The Industrial Development Corporation of SA (IDC) has agreed to convert its convertible loan facility into equity in Orion Minerals’ subsidiary PCZM Holdco. The agreement, signed in February 2023 was implemented on 31 March 2026. Following the equity conversion, the IDC will hold c.23.8% of PCZM Holdco and an effective 16.7% in the Prieska Copper Zinc Mine. The IDC will retain a shareholder loan of c.R272,4 million.
Following the results of the scrip dividend election, Fortress Real Estate Investments will issue 6,086,068 new FFB shares in the company in lieu of an interim dividend, resulting in a capitalisation of the distributable retained profits in the company of R132,99 million.
AttBid, a vehicle representing Atterbury Property Fund (APF), I Faan and I Dirk, which made an offer to RMH shareholders last month, acquired a further 2,066,220 shares in on-market transactions this week. Following this, AttBid and APF hold 32.77% and 9.82% respectively, resulting in an aggregate of c.42.59% of the RMH shares in issue. The offer closes on 29 May 2026.
Jubilee Metals’ shareholders, at the General Meeting held this week, approved the special resolution of reduce the share premium account of the company. Jubilee will now apply to the Court for confirmation of the Capital Reduction with the reduction expected on 29 April 2026.
This week the following companies announced the repurchase of shares:
The Old Mutual share repurchase programme announced in October 2025 will repurchase c.220 million ordinary shares for a total consideration of R3 billion. Repurchases will take place on the JSE only and the shares will be cancelled reverting to authorised but unissued ordinary share capital. Since the October announcement 147,004,816 shares have been repurchased for a total consideration of R2,07 billion. A further 6.88% may still be repurchased in terms of the General Authority granted by shareholders.
Quilter announced it would commence a share buyback programme to repurchase shares with a value of up to £100 million in order to reduce the share capital of the company and return capital to shareholders. This week Quilter repurchased 619,903 shares on the LSE with an aggregate value of £1,1 million and 410,262 shares on the JSE with an aggregate value of R16,37 million.
Ninety One plc announced that it has extended the repurchase programme from 31 March 2026 to 3 June 2026. 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 212,065 ordinary shares at an average price 214 pence for an aggregate £455,141.
GreenCoat Renewables has implemented a share buyback programme totalling €100 million over 12 months with a first tranche amounting to €25 million beginning on 5 March 2026 – representing 13% of the issued share capital. This week 2,195,795 shares were repurchased for and aggregate €1,60 million.
Anheuser-Busch InBev’s US$6 billion share buy-back programme continues. 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 30 March to 3 April 2026, the group repurchased 1,079,139 shares for €65,07 million.
In December 2025, British American Tobacco extended its share buyback programme by a further £1.3 billion for 2026. The shares will be cancelled. This week the company repurchased a further 472,079 shares at an average price of £43.85 per share for an aggregate £20,70 million.
During the period 30 March to 3 April 2026, Prosus repurchased a further 1,797,401 Prosus shares for an aggregate €70,9 million and Naspers, a further 764,392 Naspers shares for a total consideration of R663,3 million.
Two companies issued or withdrew a cautionary notice: RMB Holdings and Trustco.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
