{"id":49947,"date":"2013-11-22T17:34:06","date_gmt":"2013-11-22T15:34:06","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=49947"},"modified":"2013-11-22T17:35:39","modified_gmt":"2013-11-22T15:35:39","slug":"jasco-seeking-r57-6-million-in-rights-offer","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/49947\/jasco-seeking-r57-6-million-in-rights-offer\/","title":{"rendered":"Jasco seeking R57.6 million in rights offer"},"content":{"rendered":"<p>Listed ICT firm <a title=\"Jasco Electronics Holdings\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/3481-Jasco\">Jasco Electronics Holdings<\/a>\u00a0is seeking to\u00a0raise\u00a0R57.6 million in\u00a0new capital from existing shareholders by way of a renounceable rights offer.<\/p>\n<p>Jasco said it would offer 72 million ordinary shares at 80 cents per share, amounting to R57.6 million.<\/p>\n<p>In September, despite breaching the R1 billion revenue mark, the group\u00a0reported a pre-tax\u00a0loss of\u00a0R93.5 million for the year ended June 2013.<\/p>\n<p>&#8220;Jasco is entering the final year of its three-year restructuring programme and has made significant progress\u00a0thus far, with the latest year being one of strong corrective action,&#8221; it said.<\/p>\n<p>Jasco said its proposed rights offer was aimed at accelerating its organic growth strategies, while the group would also look to strength and improve the structure and efficiency of its balance sheet.<\/p>\n<p>The company intends to use the proceeds of the rights offer to:<\/p>\n<ul>\n<li>Reduce the group&#8217;s bank account overdraft balances and continue to fund organic growth initiatives;<\/li>\n<li>and increase the balance sheet flexibility by diversifying and improving funding sources and ensuring\u00a0additional borrowing capacity.<\/li>\n<\/ul>\n<p>The rights offer is partially underwritten by Sasfin Bank Limited and Harvibase Investments\u00a0to an amount of R45 million and an underwriting fee of R1 million will be\u00a0payable to Sasfin.<\/p>\n<h3 class=\"my-4\">More on Jasco<\/h3>\n<p><a title=\"Jasco swings to full-year loss\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/46138\/jasco-swings-to-full-year-loss\/\"><strong>Jasco swings to full-year loss<\/strong><\/a><\/p>\n<p><a title=\"Jasco targets LTE growth\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/31345\/jasco-targets-lte-growth\/\"><strong>Jasco targets LTE growth<\/strong><\/a><\/p>\n<p><a title=\"Jasco sees profits fall amid restructure\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/31303\/jasco-sees-profit-fall-amid-restructure\/\"><strong>Jasco sees profits fall amid restructure<\/strong><\/a><\/p>\n<p><a title=\"Jasco expects earnings dip\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/31027\/jasco-expects-earnings-dip\/\"><strong>Jasco expects earnings dip<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICT firm Jasco is seeking to raise R57.6 million in new capital from existing shareholders by way of a renounceable rights offer. <\/p>\n","protected":false},"author":10,"featured_media":31325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[7057,26,893,7056],"class_list":["post-49947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-harvibase-investments","tag-headline","tag-jasco","tag-sasfin-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/49947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=49947"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/49947\/revisions"}],"predecessor-version":[{"id":49950,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/49947\/revisions\/49950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/31325"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=49947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=49947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=49947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}