Shareholders will get a 65% premium to the average trading price of last month.
Financial services group Sasfin has announced plans to delist from the JSE, offering minority shareholders R30 a share a 65% premium to the average price of R18.16 over the last 30 days.
The offer will be funded by Wiphold and the Sassoon family investment vehicle Unitas, which will subscribe for shares in the wholly-owned subsidiary Sasfin Wealth.
This will come as a blow to the shrinking JSE, which has seen a steady rush for the exit door in recent years, with the delisting of companies like Royal Bafokeng Platinum, PSG Group, Liberty, Mediclinic, Massmart and Distell.
Bell Equipment also nounced plans for a JSE delisting on Monday.
Sasfin CEO Michael Sassoon said that the minority shareholders get to call the shots on the deal and are being treated fairly in the process. They now have the option of accepting the deal and selling their shares or remaining as minorities in a refocused financial services group.
This story is from the July 17, 2024 edition of The Citizen.
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This story is from the July 17, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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