2nd Jun 2016 15:01
LONDON (Alliance News) - Anglo-South African financial services group Investec PLC on Thursday said it has raised funds through a placing to back a share buyback.
Investec said it raised GBP138.3 million in the placing of 30.9 million shares at 448.00 pence each, carried out through an accelerated bookbuild handled by bookrunner JPMorgan Cazenove. When it announced the placing earlier in the day, Investec said it wanted to raise up to GBP145.0 million.
Shares in Investec were down 2.4% at 459.90 pence Thursday afternoon, giving the placing just a 2.6% discount.
The shares issued represent just under a 5% stake of the company's issued share capital prior to the placing.
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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