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Provider: Reuters Investment Profile
Provider: Wright Reports

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Interwaste Holdings Ltd Announces Share Placement

Tuesday, 11 Jun 2013 06:20am EDT 

Interwaste Holdings Ltd announced that the Company has concluded a capital raising exercise whereby the Company has placed, subject to shareholder approval in respect of the Specific Issue component thereof as detailed below, the placement of 66,666,667 new Interwaste shares, raising R50 million in equity capital (the Share Placement). In terms of the Share Placement, 66,666,667 new Interwaste shares (the Placement Shares) will be issued at a price of R0.75 per share (the Issue Price). The Issue Price represents a discount of 5.6% to the 30 trading day volume weighted average price up to an including 7 June 2013, being the day prior to the date on which the price of the issue was agreed. 41,380,201 of the Placement Shares will be issued to public shareholders, in terms of the general authority to issue shares for cash granted to the directors of Interwaste at the Company’s last annual general meeting (the General Issue). The balance of the Placement Shares (25,286,466 shares) will be issued to non-public shareholders. The new equity will be used to fund working capital required as a result of the company’s growth and to finance a number of new projects. The projects are expected to be earnings accretive. 

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