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    INL   ZAE000081949

INVESTEC GROUP

(INL)
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Investec's Ninety One pushes on with float despite market turmoil

03/03/2020 | 03:00am EDT

Ninety One, the asset management arm of South Africa-based banking group Investec, said it was pressing ahead with its listing on March 16, despite the recent sell off in markets sparked by the spread of coronavirus.

The group said on Monday it had set a price range of 190 to 235 pence per share, valuing itself at £1.75 billion to £2.1 billion.

Global stocks fell 10.2% last week as concerns about the impact of coronavirus escalated, prompting speculation that stock exchange floats would have to be pulled.

"In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits," Hendrik du Toit, founder and chief executive of Ninety One, said in a statement.

The planned global offer in London and Johannesburg is expected to raise £181.9 million to £226.1 million, Ninety One said.

Investec manages £121 billion in assets and announced plans to split off its asset management business last year, copying similar demerger moves by Prudential, Old Mutual, and Deutsche Bank as fees fall and costs rise in the fund management sector.

A prospectus with full details of the offer is expected to be published later on Monday.

Ninety One said it intends to have a free float representing 60-65% of its combined total issued share capital. The company expects to be included in several stock indexes, including the FTSE UK Index Series.

Ninety One said it had net inflows of £3.2 billion and an operating profit before exceptional items of £97.3 million for the six months ended 30 Sept. 2019.

(Reporting by Huw Jones; Editing by Rachel Armstrong)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 0.11% 36.8 Delayed Quote.138.03%
BYD COMPANY LIMITED 4.22% 232.4 End-of-day quote.14.37%
DEUTSCHE BANK AG -3.39% 10.958 Delayed Quote.22.45%
DOW JONES AFRICA TITANS 50 INDEX -0.93% 525.56 Delayed Quote.-0.77%
DOW JONES SOUTH AFRICA(ZAR) -1.01% 1905.73 Delayed Quote.8.05%
INVESTEC GROUP -1.31% 55.65 End-of-day quote.51.88%
OLD MUTUAL LIMITED -4.39% 13.29 End-of-day quote.11.77%
S&P AFRICA 40 INDEX -1.27% 168.56 Delayed Quote.-2.69%
SET -0.29% 1612.98 Real-time Quote.11.29%
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Financials
Sales 2021 1 516 M 2 092 M 2 092 M
Net income 2021 230 M 317 M 317 M
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 2 715 M 3 764 M 3 748 M
Capi. / Sales 2021 1,79x
Capi. / Sales 2022 1,54x
Nbr of Employees 8 200
Free-Float 73,3%
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Managers and Directors
NameTitle
Fani Titi Group Chief Executive Officer & Executive Director
Nishlan Andre Samujh Chief Financial Officer & Director
Peregrine Kenneth Oughton Crosthwaite Independent Non-Executive Chairman
Bradley Tapnack Head-Corporate Governance & Compliance
David Friedland Independent Non-Executive Director
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