JSE-listed Aveng has successfully completed its follow-on rights offer on June 4, raising total new capital of R100-million.
The follow-on rights offer comprised R89.5-million of follow-on rights offer shares taken up by shareholders who followed their rights.
A further R10.4-million worth of shares were taken up by underwriters.
Aveng made 6.6-billion follow-on rights offer shares available, of which 1.3-billion remained unallocated.
Aveng will ask the JSE to delist the unallocated shares.
On March 19, Aveng completed an initial co-underwritten renounceable rights offer, which raised a higher-than-expected R392-million.
The follow-on rights offer capital will further strengthen the company’s balance sheet and provide funding to accelerate its business plan and explore growth opportunities – mainly in the Moolmans business.