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AForbes - share repurchase and directorate change
Alexforbes entered into an agreement to repurchase 372 773 547 shares, representing approximately 28.69% of its issued share capital, from New Veld LLC, a subsidiary of Prudential Financial, Inc. The repurchase price is R6.75 per share, subject to regulatory approvals and conditions. The transaction will be funded through a combination of cash and a short-term bridge loan of R2.1 billion, which will be replaced by long-term funding. The repurchase will reduce cash resources by around R540 million and increase long-term liabilities by R2.1 billion. Shareholders will be asked to approve the transaction at a general meeting. Additionally, New Veld plans to sell its remaining 5.7% stake to ARC AF Holdings, which could result in ARC holding up to 77.94% of Alexforbes shares. Following the repurchase,the existing relationship agreement between the Company and New Veld, both Gary Herbert and Amy Tedesco will be resigning as non executive directors of the Company and Mr Herbert as a member of the remuneration committee on the closing date.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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