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Jasco Electronics Holdings Ltd Announces Rights Offer To Raise ZAR57.6 Million Of New Equity


Friday, 22 Nov 2013 09:12am EST 

Jasco Electronics Holdings Ltd announced a rights offer of 72 million ordinary shares at ZAR0.80 per share amounting to ZAR57.6 million (before expenses). The Company intends to use the proceeds of the rights offer to: Reduce the Group’s bank account overdraft balances and continue to fund organic growth initiatives; and increase the balance sheet flexibility by diversifying and improving funding sources and ensuring additional borrowing capacity. The rights offer is partially underwritten by Sasfin Bank Limited (Sasfin) and Harvibase Investments (Proprietary) Limited (Harvibase) to an amount of ZAR45 million and an underwriting fee of ZAR1 000,000 will be payable to Sasfin. The right of the underwriters to subscribe for the rights offer shares in terms of the underwriting agreements shall firstly be allocated to Sasfin being the lead underwriter, up to a maximum of ZAR40,000,000, and thereafter to Harvibase, being the co-underwriter, to a maximum of ZAR5,000,000. 

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