Specialist bank and asset manager Investec, comprising Investec plc (INVP.L) and Investec Limited, on Friday issued an update on asset management demerger proposals.
It was in September 2018 that Investec announced the proposed demerger and public listing of its global Asset Management business.
The company now said that post demerger, the Asset Management business, currently known as Investec Asset Management, will be known as Ninety One.
The separation will be implemented by way of a demerger of Ninety One to a new dual-listed company structure, comprising Ninety One plc, a company incorporated in England and Wales, and Ninety One Limited, a company incorporated in South Africa.
The effective time for the UK and SA Demerger is currently expected to be March 13, 2020.
Following the Demerger, the business of Investec Group will comprise the Investec Specialist Banking and Wealth & Investment businesses and will continue to be held under Investec Group’s current DLC structure. The existing listings of Investec plc and Investec Limited will be retained.
It is expected that Investec plc and Investec Limited will shortly publish a joint circular to their shareholders relating to the Demerger.
Following the implementation of the proposals, it is expected that approximately 55.9 percent of the total issued share capital of Ninety One plc, representing approximately 37.7 percent of the combined total issued share capital of Ninety One, will be held by Investec plc Ordinary Shareholders.
Further, approximately 53.1 percent of Ninety One Limited representing about 17.3 percent of the combined total issued share capital of Ninety One, will be held by Investec Limited Ordinary Shareholders.
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