Jasco concludes rights offer
Listed ICT firm Jasco Electronics Holdings says its rights offer was successfully concluded on 21 January 2014, whereby it raised R57.6 million, before related costs of R2.6 million.
It noted that the rights offer has also introduced a new strategic shareholder to the group, bringing “potential cross-selling business and technical alliance opportunities to Jasco”.
Jasco also further pointed out that it is in the final year of its three-year restructuring
programme.
During the last six months to 31 December 2013, the majority of the group’s operational businesses, with the exception of the Security business, performed solidly, Jasco said in a trading statement on Friday (24 January).
The ICT-Carrier business unit delivered a “strong profit performance through a combination of improved efficiencies and the positive impact of the disposal of Telecom Structures which took place in the second half of F2013”.
In ICT-Networks and ICT-Enterprise the focus on revenue growth and cost
containment remains on track, Jasco said.
The company anticipates that the ongoing restructuring costs incurred to date will only continue until the end of the next quarter. Overall improvements in working capital reduced the group´s interest cost during the interim period.
Jasco therefore advised that, for the six months ended December 2013, the company expects earnings per share (EPS) to be between 47% and 57% lower (between 4.3 cents and 5.4 cents per share) than the 10.1 cents per share for the previous corresponding
period.
The reduction in this reporting period is primarily due to the results of the previous
corresponding period to December 2012 incorporating the profit on the disposal of the Midrand property and the loss on disposal of Lighting Structures, it said.
A headline earnings per share is expected to be (HEPS) to be between 0% and 10% higher (between 5.0 cents and 5.5 cents per share) than the 5.0 cents per share for the six months to December 2012.
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