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Ethoscap - update on offer & cautionary withdrawal
Ethos Capital ("ETHC" JSE) announced an update on its residual assets and the withdrawal of its cautionary announcement. The company received a revised, non-binding offer from Rand Merchant Bank to acquire its remaining unlisted assets, excluding its interest in Optasia and unbundled Brait Bonds, valued at R640 million—representing a 29% discount to the residual assets' NAV of R901 million. The offer values the company's total assets at R7.57 per share, a 10% premium over the recent share price of R6.89. The transaction includes an earn-out for shareholders and a reinvestment option for qualifying shareholders. The Board, having received majority shareholder support, considers this the optimal exit strategy, promising cost savings and a realisation of value, with the transaction subject to customary conditions. The withdrawal of the cautionary announcement reflects the progress of this process.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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