and exploration company Leopard Exploration and Mining, which owns the Kabwe Zinc Mine in Zambia. Shuka Minerals will issue 28,640,042 new ordinary shares at £0.07737 per share. The shares will represent on issue, 29.99% of the company’s enlarged issue share capital.

MTN Zakhele Futhi (RF) – MTN’s B-BBEE vehicle has completed an accelerated bookbuild placing 23,768,040 MTN shares (1.26% stake) at R128.00 a share in a private placement for gross proceeds of R3 billion. MTNZF intends to use the net proceeds of the placement to settle its outstanding preference share funding and related costs and to distribute the balance of proceeds to its shareholders.

In an equity placement, Spear REIT has raised R749 million which will be utilised in the short term to settle debt and to fund further solar projects. The group will issue 74,900,000 shares at R10 per share reflecting a premium of 1.06% to 30-day VWAP. Following the placement, the loan to value ratio of Spear will be within a range of 18%-20%.

Lighthouse Properties has raised R400 million in an equity raise, issuing 48,780,487 shares at R8.20 per share. The accelerated bookbuild was initially set at R100 million. Lighthouse signed an exclusivity agreement in February this year for the acquisition of a further mall in Spain which is expected to close during June, and which will increase the company’s exposure to Iberia to c.86%. Funds raised will be allocated to this and value accretive investments as they arise.

Oasis Crescent Property Fund will issue 350,785 new units to shareholders receiving the scrip dividend option in lieu of a final cash dividend, resulting in a capitalisation of the distributable retained profits in the company of R10,56 million.

Southern Palladium has undertaken a capital raising by way of a share placement. The company placed 16 million new fully paid ordinary shares at A$0.50 per share to raise A$8 million before costs. The shares were issued at a 10.5% premium to the 10-day VWAP of A$0.45 per share. The funds provide balance sheet strength to advance the next phase of Definitive Feasibility Study work and staged mine development at Bengwenyama.

Karooooo CEO Zak Calisto launched an underwritten secondary public offering of 1,500,000 Karooooo shares at US$50.00 per share for total gross proceeds of c.$75 million. The offering will close on 13 June 2025. The underwriters have a 30-day option to purchase up to an additional 225,000 shares at the public offering price.

Sappi has upgraded its presence in North America with its listing on the OTCQX with effect from 11 June 2025. Sappi’s current shareholder split is c. 70% South African and 30% non-South Africa.

This week the following companies announced the repurchase of shares:

Pan African Resources is to undertake a share buyback programme to purchase up to R200 million (c. approximately US11,1 million) ordinary shares in the market. The repurchase will commence on 17 June 2025.

In its annual financial statements released in August 2024, South32 announced that it would increase its capital management programme by US$200 million, to be returned via an on-market share buy-back. This week 756,925 shares were repurchased at an aggregate cost of A$2,31 million.

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 2 to 6 June 2025, the group repurchased 350,000 shares for €21,75 million.

On 19 February 2025, Glencore plc 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 16,250,000 shares at an average price per share of £2.91 for an aggregate £47,33 million.

Hammerson plc continued with its programme to purchase its ordinary shares up to a maximum consideration of £140 million. The sole purpose of the buyback programme is to reduce the company’s share capital. This week the company repurchased 253,632 shares at an average price per share of 292 pence for an aggregate £739,934.

In line with its share buyback programme announced in March 2024, British American Tobacco plc this week repurchased a further 580,051 shares at an average price of £35.02 per share for an aggregate £20,31 million.

During the period 2 to 6 June 2025, Prosus repurchased a further 4,427,203 Prosus shares for an aggregate €204,27 million and Naspers, a further 251,381 Naspers shares for a total consideration of R1,33 billion.

Two companies issued profit warnings this week: Aveng and KAP.

During the week three companies issued or withdrew cautionary notices: TeleMasters, Trustco and Renergen.

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