Investec Raises About $200 Million for Preference-Share BuybacksBy
Stock slides as lender sells nearly 31 million shares
CEO says preference holders getting ‘significant premium’
Investec Plc raised 138.3 million pounds ($200 million), about 6.7 million pounds less then expected, by selling equity to buy back preference shares it and other South African banks issued about a decade ago. Stock was originally sold mainly to fund transactions aimed at boosting black ownership of the economy.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- These Guys Want to Lend You Money Against Your Bitcoin
- Fed Raises Rates, Eyes Three 2018 Hikes as Yellen Era Nears End
- This Electric Truck Will Probably Beat Tesla’s to Market
- Famed Short-Seller Jim Chanos Says Tesla Headed for ‘Brick Wall’
- Bitcoin Points Way to ‘Massive Change’ for Commodity Businesses