JD Group launches bond offering
IOL Business - Jun 13th 2012, 08:37
JD Group (JDG) on Tuesday announced the launch of its inaugural offering of convertible bonds due June 2017 in a nominal amount of up to R1.0 billionâ€š with an option to increase the issue size.
The bonds are expected to carry a semi-annual coupon of between 7.0 and 7.5% per annum and will be convertible into ordinary shares in JD Group.
The company said it intends to use the net proceeds of the offering to primarily fund the expected growth in its consumer finance business.
The initial conversion price is expected to be set at a premium of 30-35% above the reference price of R43.62â€š being the 5-day volume-weighted average price of JD Group shares up to Monday June 11.
The bonds will be issued at 100% of their nominal amount andâ€š unless convertedâ€š repurchased or redeemed before June 2017â€š will be redeemed at par in June 2017.
JD Group will have the option to call the bonds after four yearsâ€š if the price of JD Group Shares exceeds 130% of the then prevailing conversion price over a specified period.
â€śThe offering is open with immediate effect and will close as soon as is practicable todayâ€š Tuesdayâ€š June 12â€šâ€ť JD Group said in a statement on SENS.
It is expected that settlement of the bonds will take place on or about Wednesdayâ€š June 20.
Rand Merchant Bankâ€š a division of FirstRand Bank and The Standard Bank of South Africaâ€š are acting as joint bookrunners. - I-Net Bridge
Sony board examines plan
23/05/2013 - 14:47
Tokyo - Sony chief Kazuo Hirai said Wednesday the company was examining a hedge fund proposal to sell off part of its entertainment unit in a bid to boost profits in its core business.
Namibia: Pick n Pay benefits from anonymous tip-off line
20/05/2013 - 11:42
Shrinkage costs Pick n Pay During the financial year 2011/2012, Pick n Pay lost almost N$8million as a result of theft and pilferage which took place in a number of Pick n Pay stores across the country. In a bid to bring down shrinkage in its stores, the retailer introduced an anonymous tip-off line for the public and its stakeholders.
SA's credit rating under pressure
20/05/2013 - 10:07
The rand weakened as foreigners sold off R400 million in equities and R799m in bonds last week, driving the rand from R9.15 to the dollar at the start of the week to almost R9.40 on Friday. International markets are very sensitive to any labour disruptions in the mining industry given the tragedy at Marikana last year.
South Africa, least favoured emerging market - poll
16/05/2013 - 09:50
Johannesburg â€“ For the third consecutive month in Mayâ€š South Africa continued to be the least-favoured major emerging market according to fund managers polled by Bank of America Merrill Lynch.
Spar Group South Africa profit rises 12% as liquor sales gain
15/05/2013 - 15:40
Spar Group Ltd. (SPP), a South African food and liquor retailer, said first-half profit climbed 12 percent as higher prices countered slower consumer spending.