Ethos Capital Finalizes Brait Unbundling

Ethos Capital has announced the finalization of its shareholding unbundling in Brait P.L.C. The necessary approval from the South African […]

Ethos Capital has announced the finalization of its shareholding unbundling in Brait P.L.C. The necessary approval from the South African Reserve Bank was obtained, allowing the process to move forward.

Background

On June 24, 2024, Ethos Capital declared its decision to unbundle its Brait shares. This was to be executed through the TRG Africa Direct Investment Fund and TRG Africa Fund VII. Initially, the unbundling faced delays due to pending approval from the South African Reserve Bank.

The Unbundling Process

Ethos Capital shareholders will receive 129,117,454 Brait ordinary shares. This equates to 0.50857 Brait shares for every 1 Ethos Capital share held.

EventDate
Last date to trade Ethos Capital sharesTuesday, 16 July 2024
Commencement of trading “ex” the entitlementWednesday, 17 July 2024
Cost apportionment announcementThursday, 18 July 2024
Record date for Brait sharesFriday, 19 July 2024
Announcement of closing pricesFriday, 19 July 2024
Implementation and delivery of Brait sharesMonday, 22 July 2024

Ethos Capital shareholders must hold onto their shares until July 16, 2024, to participate in the unbundling. If they sell before this date, they will not receive the Brait shares.

Key Dates and Times

Due to the delay in obtaining approval, the finalization date moved from July 2 to July 9, 2024. This shift affects all other related dates.

DateEvent
Tuesday, 16 JulyLast day to trade Ethos Capital shares for the Brait Unbundling
Wednesday, 17 JulyEthos Capital shares trade “ex” the entitlement to the Brait Unbundling
Thursday, 18 JulyAnnouncement on cost apportionment for tax purposes and cash value for fractional entitlements
Friday, 19 JulyRecord date for receiving Brait shares
Friday, 19 JulyClosing prices announcement for Ethos Capital and Brait shares
Monday, 22 JulyImplementation of the Brait Unbundling and delivery of Brait shares

Fractional Entitlements

Fractional entitlements to Brait shares may arise from the distribution. These will be aggregated and sold on behalf of the shareholders. The cash proceeds from these fractional shares will be announced on July 18, 2024, before 11:00 SAST.

ActionDescription
Aggregation of fractional entitlementsFractional shares will be combined and sold on behalf of shareholders
Cash proceedsShareholders will receive cash for the fractional shares
Announcement of cash valueEthos Capital will announce the cash value for fractional entitlements on July 18, 2024, before 11:00 SAST

Conclusion

The unbundling process of Ethos Capital’s shareholding in Brait P.L.C. is now finalized. Shareholders are advised to note the new key dates and ensure they hold onto their shares until the specified date to benefit from the distribution. Ethos Capital continues to move forward with its strategic decisions, aiming to benefit its shareholders through careful management and strategic unbundling.


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