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Ethoscap - Optasia listing and bonds unbundling
The Board has received an unsolicited offer which together with the Optasia listing and the unbundling of the Brait Exchangeable Bonds potentially allows for a potential holistic solution to return capital to shareholders and the eventual wind down of Ethos Capital over the short to medium term.
Optasia listing
Optasia will be listed on the Johannesburg Stock Exchange ("JSE") on Tuesday, 4 November 2025.
Based on the Listing Price, Ethos Capital's NAV per Share ("NAVPS") would increase from R8.57 as at 30 June 2025 to an implied R9.39 per share.
Brait Exchangeable Bonds ("Exchangeable Bonds")
The Board has decided to unbundle all of the Exchangeable Bonds held by the Company to Ethos Capital shareholders. For every 100 shares held in Ethos Capital at the relevant time, shareholders will receive c. 0.08680 Exchangeable Bonds, based on the current number of shares in issue. This equates to a current implied value of c.R0.74 per Ethos Capital share.
Offer for Residual Assets
The Board has received an unsolicited Non-Binding Offer ("NBO") from a large South African financial institution (the "Party") to acquire the residual assets ("Residual Assets") that Ethos Capital owns (effectively all of the assets other than Ethos Capital's interest in and exposure to Optasia and the Exchangeable Bonds) (the "Transaction") which, following thorough evaluation, it is presently considering favourably .
Cautionary announcement
Given the NBO and the ongoing considerations, Ethos Capital shareholders are advised to exercise caution when dealing in the Company's securities until a further announcement is made.
Change of the Chief Executive Officer
Ethos Capital's Chief Executive Officer ("CEO), Anthonie de Beer, has tendered his resignation to the Board and is pursuing another opportunity with a reputable South African company.
Jonathan Matthews has been appointed by the Board as CEO and will assume the role immediately ensuring a seamless transition.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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