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Labat Africa Ltd Announces Rights Offer And Proposed Disposal Of Property


Thursday, 10 Oct 2013 01:05am EDT 

Labat Africa Ltd announced that the Company will proceed with a partially underwritten renounceable rights offer to raise ZAR30,331,803 through the issue of 202,212,023 Shares at an issue price of ZAR0.15 per Share, in the ratio of 100 Rights Offer Shares for every 100 Shares held, at a subscription price of ZAR0.15 per share (the rights offer). 202,212,023 Shares will be offered for subscription to Shareholders recorded in the Register at the close of trade on a date that is yet to be announced. Qualifying Shareholders will receive rights to subscribe for rights offer Shares on the basis of 100 new Shares for every 100 Shares held on the Record Date at the rights offer Price. The rights offer will raise equity capital of ZAR30,331,803 if it is fully subscribed. The Company also announced with reference to the announcement made earlier, where in the Company was considering the disposal of its SAMES property, which would require the approval of shareholders in a general meeting. The Company now announced that it received a firm offer dated October 03, 2013 for the SAMES property from a related party. The SAMES property is regarded as being non-core to the current and future business of Labat. A decision has been taken to dispose of the property at a minimum consideration of ZAR17 million in cash. The property will be sold by Sames Properties, a wholly owned subsidiary of Labat. Any capital gains tax arising on the Disposal will be settled by Sames Properties. 

Company Quote

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1.0 +11.11%
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