Altron releases Bytes UK prelisting statement

2nd December 2020

By: Creamer Media Reporter

     

Font size: - +

As Allied Electronics (Altron) continues its strategy to unbundle and list its UK subsidiary Bytes Technology Group separately on the London Stock Exchange, with a secondary listing on the JSE, the group has released its abridged prelisting statement for the proposed offer of ordinary shares of Bytes Technology Group to certain institutional and professional investors.

According to a notice to shareholders, the price range for the offer has been set at between 240.0p and 290.0p per Bytes Technology Group share.

This implies a market capitalisation on admission of between £573.9-million and £692.3-million, assuming the base offer size assumptions and that the offer price is set at the bottom and top of the price range respectively.

The expected minimum and maximum number of new shares in the offer are 111.29-million and 171.84-million, which would result in expected gross proceeds from the offer of £294.9-million and £455.4-million, respectively, assuming the base offer size assumptions and maximum offer size assumptions and the offer price is set at the mid-point of the price range,” the company said.

Written indications received by Bytes Technology Group reveal that certain major Altron shareholders Coronation, Biltron and VCP intend to elect to redeem for cash a minimum of 25%, 25% and 80%, respectively, and a maximum of 25%, 35% and 100%, respectively, of their respective convertible notes arising from the demerger.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION