Brait announced a fully underwritten renounceable rights offer to raise R2.50bn through the issue of 1.66bn new shares at R1.51 each. The proceeds will fund the redemption of its £138.00m convertible bonds and its £108m contribution to the Virgin Active capital raise, alongside Premier disposal proceeds and an expanded revolving credit facility. The transaction materially reduces debt, and removes Sterling exchange rate risk. The rights offer is expected to open on 27 July 2026.
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