JOHANNESBURG (Reuters) – South African investment company Brait said on Thursday that its rights issue to raise 1.5 billion rand ($82.59 million) would be priced at a 25% discount to the share’s theoretical ex-rights price (TERP).
“The Offer Price has been underwritten at 59.0 South African cents per Rights Offer Share, which represents a 25% discount to the Share’s TERP,” Brait said in a statement on the Johannesburg Stock Exchange.
Brait is raising money as part of a recapitalisation plan to reduce its debt. The company’s investment portfolio includes gym chain Virgin Active, UK fashion retailer New Look and local food producer Premier.
($1 = 18.1628 rand)
(Reporting by Sfundo Parakozov; Editing by Alexander Winning)
