The gaming and leisure company has agreed to sell Burger King SA to a private equity firm, and will use the proceeds to pay a special dividend
Leisure and gaming company Grand Parade Investments said on Wednesday it will use the proceeds of the sale of its Burger King licence to pay a special dividend to shareholders, part of a strategy to reduce a steep discount to its net asset value per share.
The sale price in the binding offer will be based on Burger King SA’s enterprise value, or R670m based on a ratio of eight times forward earnings before interest, taxation, depreciation and amortisation . GPI will receive 95.36%, though in the determination of the sale price the debt of the enterprise will be subtracted and excess cash added.
“Our focus is on maximising value for our shareholders, many of whom have been with us from inception,” Tajbhai said. The discount of share price to intrinsic NAV is seen as the best measure of how well an investment company is faring.
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