Brainworks Limited today announced the launch and pricing of its institutional offering of 27 523 396 ordinary shares at an offer price of R11.50 per share. The offer price is based on the Board’s assessment of the value of the Group.
The institutional offering will open at 09:00 hours (CAT) on Thursday, 28 September 2017 and close at 12:00 hours (CAT) on Monday, 9 October 2017. Results of the offer will be released on SENS on or about Wednesday 11 October 2017. Applications in respect of the offer must be for a minimum of R1 million. Brainworks’ shares are expected to commence trading on the Main Board of the JSE in the “Equity Investment Instruments” sector on Friday, 13 October 2017 under the abbreviated name: “Brainwrks”, JSE share code: BWZ and ISIN: MU0548S00000
Brett Childs, CEO of Brainworks says: “We are confident that our strategy of listing on the JSE will prove sound and that international investors will view Brainworks as the window through which they may access our excellent asset portfolio and participate in the opportunity that is Zimbabwe. With approximately 38% of group revenue being generated from exports, through our hospitality division, a large property portfolio and our focus on micro finance, banking and insurance we are well placed to benefit in a changing economic environment.”
The Johannesburg based advisory company Questco are acting as book runners for the offering.