Brait offers to buy outstanding convertible bonds from holders
The company has invited holders of £141m in bonds due 2020 to offer to sell any and all of their notes to Brait for cash
Investment holding company Brait has offered bondholders cash in exchange for £141m (R2.95bn) in convertible bonds due in 2020.
Convertible bonds refer to bonds that can be exchanged for shares, with Brait saying on Tuesday this would allow the group to “proactively address the maturity of the bonds”.
In afternoon trade on Tuesday, Brait’s shares were up 5.28% at R2.99, putting it on track for its best one-day performance in almost a month. The shares have lost 70% so far in 2020, and more than 90% over the past two years.
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