Staff Writer
Curro shareholders will receive cash payments for fractional share entitlements arising from the scheme of arrangement linked to the company’s acquisition by the Jannie Mouton Stigting and Curro’s subsequent delisting from the Johannesburg Stock Exchange (JSE).
The transaction, previously announced on SENS, resulted in Curro shareholders becoming entitled to shares in Capitec Bank Holdings Limited and PSG Financial Services Limited as consideration.
Where these entitlements resulted in fractional Capitec or PSG Financial Services shares, the fractions were rounded down to the nearest whole share, with the remaining portion settled in cash.
In line with JSE Listings Requirements and the terms set out in the circular, the cash value of the fractional entitlements was calculated using the weighted average traded price of the relevant shares on the scheme’s last day to trade plus one business day, less 10%.
For Capitec shares, the weighted average traded price used was 4,180.85015, resulting in a cash calculation price of 3,762.76514. For PSG Financial Services shares, the calculation price applied was 24.36270.
Fractional entitlements will be aggregated and delivered to each central securities depository participant, which will pay the cash amounts to shareholders. The payments will be funded through the sale of the fractional entitlements on the market on behalf of affected shareholders.
Cash payments will be made on Monday, payments will be made to the CSDP or broker accounts of dematerialised shareholders, while certificated shareholders will receive payment directly into their bank accounts.
Caption
Curro shareholders will receive cash payments on Monday.
- Photo: Contributed
