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BRIEF-Rhodes Food Group says plans to list on JSE
September 1, 2014 / 6:57 AM / 3 years ago

BRIEF-Rhodes Food Group says plans to list on JSE

Sept 1 (Reuters) - Rhodes Food Group Holdings Ltd:

* Today announces its intention to list on the main board of the securities exchange operated by the JSE Limited

* Offer will comprise an issue of new shares by rfg and a pro rata sale, comprising about 25 pct of holding of existing shares by existing shareholders

* The issue of new shares is expected to raise gross proceeds of approximately R600 million

* Net proceeds will be used to settle certain existing bank borrowings and all shareholder funding and to fund investment to drive further growth

* Pre-Tax cost savings associated with the recapitalisation are expected to be about R76 million per annum

* Morgan Stanley & Co, Merchant Bank appointed joint global coordinators, joint bookrunners for offer

* RMB has been appointed to act as transaction sponsor in relation to the listing

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