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BRIEF-Stadio provides details on separation from parent Curro, JSE listing
September 15, 2017 / 2:58 PM / 2 months ago

BRIEF-Stadio provides details on separation from parent Curro, JSE listing

Sept 15 (Reuters) - STADIO HOLDINGS LTD:

* ‍LISTING OF STADIO ON MAIN BOARD OF JSE LIMITED AND ABRIDGED PRE-LISTING STATEMENT​

* ‍ON FEB. 28, CURRO ANNOUNCED ITS INTENTION TO UNBUNDLE ITS ENTIRE INTEREST IN STADIO AND TO LIST STADIO ON JSE​

* ‍CURRO RESOLVED TO UNBUNDLE 410 561 153 SHARES IN STADIO TO SHAREHOLDERS IN RATIO OF ONE STADIO SHARE FOR EVERY ONE ORDINARY SHARE​

* OFFER ‍COMPRISING 91.7 PCT OF ISSUED SHARE CAPITAL OF STADIO

* TO INCREASE STUDENT ENROLMENTS TO 35 000 IN MEDIUM TERM AND ABOUT 56 000 BY 2026, EARNING PROFIT AFTER TAXATION OF ABOUT R500 MILLION BY 2026​

* ‍BELEIVES TARGET CAN BE ACHIEVED BY CAPITAL OF R840 MILLION RAISED FROM RIGHTS OFFER AND B- BBEE DEAL, INTERNALLY GENERATED CASH AND DEBT FUNDING​

* ‍RAISING APPROXIMATELY R640 MILLION THROUGH RIGHTS OFFER AND UP TO R200 MILLION THROUGH B-BBEE TRANSACTION​

* ‍PSG FINANCIAL SERVICES, WHO WILL HOLD ABOUT 51 PCT OF STADIO POST UNBUNDLING, HAS IRREVOCABLY UNDERTAKEN TO FOLLOW ALL OF THEIR RIGHTS

* PRICE OF PLACING SHARES WILL BE ‍R2.96 PER PLACEMENT SHARE​ Source text for Eikon: Further company coverage:

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