INVESTMENT holding company Conduit Capital has concluded the acquisitions of Snowball Wealth and Midbrook Lane.The group, which invests primarily in the insurance industry, said the net asset value (NAV) of Snowball Wealth was determined to be R464m. The NAV of Snowball Wealth was R167.6m.The acquisitions were concluded through the issuance of Conduit Capital shares, which lifted the NAV of the group 16% to R214.6m compared with R184.9m before the transaction.Conduit Capital has a market capitalisation of R961bn and trades at a price:earnings ratio of 30.The acquisitions would dilute basic earnings per share (EPS) in the six months to end-December 2015, but headline earnings per share (HEPS) were expected to decrease to 0.4c from 3.8c before the transaction.Conduit Capital was one of the highflyers on the JSE in 2015, growing 83% during the year — from R1.46 to R3.90. This year its performance has been more subdued. The share price closed 1.75% up at R2.90 on Thursday.
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