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BRIEF-Finbond says to raise 525 mln rand via rights offer for North America expansion
February 12, 2016 / 10:58 AM / 2 years ago

BRIEF-Finbond says to raise 525 mln rand via rights offer for North America expansion

Feb 12 (Reuters) - Finbond Group Ltd :

* Have resolved to implement a capital raising of approximately 525 million rand by way of an underwritten rights offer

* Net earnings will be denominated in US$ within 12 months of effective date and intention is to grow US$ earnings to approximately 70 pct - 80 pct of net earnings in 3 to 5 years

* 157.2 million new finbond ordinary shares of 0.0001 cents each, in authorised but unissued share capital of company, will be offered

* Purpose of rights offer is to provide Finbond with capital in amount of 525 million rand to enable it to conclude initial North American acquisitions and for general working capital, funding and future growth Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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