The handful of big-name private equity backers behind Consol face a funding quandary after plans to list the glass packaging business on the JSE suddenly went awry. Consol called off its JSE listing less than a fortnight after issuing a prelisting statement that detailed proposals to raise R3bn in fresh capital by offering new shares to international and local investors. The cancelled listing is a major setback for private equity participants Brait (which holds a commanding 29.7% stake), Old Mutual Private Equity (22.8%), Sanlam Private Equity (12%), Sphere Holdings (10%), HarbourVest Partners (9.8%) and the Public Investment Corp (7.5%). Executive management holds a significant minority position. Certain unspecified private equity investors also wished to sell down their respective positions in a share-sale offer accompanying the issue of new shares. The developments ominously recall the experience at retail giant Edcon, where the original private equity backers — who eventually ca...

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