November 3, 2015 / 6:41 AM / 2 years ago

BRIEF-Advtech plans R850 mln rights issue

Nov 3 (Reuters) - Advtech Ltd :

* Decided to pursue a capital increase by way of a rights offer of up to R850 million

* 75.6 million new Advtech shares will be offered to shareholders at a subscription price of R11.25 cents per share

* To issue shares at ratio of 16.59818 rights offer shares for every 100 advtech ordinary shares held

* Borrowings are expected to increase from R1.7 billion to about R1.9 billion by calendar year end

* Current group debt facilities total about R1.8 billion consisting of bridge facility, revolving credit facility and overdraft facility

* Covenants in place allow for indebtedness of R1.9 billion, leaving limited headroom to pursue incremental growth opportunities

* Management found near-term opportunities totalling almost R1.0 billion that over and above board-approved projects already recorded Source text for Eikon: Further company coverage: (Bengaluru Newsroom + 91 80 6749 1136)

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