In a pre-close update to shareholders Resilient REIT said while its investment in Lighthouse Properties remains a core component of its offshore strategy, the company had taken advantage of strong market conditions and disposed of a portion of the investment to fund the development pipeline. Resilient currently owns 27.6% of Lighthouse following the disposal of 39,2 million Lighthouse shares for proceeds of R332,2 million.
Castleview Property Fund has concluded a share subscription agreement with Select Opportunities Fund En Commandite Partnership in terms of which Castleview will issue a maximum of 30,487,805 shares at R6.56 per share for a maximum value of R200 million. The subscription price represents a 20% discount to the spot price of Castleview. Since the subscriber is a related party, an independent expert has been appointed.
PBT Group has declared a capital reduction distribution of 17.50 cents per PBT share to be paid to shareholders on 21 July 2025.
Efora Energy has advised of a further delay to 31 July 2025 in the release of its results for the year ended 28 February 2025, with the annual report anticipated by 31 August 2025. African Dawn has also advised delays saying it expected to publish its audited annual financial statements by 31 August 2025 and distribute its Annual Report by 30 September.
Shareholders have approved the intended Rights Offer by Accelerate Property Fund which aims to raise R100 million by way of a fully underwritten renounceable offer. The company will issue 250 million shares at R0.40 per share.
The JSE has advised that the following companies – African Dawn Capital, Brikor, Copper 360, Efora Energy, Visual International and Sable Exploration and Mining – have failed to submit their annual report within the four-month period stipulated in the JSE’s Listing Requirements. Should they fail to submit their annual reports before 31 July 2025, their listings may be suspended.
This week the following companies announced the repurchase of shares:
Following the closing of the Viterra/Bunge merger announced in June 2023, Glencore received 32,8 million shares in Bunge, representing 16.4% of the enlarged company. Glencore is of the view that the NYSE-listed Bunge shares represent surplus capital. The shares have a current market value of c.US$2.63 billion, the value of which (up to $1 billion) the Group intends to use to underpin a new buyback programme.
Pan African Resources has commenced the share buyback programme announced in early June 2025. The programme will take place on the AIM Market of the LSE and the JSE with c.R200 million (c.£8,2 million) to be purchased across both exchanges. This week 420,317 shares were repurchased at an average price of 46.89 pence per share for an aggregate £197,087.
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 23 to 26 June 2025, the group repurchased 786,256 shares for €46,69 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 213,431 shares at an average price per share of 299 pence for an aggregate £639,931.
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 to be funded using the net proceeds of the block trade of shares in ITC to institutional investors. This week the company repurchased a further 639,622 shares at an average price of £34.41 per share for an aggregate £22 million.
During the period 23 to 27 June 2025, Prosus repurchased a further 3,379,017 Prosus shares for an aggregate €160,83 million and Naspers, a further 434,976 Naspers shares for a total consideration of R2,39 billion.
One company issued a profit warning this week: Visual International.
During the week two companies issued or withdrew cautionary notices: ArcelorMittal South Africa and Blue Label Telecoms.
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