As part funding for the acquisition of the remaining 50% shareholding in Bullring and Grand Central, Hammerson plc has, via an accelerated bookbuild, placed 48,253,994 new ordinary shares representing 9.9% of the company’s issued share capital. A total of 32,080,390 UK shares were placed at 287 pence per share representing a discount of 2.5 % to the closing price on 30 July 2025. 16,173,604 SA shares were placed at an issue price of R68.80 per share. In aggregate the placing will raise £138,5 million and net proceeds of c.£135 million.
Astoria Investments has, in the ordinary course of business, reduced its shareholding in Outdoor Investment (OIH) to 33%. OIH repurchased 320 of its shares for an aggregate of R105,79 million. The transaction, when categorised, represents more than 10% of Astoria’s market capitalisation which requires the company to notify shareholders.
Accelerate Property Fund (APF) has successfully raised R100 million in a rights offer. The capital raise was underwritten by Investec which subscribed for its pro-rata allocation of 46,1 million shares valued at R18,4 million. The proceeds will be used in restructuring efforts with a focus on Fourways Mall, APF’s largest asset.
In connection with the continued implementation of the repurchase programme, Prosus has sold a further 1,132,100 Tencent shares, reducing its shareholding to 22.99883%.
Efora Energy has advised that it will not release its results for the year ended 28 February by the delayed date of 31 July 2025. Shareholders will be provided with further updates in due course. Sebata has also advised that it would not meet the anticipated release date of end July 2025 for the release of its results for the year ended 31 March 2025, saying it expected to publish its audited annual financial statements by 29 August 2025.
This week the following companies announced the repurchase of shares:
Glencore plc 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 4,500,000 shares were repurchased at an average price of £3.15 per share for an aggregate £14,19 million.
Hammerson plc has announced that it is to suspend its share buyback programme with immediate effect. This follows the announced acquisition of Bullring and Grand Central, the acquisition of will be funded partly from its share placing and existing cash resources. Prior to this week’s announcement, the company repurchased 191,293 shares at an average price per share of 298 pence for an aggregate £569,784.
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 722,362 shares at an average price of £38.94 per share for an aggregate £28,13 million.
During the period 21 to 25 July 2025, Prosus repurchased a further 2,252,449 Prosus shares for an aggregate €115,93 million and Naspers, a further 186,285 Naspers shares for a total consideration of R1,08 billion.
Three companies issued a profit warning this week: Merafe Resources, Accelerate Property Fund and Woolworths.
During the week three companies issued or withdrew cautionary notices: Tongaat Hulett, PSV and Copper 360.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
