Everglen Capital (Pty) Ltd. sold 72 million shares in Transaction Capital Ltd. through an accelerated bookbuild offering, trimming its shareholding in the South African firm to 29.2% from about 41%.
The shares were sold to new and existing shareholders for 16.80 South African rand per share, corresponding to a 2.4% discount to the prelaunch 30-day volume-weighted average price of 17.21 rand as of March 7. Total proceeds amounted to approximately 1.21 billion rand.
Transaction Capital said the sale "significantly increased" its free float, which is expected to improve share liquidity. Everglen remains the firm's biggest shareholder with about 178 million shares.
Goldman Sachs International served as sole book runner and joint lead manager for the transaction, while Macquarie Capital South Africa Pty. Ltd. acted as joint lead manager.
As of March 8, US$1 was equivalent to 11.91 South African rand.
