FCA and JSE approve Ninety One’s Global Offer Prospectus

Maria Nikolova

It is expected that admission to listing and trading on the LSE and the Main Board of the JSE will become effective and that unconditional dealings in the Ninety One shares will commence on the LSE and on the JSE on March 16, 2020.

About a fortnight after global asset manager Ninety One unveiled its intentions to proceed with an Initial Public Offering (IPO) of Ninety One shares, the company has confirmed that its prospectus has been approved by the FCA and the JSE.

It is expected that admission to listing and trading on the LSE and the Main Board of the JSE will become effective and that unconditional dealings in the Ninety One Shares will commence at 8:00 a.m. (London time) on the LSE and 7:00 a.m. (London time) on the JSE on March 16, 2020.

The JSE has granted approval for admission of the Ninety One Limited Shares to listing and trading as described above, under the abbreviated name “Ninety 1L” and under the share code “NY1”. The JSE has also granted Ninety One plc approval for admission to listing and trading as a secondary inward listing under the abbreviated name “Ninety 1P” and under the share code “N91”. Both Ninety One Limited and Ninety One plc will trade under the “Financial Services – Asset Managers (8771)” sector of the Main Board of the JSE.

Following Admission, Ninety One plc is expected to have 622,624,622 Ninety One plc Shares in issue and Ninety One Limited is expected to have 300,089,454 Ninety One Limited Shares in issue.

The Ninety One Boards include Gareth Penny as independent Non-Executive Chairman and Colin Keogh as Senior Independent Director. The other independent non-executive directors on the Boards are Busisiwe Mabuza, Idoya Basterrechea Aranda and Victoria Cochrane. Hendrik du Toit (Chief Executive Officer of Ninety One), Kim McFarland (Finance Director of Ninety One) and Fani Titi (Joint CEO of Investec) complete the Ninety One Boards.

Earlier today, Ninety One announced the price range for Initial Public Offering (the “IPO” or “Global Offer”) was set at 190 pence to 235 pence per Ninety One Share. The price range implies a market capitalisation on admission of between £1,753 million and £2,168 million.

The Global Offer in Ninety One plc is expected to raise proceeds of approximately £98.2 million to £121.9 million. The Global Offer in Ninety One Limited is expected to raise proceeds of approximately £83.7 million to £104.3 million.

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