Three investment banks - RMB, Absa and Standard Bank were paid a total of R80 million for their role as underwriters in Pick n Pay's just-concluded rights offer.
Underwriters effectively guarantee that funds sought by a company in a rights issue will be raised. The underwriting fees equate to 70% of all fees paid for the capital raise.
The retailer raised R4 billion after its successful completion.
Pick n Pay had subscriptions of over R8.2 billion, or 106% of the amount it had planned to raise.
Nearly 99% of shareholders followed their rights.
After the founding Ackerman family, the Public Investment Corporation is the next largest shareholder (17.8%), with a Fidelity fund and Allan Gray fund each holding roughly 7%.
The strong support is not at all surprising given the significant discount at which the rights offer shares were pitched.
At R15.86, this was around a third cheaper (32.48 %) than the price it had been trading at before the announcement.
"We are really pleased with this result," says CEO Sean Summers.
هذه القصة مأخوذة من طبعة August 07, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة August 07, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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