Trans Hex Reveals Plan to Go Private

RAPAPORT... Trans Hex is considering a buyback program for minority shareholders ahead of its potential delisting from the Johannesburg Stock Exchange (JSE).The South African miner stated an intention to repurchase its issued share capital for ZAR 1 ($0.07) per share in an announcement Friday. The offer is open to about 20% of shareholders, but excludes a consortium made up of Cream Magenta 140, Metcap 14 and RAC Investment Holdings, which hold 80% of the issued capital.The move follows the June 28 publication of Trans Hex's results for fiscal 2019, which warned of "material uncertainty" around its ability to fund its short-term liquidity requirements.Trans Hex reported a loss of ZAR 9.3 million ($654,592) for its South African operations in the fiscal year ending March 31. The latest proposal will "save on the costs of operating in a regulated environment," it said, adding that its board "believes that the listing provides little benefit to the company at this stage of its operating cycle."Image: Mining operations at Trans Hex. (Trans Hex)