With shares tightly held and thinly traded, resulting in shares trading at a substantial discount to embedded value per share, the Board of Clientèle has proposed the delisting of the company. This will be undertaken by way of a conditional offer effected through a pro rata repurchase of shares. The offer is subject to a maximum acceptance condition – if the offer is accepted in respect of more than 36,261,776 offer shares (being more than 8% of the offer shares excluding the AEI subscription shares) the offer and delisting will no longer be implemented. The offer consideration (assuming payment date of 29 June 2026) will be R19.90 per share representing a premium of 25.47% to the 30-day VWAP of R15.86 per share. In addition, Clientele will undertake a specific issue of shares for cash to Acacia Empowerment Investments (AEI) and to the executive directors and members of management of the company. In terms of the specific issues, AEI will subscribe for 13,597,860 shares for an aggregate R270,21 million and management for up to 4,800,000 shares for an aggregate R95,53 million. The proceeds from AEI specific issue will form part of the funding to be used to fund the offer consideration. Irrevocable undertakings not to accept the offer have been received by shareholders representing 93.08% of the offer shares (excluding AEI shares) and undertaking to vote in favour of the delisting have been received from shareholders representing 30.74% of the shares in issue (excluding shares held by excluded shareholders).

By way of an accelerated bookbuild, Fairvest raised R900 million, up from the proposed R500 million. The company will issue 130,434,783 new B shares at a price of 690 cents per share, reflecting a 5.5% premium to the 30-day VWAP per Fairvest B share of 654 cents per share. Although the capital raise was increased, the book remained oversubscribed at the higher level. The capital will be utilised to partially settle the purchase consideration for the Muller Group acquisition, the ongoing investment in Onepath Investments and the reduction of debt.

Oando has updated shareholders on the proposed ₦220,8 billion (c.R2,65 billion) Rights Issue – first announced in February 2026. The company is still in the process of obtaining various regulatory approvals including the approval of the NGX and JSE. The company proposes to issue 4,415,867,342 new shares at
₦50.00 per share on the basis of 1 new ordinary share for every 2 existing ordinary shares held.

Following Emira Property Fund’s offered to shareholders to acquire up to 39,204,583 Octodec Investments shares for a cash consideration of R16.75 per share, Freestone Property Investments, a wholly-owned subsidiary of Emira has acquired 2,889,864 ordinary shares for an aggregate consideration of R48,39 million. The offer closes on 8 May 2026.

AttBid, a vehicle representing Atterbury Property Fund (APF), I Faan and I Dirk, which made an offer to RMH shareholders in February 2026, acquired a further 2,939,574 shares at R0.47 per share in on-market transactions this week for an aggregate R1,38 million. Following this, AttBid and APF hold 32.77% and 10.86% respectively, resulting in an aggregate of c.43.63% of the RMH shares in issue. The offer closes on 29 May 2026.

Wesizwe Platinum, whose listing on the JSE remains suspended, has revised the publication date of its audited financial statements for the year ended 31 December 2025 from 30 April to 15 May 2026. Once released, the company will take steps to lift the suspension of trading in the company shares.

Suspended African Dawn Capital has advised its shareholders that it expects the company’s interim results for the six months ended 31 August 2025 to be published by 31 May 2026.

The proposed share capital reductions by Pan African Resources and Jubilee Metals have been approved by the relevant authorities. Shareholders will be further advised in the coming weeks once the capital reductions become effective.

Canal+, owner of MultiChoice, has confirmed it will take an inward secondary listing on the JSE on 3 June 2026. The listing is a fulfilment of a commitment the company made to authorities and a condition of its takeover of the DSTV owner announced in March 2024.

This week the following companies announced the repurchase of shares:

Over the period 1 – 20 April 2026, iOCO repurchased 5,174,369 shares at an average price per share of R4.28 for an aggregate R22,16 million. Since August 2025, the company has repurchased R15,77 million shares for a total cash value of R69,91 million representing c.2.6% of the issued share capital of the company. The shares are currently held as treasury shares.

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 1,066,000 shares on the LSE with an aggregate value of £1,97 million and 172,322 shares on the JSE with an aggregate value of R7,01 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 300,00 ordinary shares at an average price 215 pence for an aggregate £647,655.

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 2,189,434 shares were repurchased for and aggregate €1,644 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 20 – 24 April 2026, the group repurchased 4,617,484 shares for €289,05 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 260,511 shares at an average price of £42.65 per share for an aggregate £11,11 million.

During the period 20 – 24 April 2026, Prosus repurchased a further 1,889,294 Prosus shares for an aggregate €80,52 million and Naspers, a further 538,092 Naspers shares for a total consideration of R500,02 million.

One company issued a profit warning this week: Santova.

Four companies issued or withdrew a cautionary notice: Hulamin, ISA, Gaia Renewables 1 and Santova.

DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com