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.
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Heather's Boy prepares for Cape
FORM: UNBEATEN DE KOCK RUNNER TO CONFIRM HIS REPUTATION AHEAD OF CAPE GUINEAS
Courage wins the day for Atticus
IMPRESSIVE: LAIRD-TRAINED GELDING FIGHTS ON GAMELY TO CLAIM R6M BETWAY SUMMER CUP
PIRATES COME UNSTUCK
PREMIERSHIP: STELLENBOSCH PUT ABRUPT END TO BUCS' PERFECT START
Cut Bavuma some slack
Temba Bavuma has often been praised by coaches and teammates for his leadership abilities, but as a specialist batter the Proteas skipper must have been frustrated by his lengthy struggle to convert fifties into centuries.
Proteas keep growing as a unit
South Africa's batters are feeding well off each other as they start to find consistency at the highest level, according to Proteas coach Shukri Conrad, after they shone again in the dominant victory over Sri Lanka in the first Test in Durban which concluded on Saturday.
Wallabies far from finished product
Australia coach Joe Schmidt says his side are \"maybe\" not at the level yet to win the three Test series with the British & Irish Lions next year but they are ready to make it a \"contest\".
Proteas keep their heads up
With England having secured a 3-0 clean sweep in the T20 International series that concluded at the weekend, Proteas all-rounder Nondumiso Shangase says the national women's team are keeping their heads up as they prepare for a three-match ODI series against the tourists.
Bulls flex their muscles abroad
URC: DOWN CONNACHT AS SHARKS SINK THE STORMERS
Kane ruled out 'for the time being'
Bayern Munich striker Harry Kane (right) has been ruled out \"for the time being\", with a hamstring tear, the club announced yesterday.
'Crazy' win thrills Arteta
London - Mikel Arteta (above) said Arsenal's \"crazy\" 5-2 win at West Ham has catapulted his team back into the Premier League title race.
