Special Purpose Vehicle Renergen Lists on Johannesburg’s AltX

 In news

Stk in alternative-energy special purpose acquisition vehicle, 1st to trade on Johannesburg exchange, rose to 13.50 rand by 9:43am in Johannesburg.

* JSE established structure to enable cos. to list for capital-raising to help acquisition of viable assets, co. says in e-mailed statement;
* Renergen raised ~74m rand in primary capital before listing; plans to invest in alternative, renewable-energy projects of as much as 500m rand or more using debt, top-up equity from shrholders as needed;
* Special purpose acquisition vehicles are cos. that consis of only cash, allowed to list on main board on conditionthat co. buys operating assets w/ in 2 yrs; capital held in trusts until acquisitions are made; if viable assets not bought, capital returned to investors. Source: Bloomberg


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