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Cape Town - Shareholders of Brait [JSE:BAT] were advised on Wednesday that all the ordinary and extraordinary resolutions tabled at its annual general meeting (AGM) were approved by the requisite majority of votes.
Brait is the investment company owned by SA billionaire Christo Wiese and is registered in Malta as a European Company.
The company’s authority to purchase its own shares has been renewed until the earlier of October 30 2018 or the next AGM. The renewal terms approved in this regard are consistent with those previously announced to the market, with the exception that the maximum number of share repurchases on any trading day is now increased to 750 939 ordinary shares, as result of Brait’s increased daily volume of shares traded.
Shareholders were further advised that the volume weighted average price (VWAP) used to calculate the number of new shares to which shareholders will be entitled pursuant to either the bonus share issue or the cash dividend reinvestment, calculated for the 15-day period ended 24 July 2017, is R62.37.
The conversion ratio for the cash dividend of 78.15 ZAR cents/5.25 EUR cents is 1.25301 per 100 shares held for the bonus share issue. This conversion ratio is calculated per the circular as the cash dividend amount of R0.7815, divided by the 15-day VWAP of RR62.37, applied to the number of Brait shares held as of record date.
This conversion ratio, subject to applicable dividend taxes, also applies to shareholders electing the cash dividend reinvestment alternative.
READ: Brait results show impact of stronger rand to pound
Shareholders are encouraged to consult with their professional advisers should they be in any doubt as to the appropriate action to take.
Shareholders are also reminded that the cash dividend alternative (whether cash dividend or cash dividend reinvestment election) will only be applicable to those shareholders whose election forms in this regard are received by the transfer secretaries on or before 12:00 on Friday 4 August 2017 - the record date.
Should shareholders take no action, regardless of being a certificated or dematerialised shareholder, such shareholder will on Monday August 7 2017 receive new shares in accordance with the bonus share issue as set out in a previous circular.
In June the company announced it received proceeds of R603m from its investment portfolio during the 2017 financial year. This resulted in Brait generating positive operating cash flows for the 2017 financial year.
The group reported an audited net asset value (NAV) per share at March 31 2017 of R78.15. This is a decrease of 5.2% compared to the NAV per share of R82.45 on December 31 2016 and a decrease of 42.6% compared to the NAV per share of R136.27 on March 31 2016. According to the company it includes the adverse impact of the 20.5% strengthening of the rand against the pound over the year - from R21.21 to R16.87 at March 31 2017.
By mid-afternoon on Wednesday Brait's share price was down 2.19% at R62.60 per share.
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