Dawn raises R358m

Johannesburg

– Distribution and Warehousing Network (Dawn) has raised R358 million through a

rights offer.

On

Monday, the listed company said its offer of 358 million shares – at a ratio of

147.8 shares for every 100 ordinary shares – had been offered at R1 a share.

Its

share was trading at about R1.14 by around mid-morning.

The

company had previously said it was considering various initiatives to, among

others, strengthen its balance sheet “to allow for the alignment of its capital

structure to its business model and current environment”.

Dawn

says the rights offer closed on Friday at noon.

Read also:  Plan to raise R350m from rights issue

It

notes shareholders subscribed for 71.9 percent of the shares offered, while the

rest were underwritten by RECM and Calibre.

Dawn

now has 600.4 million shares in issues.

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