Times Media Group (TMG)\u201a formerly Richtrau\u201a has announced that it will list on the JSE on September 10, 2012.<\/p>\n
TMG said it would list on the JSE\u2019s main board in the media sector under the share code TMG and the abbreviated name TIMESG.<\/p>\n
TMG recently announced a cash and share offer to Avusa\u201a estimated to be worth R1.1 billion.<\/p>\n
The announcement by TMG is in line with a series of inter-conditional steps that will result in its listing on the JSE\u201a housing all of Avusa\u2019s assets.<\/p>\n
The company said it was not seeking to raise any funds through the offer set out in the prospectus.<\/p>\n
TMG\u2019s offer consists of a cash offer of R24.00 per Avusa share and a share exchange of Avusa ordinary shares (or a portion thereof) for TMG ordinary shares.<\/p>\n
The cash offer represents a premium of 19.6% to the Avusa 30-day volume-weighted average price (VWAP) per share of R20.07 as at the close of business on June 11 2012.<\/p>\n
The share exchange ratio is 1.478 TMG ordinary shares for every one Avusa ordinary share.<\/p>\n
Related article<\/strong><\/p>\n Break Independent up: SACP<\/a><\/strong><\/p>\n Independent confirms possible sale: report<\/a><\/strong><\/p>\n The Sunday Times\u2019 bold online move<\/a><\/strong><\/p>\n