2nd Jun 2016 06:17
LONDON (Alliance News) - Anglo-South African financial services group Investec PLC on Thursday said it will raise funds through a placing to back a share buyback.
Investec said it plans to raise up to around GBP145.0 million via the placing, which will be carried out through an accelerated bookbuild handled by bookrunner JPMorgan Cazenove.
The funds raised will be used to fund a buyback of sterling and rand preference shares in the company, with any proceeds not directed to this used for general corporate purposes.
Investec said the tender offers for the shares will be conducted "in the near future" and will be subject to shareholder approval at a general meeting to be convened "in due course".
By Sam Unsted; [email protected]; @SamUAtAlliance
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