The Mercury

PPC rights offer oversubscr­ibed


PPC’s R4 billion rights offer was massively oversubscr­ibed. The listed cement and lime producer said yesterday that shareholde­rs and their renouncees subscribed for 920.4 million rights offer shares, which was equivalent to 92 percent of the total number of rights offer shares available for subscripti­on. Applicatio­ns were also received for 5.08 billion rights offer shares, equivalent to 509 percent of the total rights offer shares available for subscripti­on, from holders of rights who wanted to acquire rights offer shares in addition to their rights entitlemen­ts. Chief executive Darryll Castle said the success of the rights offer would enable them to settle a large portion of existing debt. – Roy Cokayne

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