Remgro to unbundle eMedia Holdings shares to shareholders

Remgro Limited (JSE:REM) announced plans to unbundle its shares in eMedia Holdings Limited (EMH), distributing them directly to Remgro shareholders. The proposed transaction aims to increase shareholder value by addressing Remgro's discount to net asset value and improving EMH's trading liquidity. Under the terms of the agreement, Venfin, a Remgro subsidiary, will subscribe for new EMH N Shares (Subscription Shares) at a price of ZAR 3.25 per share. Venfin will also dispose of its existing EMI shares to EMH in exchange for Consideration Shares. These Unbundling Shares will then be distributed through Venfin Interco to Remgro and ultimately to Remgro shareholders. If the unbundling fails to occur within the set timeframe, EMH has the option to repurchase the Option Shares at ZAR 3.25 per share. As a consequence, Remgro shareholders will receive 41.96 EMH N Shares for every 100 Remgro Shares held, valued at approximately ZAR 120.86 per 100 Remgro Shares based on the previous day's market close. In separate news, Remgro announced that Messrs F Robertson and NP Mageza will retire as independent directors from the board of directors with effect from 30 June 2025. In addition, Ms Sonja De Bruyn has been appointed as deputy chairman with effect from 1 July 2025. The transaction is subject to regulatory approvals and shareholder approval.