Rights of­fer share price is 38c

The Star Early Edition - - COMPANIES -

LISTED con­struc­tion group Esor re­ported yes­ter­day that its planned R37.54 mil­lion rights of­fer was un­con­di­tional and may now be im­ple­mented. In terms of the rights of­fer, Esor will of­fer share­hold­ers a to­tal of 98.79 mil­lion rights of­fer shares at 38 cents a rights of­fer share in a ra­tio of 25 rights of­fer shares for ev­ery 100 Esor shares held on Fe­bru­ary 3, the record date for the rights of­fer. Esor pre­vi­ously said the full pro­ceeds from the rights of­fer would be used to re­pay a credit fa­cil­ity that was made avail­able to the com­pany by Geomer In­vest­ments, a ma­te­rial share­holder of Esor. This credit fa­cil­ity was used to fund the ac­qui­si­tion by Esor in Oc­to­ber of pipe­line re­ha­bil­i­ta­tion com­pany Tu­boseal Ser­vices for R15m and the busi­ness as­sets and op­er­a­tions from Tu­boseal for R18.25m. The rights of­fer is be­ing fully un­der­writ­ten by Geomer In­vest­ments. It will open at 9am on Fe­bru­ary 6 and close at noon on Fe­bru­ary 17, with the re­sults an­nounced on Fe­bru­ary 20. – Roy Cokayne

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