As noted a few times here in InceConnect, NEPI Rockcastle has raised EUR500 million via the issuance of a green corporate bond. This has allowed the company to make an offer to the holders of its May 2023 notes to buy them back. Of the EUR500 million of those notes in issue, EUR338.5 million have accepted the offer.
The Tongaat Hulett recapitalisation has been a contentious issue that has received highly publicised backlash from certain groups. This has included concerns raised about Magister, the party that has committed up to R2 billion to partially underwrite the rights offer. Ultimately, it came down to a shareholder vote for the resolutions required for the rights offer. Only around 20% of votes were cast against the transaction, which isn't enough to stop it going ahead.
In stark contrast, Vodacom had no issues getting approval from its shareholders for the acquisition of a 55% interest in Vodafone Egypt. 99% of votes were cast in favour of the deal. The deal now moves forward with various regulatory approvals required to implement the transaction.
In a rather unusual announcement, property fund EPP has released a note that Visio Fund Management claims to hold 6.33% of the shares, but was not reflected as a major shareholder in the circular issued by the company on 17 December. EPP has not independently verified this shareholding. As a reminder, the company is currently under offer from Redefine, so the profile of the shareholder register is more relevant than under normal circumstances.
Coronation Fund Managers released an announcement that was just two lines of text. The company has confirmed that total assets under management (AUM) at 31 December 2021 was R662 billion. I went and did some digging (since the company didn't give these details in the announcement) and found that the AUM at 30 September 2021 was R634 billion. It thus increased by 4.4% over three months.
AngloGold Ashanti has acquired the remaining 80.5% in Corvus Gold. The transaction was approved by Corvus shareholders on 6th January and by the courts on 11th January. This is an important deal for AngloGold as it deepens its exposure to the Nevada region in the US. Corvus will delist from the Toronto Stock Exchange and the Nasdaq as a result of the buyout.
The Fairvest and Arrowhead deal has become unconditional, which means that all the prerequisites for the deal have been met. The delisting of Fairvest from the JSE and A2X will go ahead.
There's also an update from
Currency Assist around financial emigration and the relevant tax implications. This is hugely topical for many South Africans with worldwide assets and income or plans to move overseas.
Learn more on this topic here.
Finally, make sure you catch Ep 58 of
Magic Markets, in which listener Willet Maseko took the mic the hosted us on our own show. He asked us a number of great questions, ranging from technical t opics through to fun behind-the-scenes questions about Magic Markets!
Listen to the show here.
Have a lovely Wednesday,
The Finance Ghost
