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Investec Asset Management becoming Ninety One: Intention to Float announcement

20 February 2020 Investec Asset Management

Please visit link to read the full announcement of Investec Asset Management’s intention to float released this morning on SENS.

I’d like to draw your attention to a few points:
• Today’s announcement signals that we are confident that we will proceed with the offering of shares and starts the public marketing phase of the Ninety One Asset Management’s IPO on the LSE and JSE.
• The announcement follows the results of the shareholder vote, announced last Monday, in which the overwhelming majority of shareholders showed their support of the demerger and separate listing of the new entity, Ninety One Asset Management, on both the JSE and LSE.
• The next steps are the book-building process, which commences today and the publication of the registration document/prospectus, which is scheduled for Monday 2 March.
• Investec Asset Management is then expected to list on the LSE and JSE as Ninety One plc and 91 Limited respectively on Monday 16 March, with initial pricing to be confirmed after close of trade on Friday 13 March.
• Shares in Ninety One plc will be listed on the Main Market of the LSE, with a secondary inward listing on the Main Board of the JSE. Shares in Ninety One Limited will be listed on the Main Board of the JSE.
• The dual-listing structure will allow the new independent entity to remain firmly rooted in South Africa, while maintaining access to the extensive capital markets infrastructure and investment community in London.

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