Dipula Properties has launched an equity raise of c.R500 million, implemented through an accelerated bookbuild process. The equity raise will be offered, in the first instance, by way of a vender consideration placing of new ordinary shares and potentially, in the second instance, in terms of its existing general authority to issue shares for cash. The equity raise will fund acquisitions, which include the Protea Gardens Mall in Soweto, announced on 19 August 2025 for R478,1 million.

Following the demerger of Valterra Platinum earlier this year from the Anglo American stable, Anglo retained a 19.9% shareholding subject to an on-market sales lock up period of 90 days. This week Anglo undertook an accelerated bookbuild offering of c.52,2 million Valterra ordinary shares. The shares were placed at a price of R845 per share raising proceeds of R44,1 billion (US$2,5 billion). The disposal represents Anglo’s entire remaining stake in the platinum miner.

Marshall Monteagle is to undertake a renounceable rights offer to raise US$10,7 million (R 191,4 million), the proceeds of which will be used to increase the size of the company’s investment portfolio and to support the growth of its physical trading business without taking on debt. 8,964,377 shares will be issued at a Rights Offer price of $1.20 (R21.34), representing a discount of c.28% as at the date of announcement. The shares will be issued in the ratio of 1 Rights Offer Share for every 4 ordinary shares held. Participating shareholders will be offered an unlisted warrant which is convertible into new Marshall shares at an issue price of $1.20 in the ratio of 1 warrant for every 2 Rights Offer Shares allocated until the exercise period of the warrants expire on 31 October 2030. This will necessitate an increase in authorised capital from 40 million to 100 million. Shareholders will vote on this on 6 October 2025.

Texton Property Fund has exited its exposure to Blackstone Real Estate Income Trust iCapital Offshore Access Fund. The remaining 4,945.4466 shares were redeemed at R110,76 million which compares with the average acquisition price of R98,37 million. The investment yielded a return during the holding period of 31.37%.

In terms of the revised offer to Assura plc shareholders by Primary Health Properties plc (PHP), a further 29,556,535 new PHP shares listed this week. The revised offer remains open for acceptances until 13h00 on 10 September 2025.

In an off-market transaction, Italtile has acquired 675,000 shares held by Italtile Ceramics at a price of R9.91 per share for a total transaction value of R6,69 million.

Salungano, which was suspended in August 2023 for failure to publish its audited financial results for the year ended 31 March 2023, will remain suspended as it has once again pushed out the revised timeline for publication of its FY2024 and FY2025 results. The company, although said to be e progressing on finalising its financial reporting, is unable to pinpoint a date of release.

Sebeta did not release its results for the year ended March 2025 on 29 August 2025 as previously communicated citing a delay in the technical review of the Inzalo Capital transactions. Updates on the timeline would be provided in due course.

Shareholders voted in support of the change in name of Capital Appreciation to Araxi. The share will trade under the new name from 1 October 2025 referenced by the JSE share code AXX.

In a slight name change, Mantengu Mining will drop the reference to mining and trade Mantengu from 10 September 2025.

This week the following companies announced the repurchase of shares:

Schroder European Real Estate Trust plc acquired a further 101,400 shares this week at a price of 65 pence per share for an aggregate £65,863. The shares will be held in Treasury.

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 696,357 shares were repurchased for an aggregate cost of A$1,85 million.

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 347,523 ordinary shares at an average price of 189 pence for an aggregate £654,327.

Investec ltd commenced its share purchase and buy-back programme of up to R2,5 billion (£100 million). Over the period 27 August to 2 September 2025, Investec ltd purchased on the LSE, 1,183,024 Investec plc ordinary share at an average price of £5.4699 per share and 883,589 Investec plc shares on the JSE at an average price of R130.2376 per share. Over the same period Investec ltd repurchased 629,936 of its shares at an average price per share of R127.60. 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.

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 525,00 shares were repurchased at an average price per share of £4.03 for an aggregate £2,12 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 8,022,682 million shares were repurchased at an average price of £2.94 per share for an aggregate £23,53 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 25 to 29 August 2025, the company repurchased 33,990 shares at an average price of R21.37 on the JSE and 162,500 shares at 91.36 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 606,407 shares at an average price of £41.30 per share for an aggregate £25,04 million.

During the period 25 to 29 August 2025, Prosus repurchased a further 1,341,852 Prosus shares for an aggregate €70,23 million and Naspers, a further 113,829 Naspers shares for a total consideration of R665,81 million.

Four companies issued profit warnings this week: Super Group, Bell Equipment, AfroCentric Investment Corporation and African Rainbow Minerals.

During the week two companies issued or withdrew a cautionary notice: Blu Label Unlimited and Trustco.

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