Investec to issue 22m shares to repay debt

The group says will issue the shares, accounting for 4.92% of the ordinary shares in Investec plc and 3.07% of the company and Investec Limited, at 0.02p each. Investec says the equity placement and subsequent repurchase of debt will improve its tier 1 capital position without reducing its total capital adequacy ratio. "This offering gives Investec the flexibility to prudently repurchase debt at a discount to par and subsequently the opportunity to deliver long term shareholder value, while preserving a strong tier 1 capital position," Investec CEO Stephen Koseff says. The company ...