Johannesburg - Times Media Group (TMG)‚ formerly Richtrau‚
has announced it will list on the JSE on September 10.
TMG said it would list on the JSE’s main board in the media
sector under the share code TMG and the abbreviated name TIMESG.
TMG recently announced a cash and share offer to Avusa
[JSE:AVU]‚ estimated to be worth R1.1bn.
The announcement by TMG is in line with a series of
inter-conditional steps that will result in its listing on the JSE‚ housing all
of Avusa’s assets.
The company said it was not seeking to raise any funds
through the offer set out in the prospectus.
TMG’s offer consists of a cash offer of R24.00 per Avusa
share and a share exchange of Avusa ordinary shares (or a portion thereof) for
TMG ordinary shares. The cash offer represents a premium of 19.6% to the Avusa
30-day volume-weighted average price (VWAP) per share of R20.07 as at the close
of business on June 11 2012. The share exchange ratio is 1.478 TMG ordinary
shares for every one Avusa ordinary share.