File picture: James White
Pretoria - The subscription requirements for a planned equity raise of up to R150 million by listed Ingenuity Property Investments were not met and the planned issue of new ordinary shares in the company would now no longer occur.
Ingenuity this week launched an accelerated book build to raise the capital through the issue of new ordinary shares by means of a private placement.
The company said on Tuesday when it launched the capital raise that it intended to use the net proceeds from the private placement for, among other things, working capital requirements, the partial repayment of debt and to finance the acquisition of the Netcare Christiaan Barnard Hospital. Shares in Ingenuity increased 1 percent yesterday to close at R1.01.
BUSINESS REPORT ONLINE