Glass-packaging group Consol will use the bulk of the capital raised for its listing on the JSE in early May to ease its heavy debt burden. According to a prelisting statement issued on Monday, Consol will pitch 761-million shares to selected investors at a price range of 150c to 650c per share. If all the shares are placed and a mid-range price achieved Consol will raise about R3bn. The prelisting statement disclosed R1.8bn would be used to reduce debt facilities, R635m to redeem preference shares and R241m to repay a portion of shareholder loans in cash. Shareholders include Brait (29.7%), Old Mutual Private Equity (22.8%), Sanlam Private Equity (12%), Sphere (10%), HarbourVest Partners (9.8%) and the Public Investment Corporation (7.5%). Shareholder loans not repaid in cash would be converted into shares and the balance of the raised capital retained "for general corporate purposes". The prelisting statement showed Consol managed operating profit of R668m off turnover of R3.7bn i...
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