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SA investment firm Brait raising up to R3 billion through rights offer

23 November 2021 8:58 PM
Tags:
The Money Show
Virgin active
Bruce Whitfield
PIC
Christo Wiese
Public Investment Corporation
Premier Foods
Brait
Peter Hayward-Butt
rights offer
capital raise

Major shareholders include Christo Wiese and the PIC. Bruce Whitfield interviews Brait CEO Peter Hayward-Butt.

South Africa's investment group Brait has announced plans to raise up to R3 billion through a rights offer to refinance its debt.

Among the main shareholders are billionaire Christo Wiese and the government employees pension fund, the Public Investment Corporation (PIC).

Brait is also invested in a number of companies including Premier Foods and health club chain Virgin Active.

© vlbentley/123rf.com

Bruce Whitfield asks Brait CEO Peter Hayward-Butt if Wiese and the PIC have signed up for their share of the capital raise.

Without disclosing who the shareholders are, it's public knowledge that Christo Wiese's group Titan have undertaken not just to underwrite their share of the rights issue but to underwrite more than their share...

Peter Hayward-Butt, CEO - Brait

Ethos Capital, which owns around 12%, will also be underwriting their share... There are about three or four other shareholders who committed already... We haven't had a chance to speak to the PIC yet...

Peter Hayward-Butt, CEO - Brait

... So we have R2.7 billion of commitments for the R3 billion that we're looking to raise.

Peter Hayward-Butt, CEO - Brait

The most important tenet of the deal is that it's going to be done through a rights issue, so all shareholders of Brait will have the chance to take up their allotted share of the exchangeable bond.

Peter Hayward-Butt, CEO - Brait

Hayward says it's been structured to make it attractive to shareholders, but also to bring some capital into the Group "to enable us to realise the strategy which is to monetise assets over the next three or four years".

For more detail, listen to the audio clip below:




23 November 2021 8:58 PM
Tags:
The Money Show
Virgin active
Bruce Whitfield
PIC
Christo Wiese
Public Investment Corporation
Premier Foods
Brait
Peter Hayward-Butt
rights offer
capital raise

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