Conduit Capital, which has stakes in insurance businesses, has entered into an agreement that could see Mmuso Capital acquire a majority stake in the company for R500m in a move that could also give it the power to appoint a new CEO.
Johannesburg-headquartered Conduit Capital said in a statement on the stock exchange news service on Monday that it had entered into a binding term sheet with Mmuso Capital, which will inject R500m in exchange for the right to subscribe for redeemable convertible preference shares. The preference shares will pay a cumulative coupon equivalent to 95% of the prime interest rate “from time to time” but will only be payable on redemption by Conduit Capital...
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