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Brandcorp Holdings Limited - Institutions Up Their Holdings In Brandcorp
Brandcorp Holdings Limited
Share code: BRC
Isin: ZAE000013611
Press Announcement
Institutions Up Their Holdings In Brandcorp
Branded tools, hardware and consumer goods distributor Brandcorp Holdings today
announced the placement of 6,3 million shares, or 8% of its share capital, with
institutional investors including BOE, Investec, Old Mutual, Polaris Capital and
Stanlib. 5 million of the shares were sold by the Ellerine brothers and
Brandcorp non-executive Jeff Livingstone, who post the sale still remain
significant shareholders in the company with a just over 20 million shares
collectively.
CEO Colin Datnow says that the company had been promising the market since
September 2004 to improve the share`s liquidity and the Ellerines` and
Livingstone`s shareholdings made them the obvious conduit to help Brandcorp
respond to this promise. He points out that both the Ellerines` and
Livingstone`s continued shareholdings underline their support of management and
confidence in the company`s prospects.
The balance of the shares was procured from other long-standing investors who
lightened, but did not exit, their shareholdings in Brandcorp.
Datnow says that even following this placement `institutional demand remains
strong`. He says though that an issue of new shares is not contemplated at this
time as this will dilute existing shareholders. Institutions now hold 23% of
Brandcorp`s shares.
He concludes that `this move is positive for the company as a widened free float
accelerates the share`s tradability and, supported by the company`s consistent
performance, should make Brandcorp an even more attractive proposition for
shareholders`.
Brandcorp last month released interim results to December 2004 reporting
turnover of R438 million up almost 21% and headline earnings of R33,7 million
and per share of 44.5 cents, up over 31%. The balance sheet remained strong with
no gearing and net asset value per share significantly increased to 295,5 cents
from 250,8 cents.
Ends.
___________________________________________________________
Issued by: Envisage Communications
Nicole Sacks
(011) 325 5944/083 287 2771
On behalf of: Colin Datnow, CEO
Brandcorp Holdings Limited
(011) 247 8700/082 443 4040
AND
Brad Taurog, FD
Brandcorp Holdings Limited
(011) 247 8700/082 652 3680
website: www.brandcorp.co.za
Issue date: 10 March 2005
Date: 10/03/2005 04:34:06 PM
Produced by the JSE SENS Department
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