Ninety One lists in volatile market

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Ninety One lists in volatile market

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Published Date: 2020-03-17 | Source: Stephen Gunnion | Author: Stephen Gunnion

Ninety One lists in volatile market

Investec decided against a global offer of its shares due to current market volatility.

Ninety One braved volatile equity markets yesterday to list on the London and Johannesburg stock exchanges. That was despite last week's decision by former parent Investec to cancel the sale of new shares in the asset manager.

Ninety One was demerged from Investec after the close of trade on Friday and its shares were admitted to the London Stock Exchange's premium listing segment yesterday morning. It has a secondary listing on the JSE. Investec had planned a global offer of 10% of Ninety One's shares to new investors but held back due to current market conditions.

Investec shareholders will get one Ninety One share for every two Investec ordinary shares, giving them just over half of the asset manager's listed equity. Employees will own about 20% of the stock and Investec Group will now hold onto 25%, up from the 15% that was previously proposed. Its holding will be subject to a lock up period of 180 days from the date of admission.

Ninety One Plc's shares closed at R33.70 on the JSE yesterday, while Investec Plc fell 43% to R36.61 - partly reflecting the unbundling of the fund manager. Investec Plc's shares closed at R64.57 on Friday ahead of the demerger. Like Investec, it has a dual listed structure, with the share codes NY1 and N91.





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