Fraction Rate Announcement Neutral
PRESCIENT MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Fraction Rate Announcement in respect of Amalgamation of RWESG with RWGPR
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What this filing means
The fraction rate for cash-settled fractional entitlements in the RWESG-to-RWGPR amalgamation is R11.0951559 per fractional security, calculated as the LDT+1 VWAP of RWGPR (R12.3279510) less 10% per JSE DSS Requirements. The conversion ratio of 0.98754 means RWESG holders receive 0.98754 RWGPR securities per unit held, with the fractional portion paid in cash rather than issued as securities. This is an administrative step in an already-approved amalgamation — the substantive terms were disclos…
Bear case
- The fraction rate of R11.0951559 applies a 10% discount to the LDT+1 VWAP of R12.3279510, so cash-settled fractional entitlements are redeemed materially below market value — a direct mechanical loss for affected holders.
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