Brait Plc Announces The Decision Not To Proceed With Listing Premier Group On The JSE
Brait Plc Announces The Decision Not To Proceed With Listing Premier Group On The JSE. Premier published a pre-listing statement in relation to the offer, by way of a private placement, of up to 65,031,587 ordinary shares and the subsequent admission to listing of the ordinary shares of Premier on the Main Board of the JSE Limited.
The company said that Premier received a significant amount of investor interest and support for the business however, the South African capital markets (in particular over the last 48 hours) have not been conducive to supporting a successful IPO. Therefore, the Premier board and shareholders have resolved not to proceed with the Offer at this time.
As noted by the company in the pre-listing statement, in the event of the offer not proceeding, Titan and RMB have agreed, in specified proportions, to acquire unlisted ordinary shares in Premier from Brait for anaggregate consideration of ZAR3.5 billion. Premier FMCG is a South African based company with a distribution footprint across Southern Africa, East Africa and the UK. Founded in 1820, Premier FMCG has expanded from its core heritage in milling and baking into multiple categories, including strong heritage brands like Snowflake, Iwisa No 1, Blue Ribbon, Lil-lets, Manhattan Sweets, Mister Sweet and Super C. With 30 manufacturing sites across South Africa, eSwatini, Mozambique and Lesotho, Premier FMCG has demonstrated its ability to expand outside of the South African market with a strong acquisition and innovation strategy to drive sustainable growth.
The Premier Board, management and shareholders remain excited about the opportunity to execute Premier’s growth strategy under private ownership. Premier FMCG’s vision is to be the best by growing its people, customers and brands. Premier FMCG’s success is founded on growing together by having the right people and an environment that embraces innovation.
