A type of placing used as a method of financing a takeover in which the purchasing company issues its own shares as payment to the company being bought, with the prearranged agreement that these shares are then placed with investors in exchange for cash.
- Details of the vendor placing are set out below under the heading ‘Vendor and Cash Placings’.
- The amount payable was estimated to be in the range of R120-million, subject to the final pricing achieved for the vendor placing.
- The vendor placing has been fully underwritten at 33p per share by Numis Securities, nominated adviser and stockbroker to Cozart.
Definition of vendor placing in:
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