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Investec PLC and Ltd on Friday announced that one more condition remained before it distributes a portion of the stake it holds in money manager Ninety One PLC and Ltd to its shareholders.
The Sandton-based financial services group plans to distribute a 15% holding in Ninety One to its shareholders in term of a proposal which first surfaced in November. It will retain around a 10% share.
Investec said on Friday the court in the UK had sanctioned the share distribution plan on Thursday.
The plan remains subject to one condition, however, namely a copy of the Scheme Court Order having been delivered to the UK Registrar of Companies, which is expected to occur on May 30.
All other conditions have now been satisfied.
On May 30, Ninety One Plc shares are expected to be distributed to Investec Plc shareholders on the UK register. Ninety One Ltd shares will be distributed to Investec Plc shareholders on the South African register on the same date.
Ninety One Ltd shares will be distributed to Investec Ltd shareholders.
In Johannesburg, Investec PLC shares were up 5.2% at R 95.08, while Ltd shares rose by 5.1% to R 96.20. Ninety One's shares were 0.6% lower at R 43.48 and its Plc shares lost 1.3% to R 44.19.
Meanwhile in London, Investec shares firmed by 4.7% to 480.40 pence, while Ninety One Ltd's shares were 3.1% higher at 223.00p.
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