It is offering shareholders a 65% premium to the average trading price of the last month.
Financial services group Sasfin has announced plans to delist from the JSE, offering minority shareholders R30 a share – a 65% premium to the average price of R18.16 over the last 30 days.
The delisting announcement follows poor results for the six months to December 2023 and a Sens notification in February announcing the sale of its commercial property and capital finance businesses to African Bank. It has already exited its specialised lending and forex businesses, all of which are capital-heavy.The restructured group will focus on businesses that are less capital-hungry, such as the Sasfin Wealth advisory business.
Following the proposed cash subscriptions from WIPHold and Unitas, Sasfin Wealth will make an offer to acquire up to 10% of Sasfin Holdings. The offer provides minority shareholders with the option to remain invested or exit at a substantial premium to the current market price. These structural changes enable the proposed delisting of Sasfin Holdings from the JSE.Sasfin rejects R4.
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