Consumer Industries Writer
Brait is seeking R2.5bn from shareholders through a rights offer as the investment holding company moves into the final stages of its plan to unlock value and distribute its remaining assets.
The company said on Thursday the capital raise would help fund the repayment of its convertible bonds and support Virgin Active’s capital raise as it prepares the health club group for a potential listing or sale.
“Brait is in the final stages of its stated strategy to unlock value for its shareholders through the distribution of its remaining assets to shareholders,” the company said.
The rights offer will raise funds to redeem Brait’s convertible bonds, which amount to £138m including accrued interest. The company said it would also contribute £108m towards Virgin Active’s £175m capital raise.
