Premier Group plans to list on the JSE
By 9am (GMT), shares in Brait were up 6.80% at R4.87.
“The transition into the listed environment is expected to support Premier’s efforts to drive its organic and acquisitive growth strategy and strengthen its market position across all business areas,” said Kobus Gertenbach, Premier’s CEO.
As part of the listing, Brait will raise up to R3.7bn from selling Premier’s shares to investors at that proposed price range, which equates to an equity valuation of between R6.9bn and R8.6bn, Brait said.
The investment group, whose biggest shareholder is billionaire Christo Wiese, added that the proposed price range represents a 10% to 28% discount to Brait’s latest valuation of Premier, after adjusting for the R1bn refinancing of Premier’s long-term debt on 2 November.
Irrevocable agreements have been reached with Titan Premier Investments, who agreed to purchase 36.2% of the offer shares and an unnamed institutional investor, who agreed to purchase 2.4%, Brait said.
Courtesy of Bizcommunity – read full article here.