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Esor to raise R37.5m in rights offer

20th January 2017

By: Anine Kilian

Contributing Editor Online

     

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JSE-listed Esor intends to raise up to R37.54-million in a rights offer to qualifying shareholders.

Qualifying shareholders are being offered the right to acquire 25 shares for every 100 Esor shares held on the record date. Some 98.8-million shares will be on offer at 38c apiece.

The proceeds will be used to repay a credit facility made available to Esor by Geomer Investments to fund the acquisition of Tuboseal Services.

Esor, in October, acquired a 100% interest in Tuboseal for R15-million, as well as the business assets and operations of Tuboseal for R18.25-million.

Esor has entered into an underwriting agreement with Geomer to fully underwrite the rights offer up to a maximum of R37.54-million.

The rights offer will be concluded in February.
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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