Kore Potash has conditionally raised c.US$1,28 million through the proposed issue of 91,802,637 new ordinary shares at a price of US$0.014 per share. 87,5 million shares have been placed with new and existing shareholders. The placing of the remaining 4,3 million shares with the company’s existing chairman, is conditional on shareholder approval, which will be sought in due course. The proceeds of the fundraise will be used to progress the Kola Potash Project.
Texton Property Fund has reduced its exposure in Blackstone Real Estate Income Trust iCapital Offshore Access Fund. The shares have been redeemed at R110 million which compares with the average acquisition price of R91,9 million – together with the total monthly distributions that were received during the hold period. The investment yielded a return during the holding period of 31.05%.
Vukile Property Fund will issue 36,978,550 new shares at R14.50 per share in terms of its dividend reinvestment alternative offered to shareholders. Shareholders holding 745,47 million (67.5%) Vukile shares elected to receive the dividend reinvestment alternative resulting in the retention of R536,2 million in new equity.
Firm commitments have been received by Orion Minerals for a placement of c. 513 million shares at an issue price of A$0.015 (R0.18) per share to raise A$7,7 million (R92,34 million). The funds will, in principle, be used to progress the development of the Prieska Copper Zinc Mine.
Following the listing of Rainbow Chicken by RCL Foods, Rainbow Chicken will be unbundled to shareholders by way of a pro rata distribution in specie.
Momentum Metropolitan shareholders have approved the change of name to Momentum Group. The change will be effective from commencement of trading on 17 July 2024.
Basil Read’s listing on the JSE will cease on 8 July 2024 following various non-compliances since its suspension on 21 June 2018.
aREIT Prop, which listed in March 2022, was suspended last month for failing to submit its annual financial statements. The company now faces removal from the JSE Main Board.
The JSE and LSE have suspended the listing of Kibo Energy with immediate effect (1 July 2024) for failure by the company to publish its Annual Financial Statements by the 30 June 2024 as required by the listing requirements. Further, the JSE has notified shareholders of African Dawn Capital, Copper 360, Visual International and Acsion that the listings of these companies have been annotated with RE to indicate the failure to submit annual reports timeously and as such may be suspended if not submitted before 31 July 2024.
A number of companies announced the repurchase of shares:
In line with its share buyback programme announced in March, British American Tobacco this week repurchased a further 740,000 shares at an average price of £24.47 per share for an aggregate £18,1 million.
Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 24 – 28 June 2024, a further 4,479,833 Prosus shares were repurchased for an aggregate €151,9 million and a further 336,220 Naspers shares for a total consideration of R1,21 billion.
Two companies issued profit warnings this week: Sable Exploration and Mining and ArcelorMittal.
Four companies issued cautionary notices this week: Cilo Cybin, Brikor, Tongaat Hulett and Salungano.
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