Latest news with #AltX
IOL News
24-06-2025
- Business
- IOL News
AH-Vest offers minority shareholders 55 cents per share to delist from JSE
AH-Vest plans to delist from the JSE as it says the cost of listing is prohibitive considering how erratic the share price had been and the low level of liquidity of shares on the market. Image: Supplied AH-Vest minority shareholders are being offered 55 cents a share in cash as part of plans to delist the company, a price that represents a whopping 1833% premium over the 3 cents market price when the company first cautioned about a possible transaction. The shares traditionally trade very rarely, and on Tuesday, they were still untraded at 3 cents a share, despite the announcement of the plans to delist via a scheme of arrangement. AH-Vest is a South African food manufacturing company best known for its range of sauces and condiments, including its All Joy brand. The plan to delist from the JSE's AltX board comes at a time when the JSE has undertaken several initiatives to make it easier and less costly for small and medium-sized businesses to list. These initiatives include establishing the AltX board to support high-growth entrepreneurial businesses that may not yet meet the stringent JSE Main Board requirements, lowering entry requirements, and introducing designated advisors for SMEs. The company's board said on Tuesday that they had received a firm offer from the parent company, Eastern Trading, to acquire 100% of the shares via a scheme of arrangement, as it already controls 95.7% of the shares. An independent board has been appointed by AH-Vest's board to oversee the process. Explaining their reasons to delist, AH-Vest's board mentioned that recent changes in Section 10 of the JSE listings requirements regarding ordinary course of business, along with the erratic share price and poor liquidity, have effectively removed the justification for maintaining a listing on the JSE. Recent changes to Section 10 of the JSE listing requirements primarily address related party transaction considerations. 'The resultant cost of compliance due to the low market capitalisation is prohibitive,' AH-Vest's board stated. They noted that Eastern Trading had not traded in AH-Vest's shares in the six-month period prior to the delivery of the offer to minority shareholders. 'In this circumstance, the proposed transaction is, in the view of the board, worthy of consideration by AH-Vest shareholders as envisaged in terms of the scheme,' the board said. In the six months to December 31, 2024, AH-Vest reported that its revenue had declined to R100.63 million from R114.45m at the end of the same period the previous year, while headline earnings per share fell to R0.17 compared to R2.60 a year before. An online search revealed that there were about 14 company delistings from the JSE in 2024, continuing a multi-year trend of a contraction in the number of listed companies. Visit:
IOL News
09-06-2025
- Business
- IOL News
Greencoat Renewables lists on the JSE's AltX, expanding its investor base
Greencoat Renewables's Paul O'Donnell (left to right), Diarmuid Kelly, Bertrand Gautier. Image: Supplied Greencoat Renewables Plc (GRP), a leading owner and operator of European renewable energy infrastructure assets, officially debuted its secondary listing on the JSE's AltX on Monday. GRP remains listed on the Alternative Investment Market in London and the Euronext Growth Market in Dublin. The listing presents a significant opportunity for the Irish-based company, which has a current market capitalisation of €850 million (R17.2 billion), to diversify its shareholder base, enhance liquidity and position itself to take advantage of growth opportunities over time, it said in a statement. GRP offers South African investors access to a large and diversified Pan-European platform consisting of 40 renewable energy assets across five countries, producing 1.5GW of energy. This high-quality and modern portfolio is underpinned by long-term, European government-backed cashflows. In 2024, GRP generated net cash of €141m of which €74m was paid out to investors as dividends and the remainder reinvested in the business. GRP currently trades at a 9% Euro dividend yield. GRP's Bertrand Gautier, who leads the team as a co-portfolio manager, along with Paul O'Donnell, said, 'We're excited to be listing on South Africa's preeminent bourse, which presents us with access to a deep capital market with sophisticated investors who are familiar with and attracted to GRP's value proposition. The JSE also has an excellent track record of supporting real asset companies and is expected to provide a strong platform for future growth." O'Donnell said, 'The European energy transition will require €1.5 trillion in investment to 2030. When considered in the context of a material increase in demand for green electrons by data centres, which are fuelled by Big Tech and AI, the sector represents a unique and compelling long-term opportunity for investors.' He adds that the company's excellent track record of providing investors with a secure and predictable income, backed by GRP's scale and established Pan-European footprint, as well as the constant value-added asset management focus of the team, supports this view. Diarmuid Kelly, the chief financial officer of GRP, said, 'We remain focused on delivering attractive risk-adjusted returns for shareholders through continued high cash generation and disciplined capital allocation. Our cashflows are proactively managed to provide a combination of security and opportunity which facilitates a progressive dividend that has grown 5.5% on a ZAR CAGR basis since IPO (initial public offering) in 2017. In addition, cash generated over and above that required to service dividends is reinvested into the business to grow the net asset value. Our return profile is thus well aligned with long-term, income-focused investors.' The company is managed by Schroders Greencoat, an experienced and specialised investment manager in the listed renewable energy infrastructure sector with over €16bn in AUM across more than 400 assets globally. Valeo Capital is the South African corporate advisor and Sponsor bringing GRP to market. BUSINESS REPORT Visit:
