Fin24

Times Media to list on JSE

2012-07-19 09:58

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.