Brait Plans Rights Offer of Up to 5.6b Rand; Ethos to Buy Shares

 In news

Brait intends to launch an equity capital raise of at least 5.25 billion rand and up to 5.6 billion rand through a renounceable rights offer of 5.25 billion rand to existing shareholders and a potential non-pre-emptive specific issue of shares of up to 350 million rand.

* EPE Capital Partners to be introduced as new strategic partner;
* EPE’s Ethos has entered into an agreement with Titan Financial Services whereby Titan will 1 billion rand of its entitlements in rights offeri to Ethos;
** “Additionally, Ethos has entered into the underwriting agreement with Brait in terms of which Ethos will underwrite rights offer shares not taken up under the rights offer having a subscription price of up to 350 million rand”;
* Brait has also proposed partial repurchase of the existing 350 million pounds of convertible bonds due on Sept. 18 next year that will be funded by the issuance of about 150 million pounds of convertible bonds due in December 2024. Source: Bloomberg

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