African Rainbow Capital Investments finalises rights offer
African Rainbow Capital (ARC) Investments has finalised its fully committed and underwritten pro rata non-renounceable rights offer to raise R750-million, less expenses of the rights offer of about R3.5-million.
The rights offer involves 272.72-million ARC Investments ordinary shares at a price of R2.75 apiece, in the ratio of 26.09711 rights offer shares for every 100 existing ARC Investments ordinary shares held on the record date for the rights offer, being September 25.
The rights offer price represents a 5.4% discount to the 30-day volume-weighted average price of the ordinary shares as at September 3, being the last practicable date.
As such, the company advises its shareholders that the company has received all necessary approvals to implement the rights offer and the rights offer is unconditional.
Following this announcement, ARC Investments' shareholders may commence trading rights offer shares from commencement of business on October 5.
Further details of the rights offer will be disclosed in the rights offer circular, which will be available on ARC Investments' website from September 21, and which will be distributed to qualifying certificated shareholders and qualifying dematerialised shareholders on September 25 and September 28, respectively.
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