Corporate finance activity of the week

Sibanye Gold announces terms of its Rights Offer

The company has unveiled the terms of its underwritten rights offer.  It is offering 1,195,787,294 shares at R11.28 per share, a sizeable discount of 62% to its 30-day volume weighted average share price.

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Grand Parade Investments increases stake in Spur

GPI has increased its stake in Spur to 17.48% by acquiring on the open market 8,117,731 shares at an average price of R32.72 per share.

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Old Mutual completes secondary offering

Old Mutual plc has, through its subsidiary OM Group (UK) sold 17,3 million OM Asset Management plc shares at a price of $14.55 per share valued at $251,72 million (R3,3 billion).

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Impala Platinum launches convertible bond 

Impala Platinum has launched a dual offering of up to R2,6 billion unsecured convertible bonds due in 2022 and up to $300 million unsecured convertible bonds due in 2022. The company intends to use the proceeds from the offering to refinance the 2018 convertible bonds.

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Emira Property Fund issues shares

Emira proposes to issue for cash 26,133,364 shares in the company at an issue price of R13.9372. The issue is in terms of its BEE transaction whereby a 5% stake in the enlarged issued share capital of the company is acquired by a BEE consortium and facilitated by Emira providing vendor funding to the parties.

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South32 repurchases shares

The company has repurchased this week 15,424,244 shares for A$37,20 million (R364,56 million).

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BSI Steel repurchases shares

The company has repurchased 21,929,223 shares for R8,69 million. BSI is entitled to repurchase a further 27,072,728 shares.

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KAP Industrial to list bond

The JSE has granted KAP Industrial a listing of its notes under its DMTN programme.

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Sentula Mining to change its name

The company proposes to change its name to Unicorn Capital Partners. If approved, the new name will become effective July 12, 2017.

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Master Plastics list on AltX

Master Plastics, unbundled from JSE-listed Astrapak, listed on AltX on May 24, 2017 with a market capitalisation of R104,1 million. The share price closed at R0.77 per share. The company plans to migrate to the JSE main board in the near future.

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Sacoil to delist from AIM

Sacoil is to delist from AIM, the London Stock Exchange’s international market for smaller growing companies. The last day of trading will be May 30, 2017.

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Listing of additional NewGold Platinum debentures 

NewGold Platinum has issued an additional 400,000 debentures at an issue price of R122.00 per debenture. After listing, there will be 87,600,000 NewGold Platinum debentures in issue referencing 855,881.301 fine troy ounces of platinum.

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Listing of additional AfricaPalladium debentures

AfricaPalladium has issued an additional 600,000 debentures at an average issue price of R100.85 per debenture. After the additional issue there will be 42,300,000 AfricaPalladium debentures in issue, referencing 424 963.619 fine troy ounces of palladium.

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Listing of additional PrefTrax securities

500,000 additional PrefTrax securities were issued and listed on May 22 at an issue price of R9.20 per security. Following the listing there will be 46,075,000 securities in issue.

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Listing of additional NewGold Palladium debentures

NewGold Palladium has issued an additional 400,000 debentures at an issue price of R101.97 per debenture. After the additional issue there will be 22,384,696 NewGold Palladium debentures in issue, referencing 221,030.709 fine troy ounces of palladium.

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Listing of additional PropTrax Ten securities

100,000 additional PropTrax Ten securities were issued and listed this week at an issue price of R20.70 per security. Following the listing there will be 14,525,000 securities in issue.

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Listing of additional CoreShares Global Property securities 

245 734 GLPROP securities were issued on May 23 at an issue price of R32.44 per security. After the securities have been issued and listed, there will be 6,962,653 securities in issue.

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Listing of additional CoreShares S&P 500 securities

200,000 CSP500 securities were issued this week at an average issue price of R31.65 per security. After the securities have been issued and listed, there will be 11,337,497 securities in issue.

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Listing of additional DivTrax securities

100 000 additional DivTrax securities were issued and listed this week at an issue price of R28.50 per security. Following the listing there will be 7,283,517 securities in issue.

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Three companies issued profit warning announcements

The following companies issued profit warnings this week: Total Client Services, Imbalie Beauty and Chrometco.

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Six companies either issued, renewed or withdrew cautionaries

The following companies advised shareholders: Finbond Group, Buildmax, Onelogix, Datatec, Mine Restoration Investments and Miranda Minerals.

(DealMakers is SA’s M&A publication. www.dealmakers.co.za)