UNDERLYING INVESTMENT REALISATION BY BRAIT SEEthos Capital is an investment holding company, registered and incorporated in Mauritius. It is listed on the Johannesburg Stock Exchange and offers shareholders long-term capital appreciation by making commitments and investments into Funds or co-investments that are actively managed by Ethos Private Equity (Pty) Limited (“Ethos”), providing the Company with exposure to a diversified portfolio of unlisted private equity type investments (“Portfolio Companies”).
Realisation of Iceland Foods by Brait SEBrait SE (“Brait”) today announced the disposal of its 63% stake in Iceland Topco Limited (“Iceland Foods”) to a newly established company, wholly owned by the founder and executive chairman and chief executive officer of Iceland Foods. This disposal, as well as the sale of DGB that was announced in May 2020, is in line with the new strategy announced by the Brait Board on 27 November 2019, that Brait would focus on maximising value through the realisation of the existing assets in its portfolio over the next five years.
The sale (including deferred consideration) will realise c. R2.4 billion in Brait proceeds which will significantly reduce its debt facility.
The announcement notes the Brait indicative carrying value of Iceland Foods at 31 March 2020 at R1,391 million, with the transaction value of the sale representing an 83% uplift over the above carrying value.
Further details can be found at:
https://brait.investoreports.com/wp-content/uploads/2020/06/Brait-SE-Market-Announcement-NAV-update-and-transaction-announcement-2020-06-08.pdf
