If you blinked this week, or just took a break from a barnstorming start to the news year, you might have missed two of the more fascinating vanishing acts on the JSE. There is little JSE bell ringing to start 2026 – well at least until Canal+ comes to town. For the new year the local bourse is continuing its diet, shedding weight in the form of helium hopeful Renergen and private education giant Curro.
But leaving the JSE isn’t as simple as leaving a star review and closing the app. It involves financial gymnastics and some cash payouts. And if you look closely at the paperwork for both deals, you’ll notice PSG fingerprints everywhere.
The mechanics of the delistings are fascinating, because for the retail investor, the difference between a clean break and a fractional entitlement is usually a headache. First up is Renergen. The Virginia gas project operator is being swallowed whole by the Nasdaq-listed ASP Isotopes (ASPI).
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For local shareholders it’s a share swap.You hand in your Renergen shares, and you get ASPI shares in return. But of course it’s not that simple. The exchange ratio was set at 0.09196 ASPI shares for every Renergen share.
For shareholdings that don’t divide perfectly into that ratio, it’s quite the pickle. Let’s say you held 1,000 Renergen shares: 1,000 x 0.09196 = 91.96 ASPI shares. Here is the kicker: The JSE does not do decimals when it comes to share certificates.
You cannot own 0.96 of a share. So, what happens to that dangling fraction? So, instead of getting the full market value for your fraction, you get paid out at R85.63313 per whole share equivalent.
And who drew up this complex plan? The transaction and designated adviser guiding Renergen through this complex maze was PSG Capital. Today, 7 January 2026 (actually midnight last night) marks the termination date for Curro’s derivative contracts as the company undergoes a massive unbundling and capital payment.
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