AN IN­TRIGU­ING AN­NOUNCE­MENT

Finweek English Edition - - INVESTMENT -

Re­cently the JSE made an in­ter­est­ing an­nounce­ment about the terms of the list­ing rules around rights is­sues. It says that the in­dus­try has com­mented that it “takes a lengthy pe­riod of time to raise cap­i­tal on the mar­ket through means of a rights of­fer”, and the JSE is propos­ing to re­duce this. Now, much of the process ac­tu­ally takes place at com­pany level but once it goes to mar­ket it takes 31 days, and the new process will take only 21 days. The dif­fer­ence is only five days in­stead of 10 days to ex­er­cise rights for those who have not de­ma­te­ri­alised their shares. In other words, get your shares de­ma­te­ri­alised – can’t ar­gue with that.

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