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Capital Appreciation starts trading on JSE

Oct 16 2015 17:04

Johannesburg - Capital Appreciation listed in the Specialty Finance sector on the JSE's Main board on Friday.

The company is a Special Purpose Acquisition Company (SPAC), for the purpose of making an acquisition of a “viable asset” as defined under the JSE listing requirements.

Management raised R1bn in cash through a private placement, which closed on October 9 2015. The company plans to invest in businesses that have a strong track record of profit, have the potential, in and of itself, to list on the Main Board and ideally fall within the services sector.

Target geographies will include South Africa and destinations in Africa, should circumstances and commerciality demand.

"We are encouraged by the strong support we have received from investors so far and excited about the company’s prospects. Apart from cash of R1bn being available, the company will also have the use of its equity and levels of debt to enhance the its financial flexibility for acquisitions," said Motty Sacks, one of the founders of the company.

Donne Oosthuyse, director: capital markets at the JSE said the JSE is excited to welcome Capital Appreciation to the Main board as the first SPAC to be listed in the Specialty Finance Sector.

Thirty-two companies are listed in this sector, which currently has a market cap of R330.69bn and an overall JSE market cap of R11.99trn.

"In the run-up to its listing, Capital Appreciation successfully raised an impressive R1 billion, which is double the minimum prescribed amount required to qualify for a JSE Main Board listing," said Oosthuyse.

READ: Capital Appreciation to list on JSE as a SPAC

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