Momentous Occasion as Distell Relists On The JSE
31 May 2018
Distell Group Holdings (“Distell” “DGH”) today celebrated its relisting on the Johannesburg Stock Exchange (JSE) following the collapse of its ownership structure, a move widely welcomed by investors as it will increase the company’s free float from c. 19.5% to c. 37.5%.
Speaking after blowing the ceremonial kudu horn to open the day’s trading at the JSE, Richard Rushton, Distell Group Managing Director, said this was a momentous occasion which would boost the general marketability of Distell stock to local and international investors.
“Today marks an important journey in our company’s evolution as it simplifies a historically multi-tiered ownership structure of Distell through Capevin Holdings Limited (“Capevin”), providing investors with a single entry point to invest in Distell.
“In addition, the simplification of our shareholding structure should improve the company’s ability to raise additional capital in the future, if required, to fund our growth ambitions," said Rushton
Today’s development also brings to a close, a nearly year-long process of shareholder and regulatory approvals which began in October last year. Final regulatory approvals were received on 14th May 2018.
Following the relisting, Remgro will remain a shareholder of reference with a 31.4% economic interest in the company alongside key institutions such as the Public Investment Corporation and Coronation Fund Managers.
Distell will now trade under the share code DGH. Previously, the company traded under the share code DST.