Ibex raises R9bn from Pepkor share placing

Ainsley Holdings (Ibex) has completed the successful placing of 500-million Pepkor Holdings placing shares, raising total proceeds of R9bn.

Following strong demand, Ibex elected to increase the size of the placing, which remained significantly oversubscribed, the company said in a statement on Tuesday.

The shares were placed at R18 apiece, representing a 7.7% discount to the pre-launch Pepkor share price at market close on June 24.

Accordingly, 500-million placing shares, representing about 13.6% of Pepkor’s current issued share capital, will be allocated in the placing.

On conclusion of the placing, Ibex’s interest in Pepkor will reduce from 43.7% to about 30.2% and the free float of Pepkor will increase from 56.3% to 69.8%.

Ibex has agreed to a 90-day lock-up period, subject to customary exceptions and waivers by the joint global co-ordinators.

Barclays Bank, Investec Bank and JPMorgan Securities acted as joint global coordinators for the placing.

Settlement is expected to occur on June 28.

mackenziej@arena.africa