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Mon 16 Jun 2025
Close: 5 604c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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Oceana Group Ltd. - TRP121: Notification of Acquis
The company has issued a statement regarding an interest in shares.
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Oceana - trading statement
The Group is currently finalising its financial results for the six months ended 31 March 2025 which are expected to be released on or about Monday, 9 June 2025. Shareholders are referred to the trading statement and the voluntary trading update released on the Stock Exchange News Service ("SENS") of the JSE Ltd. on 26 February 2025 and 25 March 2025, respectively. The Group advised that a reasonable degree of certainty existed that basic earnings per share ("EPS") and basic headline earnings per share ("HEPS") for the six months ended 31 March 2025 ("period') will be more than 40% lower than the reported EPS of 587.6 cents and HEPS of 578.8 cents for the previously reported six months ended 31 March 2024 ("comparative period").
Shareholders are accordingly advised that:
•EPS is expected to be between 300 cents and 350 cents representing a decrease of between 40% and 49% compared to EPS of 587.6 cents reported for the comparative period
•HEPS is expected to be between 300 cents and 350 cents representing a decrease of between 40% and 48% compared to HEPS of 578.8 cents reported for the comparative period.
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Oceana - trading update and trust wind up
Shareholders were referred to the trading statement released on the Stock Exchange News Service ("SENS") on 26 February 2025, to be read in conjunction with this voluntary trading update. The Group's financial results for the 5 months ended 23 February 2025 ("the period") were significantly lower than the record performance achieved in the prior 5 months period ("the prior period"). This decline was primarily driven by the normalisation of global pricing for fishmeal and, to a greater extent fish oil, following the recovery of Peruvian production which impacted both the United States (USA) and African fishmeal and fish oil segments. Lucky Star Foods delivered pleasing results, driven by steady consumer demand and supported by increased local production volumes and improved efficiencies following the successful cannery upgrades implemented in the prior period. Wild Caught Seafood showed encouraging signs of improvement in the second quarter following persistently low catch rates across all species in the first quarter. Global demand for sustainable wild caught species remains strong, with pricing reflecting this trend.
Publication of interim results
The Group's interim results for the six months ending 31 March 2025 are expected to be released on SENS on or about 9 June 2025.
Oceana Stakeholder Empowerment Trust share repurchase and wind up
The Oceana Stakeholder Empowerment Trust ("Trust") was founded by Oceana as part of its 2021 broad-based black economic empowerment transaction, which was approved at an Oceana shareholder meeting on 23 February 2021.
Oceana has not nominated beneficiaries to the Trust primarily due to limited value created by the Trust. In addition, given that the Trust only holds 0.5% (zero-point five percent) of the issued share capital of Oceana, the time to administer and manage the Trust is disproportionately onerous and costly.
The Trustees of the Trust have passed a resolution to commence provisional sequestration that will result in the wind up of the Trust. The passing of this resolution constitutes a trigger event in terms of the governing documents of the Trust, which entitles Oceana to repurchase the Oceana shares held by the Trust for a repurchase price of R0.01 (one cent) per share. The shares will thereafter be cancelled resulting in Oceana's number of ordinary shares in issue reducing by 0.5% from 130 431 804 shares to 129 779 645 shares.
Accordingly, on 24th March 2025, Oceana acquired 652 159 Oceana shares held by the Trust for a purchase price of R6 521.59 (six thousand five hundred and twenty-one rand and fifty-nine cents). The residual assets held by the Trust (if any) will be donated to the Oceana Maritime Academy.
Shareholders were advised that, separate from the Trust, Oceana also established an employee trust in 2021, known as the Oceana Saam Sonke Trust ("Employee Trust"). The Employee Trust holds 6% of Oceana's issued share capital and Oceana has designated eligible beneficiaries to this trust. The Employee Trust will continue to generate value for its designated beneficiaries over the term specified in its trust deed.
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