17th Feb 2020 08:06
(Alliance News) - Investec PLC on Monday confirmed soon-to-be spun-off asset management business Ninety One will be listed in both London and Johannesburg.
The asset management business will be rebranded when its demerger from parent Investec is concluded on March 13. The company said back in September 2018 it was pursuing the demerger of Investec Asset Management following a strategic review.
Ninety One is seeking a listing for its PLC shares on London's Main Market with a secondary inward listing in Johannesburg. The Ltd shares will have a primary listing in Johannesburg.
It is expected Ninety One will be eligible for inclusion in the FTSE UK and JSE SA indices and its shares will begin trading in London and Johannesburg on March 16.
Following admission, Ninety One expects about 55% of its combined share capital will be held by Investec PLC and Investec Ltd shareholders. Another 15% will be retained by Investec, with a further 20% held by Ninety One staff via an employee share ownership vehicle.
The remaining 10% of Ninety One shares will be held by new or existing institutional investors, the company said.
"After 29 years as part of a diversified financial services group, this is an important event in our development. This transaction strengthens our offering to clients as an independent specialist investment manager," said Hendrik du Toit, Investec joint chief executive & Ninety One founder.
"The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth," added du Toit.
Investec shares were trading 0.2% lower in Johannesburg at ZAR89.20 each on Monday morning, while in London the stock was up 0.2% at 450.10 pence a share.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Investec