Brait slumps after announcing rights issue and new advisory partner

The investment firm will seek to raise up to R5.6bn through an equity capital raise, and has introduced a new advisory partner, Ethos Private Equity

The share price of investment company Brait was on track for its worst day in four months on Wednesday, after it announced a rights issue representing more than half its market capitalisation.

The company’s share price slumped as much as 13.5% in morning trade on Wednesday, putting it on track for its worst day since July. Brait will also get a new board after the recapitalisation, which is expected to be concluded in February 2020. John Gnodde, CEO of Brait’s current corporate adviser, will step down.

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