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BRIEF-Ecsponent says in talks to dispose non-core assets
October 10, 2016 / 12:41 PM / a year ago

BRIEF-Ecsponent says in talks to dispose non-core assets

Oct 10 (Reuters) - Ecsponent Ltd :

* Group rationalisation and proposed rights offer

* Entered into negotiations with various parties to rationalise co’s operations and investments, aimed at focussing operations on its core business going forward

* Co is involved in negotiations regarding an acquisition and certain disposals

* Intends to raise a maximum of 50 mln rand by way of a partially underwritten renounceable rights offer of 333 million new Ecsponent ordinary shares

* Offer at a subscription price of 15 cents per rights offer share

* Subscription price of 15 cents per share represents a discount of 11.8 pct to prevailing share price of Ecsponent as at date of this announcement

* Entered into deal with Mason Alexander, which currently holds 34.9 pct of co’s stake, to underwrite rights offer up to a maximum amount of 20 mln rand Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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