Eastern Cape based NVest Financial Holdings Limited listed on the Alt-X exchange of the Johannesburg Stock Exchange at R1 per share on Friday 29th May. By midday, the price had risen to R2.10 and it ultimately closed the day off at R2.18.
Says Anthony Godwin, Chief Executive Officer of the Group that has a 30-year footprint in Eastern Cape, with the head office in East London as well as offices in Port Elizabeth, Cape Town, Johannesburg and soon to be in Durban; “The positive response from the market bears out our belief that there is strong confidence in our company, our abilities and our prudent style of management. We have exciting plans for the future of the Group and look forward to delivering above our promises as we have always done; but it’s important to highlight that we will not be chasing growth at all costs – our business is about people and trust and it’s important that we continue getting both elements right.”
NVest is a diversified financial services group that includes NFB Private Wealth Management, NVest Securities, NFB Insurance Brokers, NVest Properties, NVest Property Services and Independent Executor and Trust. The group has well in excess of R14 billion assets under administration and management.
Of the approximately 205 million shares, 12.8% (26,250,000) were offered to the public on a limited basis and the share was 4.25 times over-subscribed. Of the amount offered to the public, approximately 25% were taken up by employees of the Group, giving about 70% of the employees in the Group a stake in the business.
NVest went to JSE with the main aim of using the JSE platform as a springboard to achieve growth beyond only the Eastern Cape, reasoning that a listing would enhance its profile and visibility, making it more flexible with its long-term acquisition strategy. The increased liquidity of the shares will also enable the directors to implement staff incentive schemes and attract and retain key individuals.
Author: Brendan Connellan
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