Prescient’s listing will provide a strong platform for long-term growth
In a development expected to facilitate the continuation of the group’s impressive growth path, Prescient Holdings has listed on the Johannesburg Stock Exchange (JSE) via a reverse listing into PBT Group (previously Prescient Business Technologies) today,
Murray Louw, CEO of the listed entity, Prescient Limited (PCT), commented: “The listing will provide us with the flexibility needed to capitalise on long-term growth opportunities in financial services, while unlocking the intrinsic value of the business.
“The listing will provide Prescient with a strong platform to drive future growth. Being a public company will help to raise our profile and introduce the brand to a wider market. This will assist in building on our growing product offering across the financial services spectrum.”
“Listing comes with transparency and corporate governance requirements and lends some comfort to clients. This will assist the group in its global growth path as company information is more readily available to potential clients. The listing will also provide a valuation platform for our shares to retain and attract valuable employees.”
The reverse listing resulted in PBT acquiring Prescient for a total consideration of R1.59 billion, settled through the issue of additional PBT shares at R1.35 each to Prescient shareholders.
Management and staff were the majority shareholders in Prescient Holdings with an interest of 76.8%. The total black economic empowerment (BEE) shareholding in the business was 29%, with external BEE shareholders owning 23.2% of Prescient. The BEE shareholding will remain above 25% following the listing.
Launched in 1998 as an investment management company, Prescient Holdings today also has businesses in fund administration, securities trading, wealth management and retail products. Its objective is to build a global financial services group.
PBT Group Limited was listed on 15th November 2010 through a reverse listing into the Wooltru cash shell. PBT was established as an Information Technology company in 1998 and it remains focused on achieving its vision to be the preferred business intelligence and information management service provider to large national and international clients. It has established a substantial African client base and also diversified into Australia.
The listing will assist in consolidating businesses in the group, but Louw emphasised that it would not dilute Prescient’s focus on its businesses or on its commitment to clients. “Operational entities and key employees will continue to focus on the core business and deliver on client expectations as in the past.”
All subsidiaries are managed by entrepreneurial teams with equity ownership in Prescient. The subsidiaries include Prescient Investment Management, Prescient Securities, Prescient Management Company, Prescient Life, Prescient Administration Services, Prescient Global, Prescient Capital, PBT Group and Prescient Wealth Management.
Prescient Investment Management, which had R94.9 billion in assets under management and administration as at 31 March 2012, will remain exclusively focused on asset management.
Prescient recently concluded its purchase from Allied Irish Bank plc (AIB) of AIB Asset Management Holdings, inclusive of its investment management subsidiary, AIB Investment Managers, on 31 May 2012. This business has been renamed Prescient Investment Managers (Ireland).
“The acquisition of Prescient Investment Managers (Ireland) was a pivotal step towards building a global business, using Dublin, where we already have a presence, as our European base,” said Louw.
Most recently, Prescient Investment Management announced that it had been granted a licence by the China Securities Regulatory Commission (CSRC) allowing the group to invest in Chinese securities under the Qualified Foreign Institutional Investor (QFII) programme.
