Transaction Capital’s acquisition of WeBuyCars is part of its long-term strategy to diversify its business beyond taxi financing and comprised 43% of its 2022 earnings. Moneyweb
Following the crash in Transaction Capital’s share price last week after a profit warning, the group on Monday noted in a further market update that it won’t be issuing new shares to part-fund a deal to acquire a further 15% stake in used-vehicle retailer WeBuyCars. Read: Big holders dump Transaction Capital – but who’s been selling? “In light of the current share price, the board has resolved not to issue Transaction Capital shares at this time.
Transaction Capital swoops on WeBuyCars [Sept 2020] Speaking to Moneyweb, Just One Lap founder and MoneywebNOW host Simon Brown said the share issuance reversal would not compromise the WeBuyCars deal. “The question is do they desperately need cash … I’m not sure that they do necessarily, but the point is they [Transaction Capital] basically can’t issue shares,” he said. With the share trading around R10, it has become “far too diluted to issue” said Brown.
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