Labat Africa intends to raise a maximum of R74,68 million via a partially underwritten (by directors) rights offer for working capital purposes with the balance to be retained in an interest-bearing cash reserve account. If fully subscribed, 622,312,545 shares will be issued at 12 cents per rights offer share. Currently the company has a market capitalisation of R49,79 million with the share price trading at 8 cents.
Ellies has proposed to raise R120 million via a Rights Offer to part fund the acquisition of Magetz Electrical and Power On Wheels announced in February. Mazi Asset Management and Imvula Education Empowerment Trust have, together agreed to underwrite the proposed capital raise. Shares will be issued at R0.07 per rights offer share.
Purple Group has successfully raised R105 million via the issue of 129,629,630 shares at an offer price of 81 cents. The rights offer was oversubscribed and accordingly SIH in its capacity as underwriter was not required to subscribe for any shares.
Oasis Crescent Property Fund unit holders representing 45.4% of units qualifying to receive a distribution have elected to reinvest their distribution. The company has accordingly issued 748,452 units in terms of its scrip dividend election at R23.91 per unit amounting to R17,89 million.
Shareholders holding 28.07% of Dipula Income Fund shares have elected to receive the dividend re-investment option resulting in the issue of 18,253,926 new shares retaining R64,25 million in new equity for Dipula.
As part of its capital optimisation strategy, Investec Ltd acquired on the open market a further 552,644 Investec Plc shares at an average price of 451 pence per share (LSE and BATS Europe) and 752,733 Investec Plc shares at an average price of R107.42 per share (JSE).
Brait has revealed to Business Day that it aims to wind-down, sell and unbundle its remaining assets which would result in Virgin Active remaining as the listed entity with a primary listing in Luxembourg and a secondary listing on the JSE.
Merafe Resources will join the growing number of JSE-listed companies to take a secondary listing on A2X. The company will trade on the exchange from June 21, 2023. The listing of Merafe brings the number of instruments listed on A2X to 135.
A number of companies listed on one of South Africa’s Stock Exchanges have initiated share buyback programmes and each week update shareholders. They are:
Investec’s share repurchase programme has been renewed and commenced on May 30. The programme will end on or before September 29. This week 778,251 shares were repurchased at an average price per share of R106.07. Since November 21 2022, the company has repurchased 11,200,577 shares at a cost of R1,2 billion.
South32 this week repurchased a further 1,327,431 shares at an aggregate cost of A$5,17 million.
This week Glencore repurchased a further 11,760,000 shares for a total consideration of £51,9 million. The share repurchases form part of the second phase of the company’s existing buy-back programme.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period June 5 to June 9 2023, a further 1,692,901 Prosus shares were repurchased for an aggregate €111,41 million and a further 364,626 Naspers shares for a total consideration of R1,14 billion.
Seven companies issued profit warnings this week: Novus, Thungela Resources, African Equity Empowerment Investments, Mantengu Mining, Prosus, Naspers and Marshall Monteagle.
Four companies issued or withdrew a cautionary notice: Afristrat Investment, Telkom SA, enX and Ellies.
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