Plan to acquire 75% of In Time

LISTED transport and mobility company Super Group is planning to raise R900 million via a rights offer to partly fund its proposed acquisition of a 75 percent shareholding in German niche logistics service provider In Time for 153.5m (R2.3 billion).The proposed acquisition was announced in July this year and represents an expansion of Super Group’s geographical footprint. Super Group said yesterday that it would fund its investment through the proceeds of the proposed rights offer, with the balance of about R200m funded from existing cash on hand within the group. In terms of the rights offer, Super Group will offer about 35 million rights offer shares at a price of R25.70 a rights offer share. Investec Bank has agreed to underwrite the rights offer to a maximum value of R1.1bn. It will open on September 28 and close on October 9, with the results announced on October 12. Super Group shares on the JSE fell by 2.42 percent to R32.20. – Roy Cokayne