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Ninety One, formerly known as Investec Asset Management, has confirmed that it will commence trading its shares on both the Johannesburg Stock Exchange and the London Stock Exchange following shareholders' approval of the demerger from Investec and separate listing of the asset management business.
In a statement released on Monday, the global asset manager, owned by SA's fifth-largest banking group, said it would be going ahead with the envisaged initial public offering (IPO) in both exchanges. Investec initially envisaged that the demerger would take place on Friday, March 13, and Ninety One shares are expected to start trading on March 16.
Investec said its global offer would comprise up to approximately 10% of issued Ninety One Shares to be sold by Investec to new or existing institutional and other investors. The net proceeds of the global offer will be retained by Investec.
LSE will hold the primary listing of Ninety One, while the JSE will have the secondary listing.
The company plans to have a free float of 60-65% of the shares, with 55% of the combined total due to be held by Investec and Investec Limited ordinary shareholders.
It is also expected that 20% of the combined total issued share capital will be held by staff and 10% by new or existing institutional and other investors.
Investec Joint Chief Executive Officer and Ninety One Founder Hendrik du Toit said, "After 29 years as part of a diversified financial services group, this is an important event in our development. This transaction strengthens our offering to clients as an independent specialist investment manager.
"The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth," Du Toit said.
