In terms of the revised offer to Assura plc shareholders by Primary Health Properties plc (PHP), a further 292,922,357 new PHP shares listed this week. The revised offer remains open for acceptances until 13h00 on 10 September 2025. As at 27 August 2025, PHP had received acceptances in respect of c.92.02% of the issued share capital of Assura.

Fairvest has successful completed a capital raise of R976,7 million via an accelerated bookbuild. Fairvest will issue 180,872,707 new B shares at a price of 540 cents per share – a 2.28% discount to the 30-day VWAP of 553 cents per share. Initially the company proposed to raise capital of c.R400 million but increased the raise on strong demand. The proceeds will be used for acquisitions, investments and the reduction of debt.

MTN Zakhele Futhi (MTNZF) has disposed of the last tranche of its MTN shares. The 2,476,448 MTN shares were disposed of in the open market over the period 18 to 20 August 2025 raising an aggregate R391 million after costs. The unwind of the MTNZF scheme will now be finalised – following the sale of the last MTN shares held, MTNZF’s NAV is c.R494 million (R4.00 per share).

Grindrod shareholders are set to receive a special dividend of 32.3 cents per share in terms of a cash return of 25% of the consideration received from the divestitures of non-core assets.

With strong cash generation and cash reserves in excess of operational requirements, Italtile will pay shareholders a special dividend of 98 cents per share as announced in the Group’s annual results released this week.

ASP Isotopes’ inward secondary listing on the Main Board of the JSE became effective on 27 August 2025. 91,41 million shares were listed at R217 per share reflecting a market capitalisation of R19,84 billion. In May the Nasdaq-listed company made an offer to Renergen minorities to take the company private, with the deal becoming unconditional during August.

Life Healthcare’s special dividend of 235 cents per share will be paid to shareholders on 22 September 2025.

Suspended Wesizwe Platinum has again pushed out the revised timeline for publication of its Annual Financial Statements for the year ended 31 December 2024 from 29 August to 30 September citing the status of the audit which is currently undergoing a final review and close out process. The company’s listing was suspended on 3 June 2025.

Following the approval of the scheme by shareholders and the payment of the scheme consideration by Eastern Trading on 25 August, AH-Vest shares were delisted from the JSE on 26 August 2025. Eastern Trading acquired the remaining 4.3% stake in AH-Vest at 55c per share – a significant premium to the share price prior to the announcement of 3c per share.

This week the following companies announced the repurchase of shares:

South32 will continue 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.

On March 6, 2025, Ninety One plc announced that it would undertake a repurchase programme of up to £30 million. The shares will be purchased on the open market and cancelled to reduce the Company’s ordinary share capital. This week the company repurchased a further 48,846 ordinary shares at an average price of 189 pence for an aggregate £92,699.

Investec ltd commenced its share purchase and buy-back programme of up to R2,5 billion (£100 million). Over the period 20 – 26 August 2025, Investec ltd purchased on the LSE, 970,991 Investec plc ordinary share at an average price of £5.4694 per share and 889,606 Investec plc shares on the JSE at an average price of R130.9063 per share. Over the same period Investec ltd repurchased 757,369 of its shares at an average price per share of R131.887. The Investec ltd shares will be cancelled, and the Investec plc shares will be treated as if they were treasury shares in the consolidated annual financial statements of the Investec Group.

Bytes Technology will undertake a share repurchase programme of up to a maximum aggregate consideration of £25 million. The purpose of the programme is to reduce Bytes’ share capital. This week 374,522 shares were repurchased at an average price per share of £3.93 for an aggregate £1,47 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 9,3 million shares were repurchased at an average price of £2.94 per share for an aggregate £27,34 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 18 to 21 August 2025, the company repurchased 47,617 shares at an average price of R21.09 on the JSE and 165,105 shares at 89.48 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 358,878 shares at an average price of £42.00 per share for an aggregate £15,3 million.

During the period 18 to 22 August 2025, Prosus repurchased a further 1,305,123 Prosus shares for an aggregate €69,05 million and Naspers, a further 114,711 Naspers shares for a total consideration of R663,71 million.

Three companies issued profit warnings this week: Hulamin, Trellidor and Metrofile.

During the week two companies issued or withdrew a cautionary notice: MTN Zakhele Futhi (RF) and Metrofile.

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