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Steinhoff raises R18.2bn in equity capital

4 Aug 2014

Furniture group Steinhoff International (SHF) on Monday, 4 August 2014, announced that it had raised R18.2bn in equity capital‚ before expenses‚ the net proceeds of which will be used to further strengthen its balance sheet through its rights offer.

In early July the company announced a rights offer of up to 350-million Steinhoff ordinary shares at a subscription price of R52 per share.

The rights offer consisted of an accelerated book-build of 150‚100‚412 cum rights ordinary shares to international institutional investors‚ together with an issue by way of rights to Steinhoff shareholders registered on July 18‚ of a further up to 199‚899‚588 shares.

"The accelerated book-build was fully subscribed and closed 3 July. The residual offer was 1.4 times oversubscribed‚ including excess applications of approximately 86-million shares‚ and closed on 1 August‚" the company said.

The sizeable rights issue precedes Steinhoff's planned listing in Europe. To more accurately reflect where the bulk of the furniture chain's operations are and to improve access to global capital‚ Steinhoff is looking to move its primary listing to Frankfurt.

Source: I-Net Bridge

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