Picture: BUSINESS DAY
Picture: BUSINESS DAY

Investment holding company Brait said on Friday it would buy £8.5m (R180.6m) in convertible bonds after offering to exchange them for cash earlier in the week.

The group on Tuesday made the offer to holders of £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”.

gernetzkyk@businesslive.co.za

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