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TFG prices rights issue at 40.6% discount

The discount is to the prevailing 30-day volume-weighted average price of TFG shares as at 15 July.
Image: Moneyweb

South African retailer TFG Limited priced its R3.95 billion rights issue at a 40.6% discount on Thursday as it pressed ahead with plans to reduce debt to cope with the coronavirus crisis.

The owner of Foschini and @home chains said in a statement it would offer 40 new shares for every 100 ordinary shares held at an issue price of R41.90.

The discount is to the prevailing 30-day volume-weighted average price of TFG shares as at 15 July. The offer price represents a discount of 32.8% to the theoretical ex-rights price, or the projected price after the rights issue, the firm added.

Read: Why TFG’s Jet deal is the bargain of the century

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