JOHANNESBURG - Super Group, the listed transport logistics and mobility group, has raised R500m through an accelerated bookbuild offering to partly pay for recent acquisitions.
The group said on Friday the accelerated bookbuild had resulted in the placement of 12.4m ordinary Super Group shares at a price of R40.25 a share.
It said the book was oversubscribed at this level, which represented a 3.2 percent discount on the closure price on October 12 and a 4.1 percent discount on the 30-day volume weighted average price to the same date.
The group added the proceeds of the bookbuild would be used to partly fund acquisitions completed since its year-end in June, including Slough Motor Corporation and Servicios Empresariales Ader, which had resulted in a gross outflow of about R968m.
The Slough Motor Corporation acquisition for £24m (R422.54m) included the company’s holding company and seven freehold properties where six Ford and two Suzuki dealerships in the UK were located. Ader, which specialises in the provision of dedicated and exclusive transport and logistics solutions and has 17 offices throughout Spain and 15 operations in the Eurozone, was acquired for 11.6m (R181.73m). Shares in Super Group dropped 2.19percent on Friday to close at R40.65.