Sasfin Holdings has raised another R100 million from the issue of 905 000 preference shares to investors at an issue price of R110.50 per share, paying an effective preference dividend rate of 70% of prime.
Sasfin CEO Roland Sassoon says the purpose of the preference share issue is to raise capital for investment in private equity opportunities, which has been identified as a major growth area for the group going forward.
The shares are of the same class and rank in every respect alongside the existing non-redeemable, non-cumulative, non-participative preference shares listed under the JSE sector Specialist Securities â€“ Preference Shares. The new shares will be listed from Friday, 9 June 2006.
Sassoon says the fact that the issue was fully subscribed at an effective dividend rate of 70% of prime, compared to the previous preference share issue in 2004 at 75% of prime, is a resounding endorsement by investors.
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