Exchange-Listed Companies
Astoria Investments has distributed to shareholders the circular in relation to its conditional offer to repurchase not more than 42.5% of the company’s shares, for a cash consideration of R8.15 per share. The offer consideration represents a premium of 26.5% to the 30-day VWAP of R6.44 on 24 October. The offer consideration of R214,97 million will be funded from available cash resources. The company has given an updated on irrevocable undertaking in respect of the offer with shareholders representing 61.6% of the total shares in issue (excluding concert parties) having undertaken to vote in favour of the offer and delisting, and shareholders holding 60.1% of the offer shares having undertaken not to accept the offer. The company will declare a distribution of 7,447,473 Goldrush preference shares (GRSP) to Astoria shareholders in the ratio of 12 GRSP for every 100 Astoria shares held.
Supermarket Income REIT has completed the acquisition of a portfolio of 20 Carrefour supermarkets in France for a total purchase consideration of €123 million at a net initial yield of 6.6%. The weighted average lease term of the portfolio is 12 years with a tenant-only break option in year 10. The deal has been funded through existing unsecured revolving credit facilities. The addition of the portfolio brings the total Carrefour stores owned to 46.
KAP subsidiary Unitrans Africa has disposed of its stake in Eswatini business Unitrans Swazi to Freight-X for R138 million. The disposal is in line with KAP’s strategy to focus on turning around its underperforming businesses.
In a cautionary announcement by RMB Holdings, it advised shareholder that the Board had been notified by Atterbury Property Fund of a potential offer to be made to the company’s shareholders. Further updates would be provided in due course.
Shuka Minerals has provided an update to the financing of its acquisition of Leopard Exploration and Mining (LEM) and the Kabwe Zinc Mine in Zambia. The initial tranche will comprise a cash payment of US$300,000 representing 22% of the remaining $1,35 million cash component of the acquisition. In addition, 6,36 million consideration shares will be issued to the vendors to settle $666,667, being a pro-rata consideration for the $3 million share component of the acquisition, together with 444,444 warrants. The shares are subject to a one-year lock-in restriction. The vendors will transfer shares equal to a 22% stake in LEM. On completion of all tranches Shuka Minerals will own 100% of LEM and the Kabwe Zinc Mine.
The announced deal in October 2025 between Labat Africa and 64P Investments has been terminated by mutual consent. Labat has re-engaged with All Trading, a company owned by two directors of Labat. The deal entails the disposal by Labat of its Healthcare assets comprising shareholdings in CannAfrica, Sweetwaters, BioData, The Highly Creative, African Cannabis Enterprises and Labat Healthcare. The purchase consideration of R23 million will be set off against related party shareholder and director loans. This will reduce Labat’s liabilities and no cash proceeds will be received.
In a further update on the offer to Curro shareholders by the Jannie Mouton Stigting, the transaction remains subject to the unconditional approval from the South African Competition Authorities which have requested additional time for the Department of Trade, Industry and Competition to provide its feedback. The additional 10 working days agreed to will require that the dates and times in the circular be revised. Shareholders will be furnished with a revised timetable.
Shareholders have voted in favour of the offer and delisting of Ascendis Health. The offer, via a repurchase of shares not exceeding a 20% stake, is for a cash consideration of R0.97 per share. The offer is conditional on the delisting of the company via the acceptance of the 20% stake with the remaining shareholders to continue invested in an unlisted entity.
Unlisted Companies
South African electrotech company Plentify has raised an oversubscribed Series A funding round. The company uses AI-fuelled hardware and software to connect home appliances to cheaper and cleaner energy. The round was led by Secha Capital, Buffet Investments, and a SA family office with participation from existing investors E3 Capital and Fireball Capital. New investors included Endeavor South Africa’s Harvest Fund and Satgana.
European technology group APP Solutions has acquired Cape-based ESCROWSURE, a software escrow provider. The acquisition combines APP Solutions’ structure dedicated to protecting innovation and software investments with ESCROWSURE’s local delivery and a 20-year footprint in southern Africa. Financia details were not disclosed.
DealMakers is SA’s quarterly M&A publication.
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