Information and communications technology services company EOH has received unanimous approval from its shareholders at an extraordinary general meeting held on December 13 to raise up to R600-million through a rights issue.
“The unanimous vote in favour of the rights issue clearly demonstrates shareholders' belief in the strategy, as set out by the EOH board and management team. The funds raised will be used to settle legacy debts and clear the way for the group to pursue its growth strategy,” chairperson Andrew Mthembu says.
“We are grateful as a board and management team that shareholders have unanimously agreed to pursue the rights issue and for the support they have shown for our strategy. We look forward to executing our growth strategy unencumbered by legacy issues and debts, after completion of the rights issue early next year,” adds CEO Stephen van Coller.
EOH also held its annual general meeting on December 13, and all resolutions were passed by shareholders, the company says.