Ethos Capital is moving forward with unbundling its shareholding in Brait PLC. This decision was previously announced on June 24, 2024.
Background
Ethos Capital shareholders were informed about the board’s decision to unbundle Brait PLC shares. These shares are held indirectly by Ethos Capital through the TRG Africa Direct Investment Fund and TRG Africa Fund VII.
Key Dates and Times
Ethos Capital has not yet received the requisite exchange control approval from the South African Reserve Bank (SARB). This approval is necessary to implement the unbundling process.
Revised Timelines
The dates and times for the unbundling process will be updated. The finalisation announcement, which was expected on July 2, 2024, will be delayed.
Company’s Commitment
Ethos Capital remains committed to its realisation strategy. The company aims for an orderly divestment of its asset base, including the Brait unbundling.
Details of the Transaction
Transaction Summary:
| Date | Action | Details |
|---|---|---|
| June 24, 2024 | Announcement | Ethos Capital announces the unbundling of Brait PLC shares |
| June 28, 2024 | Transaction | Black Hawk shareholders sell shares and loans to Ethos Capital for nil consideration |
| July 2, 2024 | Approval pending | Awaiting SARB approval for unbundling process |
Impact on Shareholders
Ethos Capital shareholders will receive Brait PLC shares once the unbundling process is complete. The finalisation announcement will provide revised dates and times.
Conclusion
Ethos Capital’s unbundling of Brait PLC shares is a strategic move aimed at realising shareholder value. The company is awaiting final regulatory approval to proceed. Shareholders will be kept informed about the revised timeline for the unbundling process.