Johannesburg
– Distribution and Warehousing Network (Dawn) has raised R358 million through a
rights offer.
On
Monday, the listed company said its offer of 358 million shares – at a ratio of
147.8 shares for every 100 ordinary shares – had been offered at R1 a share.
Its
share was trading at about R1.14 by around mid-morning.
The
company had previously said it was considering various initiatives to, among
others, strengthen its balance sheet “to allow for the alignment of its capital
structure to its business model and current environment”.
Dawn
says the rights offer closed on Friday at noon.
Read also: Plan to raise R350m from rights issue
It
notes shareholders subscribed for 71.9 percent of the shares offered, while the
rest were underwritten by RECM and Calibre.
Dawn
now has 600.4 million shares in issues.
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