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Johannesburg - International investment group Brait [JSE:BAT] has announced that it has successfully completed a R6.4bn capital raising through a rights offer.
The group also announced the successful placement and the acquisition of equity interests in Pepkor Holdings Limited and Premier Group (Proprietary) Limited.
Brait said the capital raising of R6.4bn represented the largest pool of private equity capital raised in Africa to date and in the shortest period of time, namely within four months.
Following the closing of a rights offer on June 24, and the completion of the public auction arranged by the Luxembourg Stock Exchange (LuxSE), 100% of the renounceable rights were taken up in line with the guidance given to holders of ordinary shares.
Brait shareholders had taken up 288.97 million renounceable rights out of a total 356.96 million rights issued pursuant to the rights offer. This represented an 81% take up of the available rights.
The remaining 67.98 million unexercised rights were sold to the underwriters through the auction, resulting in a 100% take up of the rights, Brait said.
Because of the substantial take up of rights, and in order for the investment team to obtain an 18% interest in Brait, the investment team subscribed for an additional 30.25 million shares in terms of a private placement at a subscription price of R16.50 per share on July 4.
This resulted in the total capital raised by Brait being R6.4bn, an increase of R500m on the initial R5.9bn rights offer target.
The group said that Titan had achieved its desired shareholding of approximately 33.33% in Brait following the acquisition of shares in the market, rights during the rights offer period and its underwriting obligation at the auction. Therefore a private placement for Titan was no longer be necessary.
The group also announced the successful placement and the acquisition of equity interests in Pepkor Holdings Limited and Premier Group (Proprietary) Limited.
Brait said the capital raising of R6.4bn represented the largest pool of private equity capital raised in Africa to date and in the shortest period of time, namely within four months.
Following the closing of a rights offer on June 24, and the completion of the public auction arranged by the Luxembourg Stock Exchange (LuxSE), 100% of the renounceable rights were taken up in line with the guidance given to holders of ordinary shares.
Brait shareholders had taken up 288.97 million renounceable rights out of a total 356.96 million rights issued pursuant to the rights offer. This represented an 81% take up of the available rights.
The remaining 67.98 million unexercised rights were sold to the underwriters through the auction, resulting in a 100% take up of the rights, Brait said.
Because of the substantial take up of rights, and in order for the investment team to obtain an 18% interest in Brait, the investment team subscribed for an additional 30.25 million shares in terms of a private placement at a subscription price of R16.50 per share on July 4.
This resulted in the total capital raised by Brait being R6.4bn, an increase of R500m on the initial R5.9bn rights offer target.
The group said that Titan had achieved its desired shareholding of approximately 33.33% in Brait following the acquisition of shares in the market, rights during the rights offer period and its underwriting obligation at the auction. Therefore a private placement for Titan was no longer be necessary.
