| Friday 14 January 2022 Good morning Voornaam,
Property fund NEPI Rockcastle ran a bookbuild yesterday to raise debt under its Guaranteed Euro Medium Term Note Programme. The fund has an investment grade rating for its debt and is focusing on green funding based on the ESG-related metrics in its portfolio. The company wished to raise EUR500 million in bonds with an 8-year tenor. The results of the bookbuild will likely be announced today.
A new name on the JSE is Afine Investments Limited, a petrol service station REIT that has listed on the AltX. As part of the listing, KSP Offshore (which held 90% of Afine at date of listing) needed to make 5% available for trade in the open market in order to create liquidity. This has been announced as dealing by a director, as the entity is an indirect associate of director Peter Todd.
Tharisa Plc is a platinum group metals (PGMs) and chrome producer listed on the JSE and the London Stock Exchange. The company's production result for the first quarter of FY22 has been released. Several production records were set with strong quarter-on-quarter growth. The company also highlights an improvement in the supply-demand balance for PGMs driven by improved production volumes in the motor industry and stockpiles from major suppliers being worked through the market. If that plays out the way Tharisa hopes, PGM investors will be smiling.
Sable Exploration and Mining Limited (previously known as Middle East Diamond Resources Limited) has been suspended from trading on the JSE since December 2016. That's a long time. The company is now up to date with its reporting requirements and is trying to acquire mining assets for R1.2 billion, which would require a rights offer. The company is in the process of applying to the JSE to lift its suspension to enable things to move forward.
Shareholders in Imbalie Beauty should note that a ma ndatory offer has been made at 0.9 cents per share. Those who are desperate to realise some value for their shares should refer to the relevant announcement by the company.
There's more insider selling at Transaction Capital, as a director has offloaded over R11 million worth of shares. The share price closed 1.5% higher anyway, which means it is already up 6% this year. As regular readers will know, this is one of my favourite local companies and I have a long position.
There are some juicy feature articles for you to end off the week.
First up is Ascendis Health, which is finally rid of offshore debt investor Blantyre. The company is now negotiating with a local consortium instead. Shareholder activist Harry Smit has been appointed as Chairman, capping off an extraordinary chapter in the story of Ascendis.
Then, tech giant Prosus is raising USD5.25 billion through the issuance of various debt instruments. Naturally, this begs the question of what the company is planning to do with the cash. Read about the details of the debt raise here.
Finally, Steinhoff subsidiary Pepco has released a trading update. I've now sold out of my Steinhoff exposure, banking a very tidy profit along the way. Read about European retailer Pepco's update here.
From a boiling hot Ca pe Town, I wish you a terrific weekend.
The Finance Ghost
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