Edition:
United States

Stadio provides details on separation from parent Curro, JSE listing


Friday, 15 Sep 2017 10:45am EDT 

Sept 15 (Reuters) - STADIO HOLDINGS LTD::‍LISTING OF STADIO ON MAIN BOARD OF JSE LIMITED AND ABRIDGED PRE-LISTING STATEMENT​.‍ON FEB. 28, CURRO ANNOUNCED ITS INTENTION TO UNBUNDLE ITS ENTIRE INTEREST IN STADIO AND TO LIST STADIO ON JSE​.‍CURRO RESOLVED TO UNBUNDLE 410 561 153 SHARES IN STADIO TO SHAREHOLDERS IN RATIO OF ONE STADIO SHARE FOR EVERY ONE ORDINARY SHARE​.OFFER ‍COMPRISING 91.7 PCT OF ISSUED SHARE CAPITAL OF STADIO.TO INCREASE STUDENT ENROLMENTS TO 35 000 IN MEDIUM TERM AND ABOUT 56 000 BY 2026, EARNING PROFIT AFTER TAXATION OF ABOUT R500 MILLION BY 2026​.‍BELEIVES TARGET CAN BE ACHIEVED BY CAPITAL OF R840 MILLION RAISED FROM RIGHTS OFFER AND B- BBEE DEAL, INTERNALLY GENERATED CASH AND DEBT FUNDING​.‍RAISING APPROXIMATELY R640 MILLION THROUGH RIGHTS OFFER AND UP TO R200 MILLION THROUGH B-BBEE TRANSACTION​.‍PSG FINANCIAL SERVICES, WHO WILL HOLD ABOUT 51 PCT OF STADIO POST UNBUNDLING, HAS IRREVOCABLY UNDERTAKEN TO FOLLOW ALL OF THEIR RIGHTS.PRICE OF PLACING SHARES WILL BE ‍R2.96 PER PLACEMENT SHARE​. 

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21 Aug 2018