Technology group Gijima, which launched a R150 million rights offer this month, had 81.9 percent of the offer subscribed to, the company said in an update yesterday. Excess rights offer shares applied for and allocated amounted to 0.6 percent, while rights shares to be allocated to the underwriters or their nominees was 17.5 percent. The rights offer closed at noon on Friday and was underwritten by Guma Tech, Guma Support, Guma Investment Holdings, Guma Tech Group and Futuregrowth Asset Management. The exercise was intended to recapitalise the balance sheet for Gijima, which posted a R141m pre-tax loss for the six months to last December. Shareholders were offered 309.8 shares for every 100 shares they already held by May 31, at a subscription price of 5c a rights offer share. Gijima is now trading at a less than half of what its share price was when it announced the rights offer on March 28. The stock remained unchanged to close at 6c a share yesterday.
– Asha Speckman