Transaction Capital said yesterday all the unbundling conditions relating to the listing of WeBuyCars (WBC) had been fulfilled and that the unbundling had become unconditional.
In addition, the Takeover Regulation Panel (TRP) had issued a compliance certificate.
The group announced in February that to unlock value for shareholders, it would unbundle WBC and list it separately on the Main Board of the JSE via a WBC share issue of R760 million, a private placement of WBC shares of R500m, and a pre-listing capital raise of up to R750m.
WBC shares were expected to start trading on April 11 this year on the JSE. As a result of the capital-raising initiatives, Transaction Capital’s shareholding in WBC on listing would be 61.44%. The distribution ratio as set out in the circular was increased to 0.32678 WBC shares for every 1 Transaction Capital share held by a Transaction Capital shareholder.
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