Michiel le Roux raised $402 million against 1.37 million Capitec shares, a JSE filing shows - liquidity without selling for the bank's co-founder.
SOUTH AFRICA · WEALTH
Key Facts
—The deal: About $402 million (6.56 billion rand) raised through Kalander Sekuriteit against 1,374,356 Capitec shares, per a JSE filing published Tuesday, July 7.
—Nothing sold: The shares are pledged as collateral, so le Roux keeps his ownership, his board seat, his votes and all the upside.
—The structure: A new hedging and refinancing arrangement replaces a May 2023 deal; the debt can never exceed the hedged shares times the put strike price.
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