Embattled Pembury agrees to capital injection from private equity firm
Education-focused Pembury Lifestyle Group has agreed to a capital injection from private equity firm Verityhurst.
Under the agreement, Verityhurst would receive 180-million new shares worth R18.9m from Pembury and would nominate new board members, including a new CEO. Verityhurst would then hold 30.2% of Pembury’s shares.
Verityhurst has also agreed to underwrite a potential R50m rights offer and has reserved the right to acquire, or nominate one or more third parties to acquire, 100-million shares from controlling shareholder and Pembury founder Andrew McLachlan.
Pembury was suspended from the JSE at the end of June for late results. The group said on Thursday Verityhurst aims to assist with the settlement of certain key creditors and inject working capital into the Pembury group. This includes the payment of auditors.
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