Libstar has announced its intention to list its issued ordinary share capital on the main board of the securities exchange operated by the Johannesburg Stock Exchange (JSE), subject to market conditions and the approval by the JSE. Libstar expects to be listed in the Food Products sector of the JSE.
Libstar is a producer and supplier of consumer packaged goods and markets a wide range of products in South Africa and globally. The Company provides a multi-product offering in multiple categories across multiple channels, while strategically positioning itself within the food and beverage and home and personal care sectors and maintaining the flexibility to capitalise on growth areas in the CPG industry.
The proposed offering comprises an offer for subscription of new Shares by the Company of approximately ZAR1.5bn and a concurrent offer for sale of existing Shares by certain of the Existing Shareholders. Proceeds received by the Company from the Offering shall be used to repay a portion of Libstar’s third party indebtedness, thereby creating more flexibility for Libstar to pursue its growth strategy.
Through the Offering, Libstar is targeting a free float of at least 40%.
Standard Bank and J.P. Morgan have been appointed as Joint Global Coordinators and Joint Bookrunners in relation to the Listing. Standard Bank has been appointed as JSE Sponsor to Libstar. Linklaters and Webber Wentzel have been appointed as legal advisers to the Joint Global Coordinators. Cliffe Dekker Hofmeyr and Clifford Chance have been appointed as legal advisers to the Company.
The Pre-listing Statement, including full details of the Offering to be implemented in connection with the Listing by way of a private placement will be made available to selected investors in due course. The Offering will not be open to the public.
