CSP
CSP
CSP - ChemSpec - Media Release
CHEMICAL SPECIALITIES LIMITED
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP
ISIN: ZAE000109427
("ChemSpec" or "the Company")
MEDIA RELEASE
ChemSpec is pleased to announce that it`s 1 for 1 rights issue at 40 cents was
fully subscribed. The total of the rights offer shares exercised as well as
excess rights offer shares applied for represented 115% of shares available.
The rights offer, together with the specific issue previously completed, has
resulted in:-
1 Shareholder loans being capitalised.
2. The IDC taking up 150 million shares and introducing R60 million of share
capital.
3. Other shareholders having the opportunity to and taking up shares pari
passu with the shareholders who had originally introduced loan capital and
the IDC.
The net result is that ChemSpec has had fresh capital of R261 million introduced
to the business which has allowed it to settle short term debt and provide
sufficient cash and a good financial platform for future growth.
CEO, Bruce Mackinnon says "combined with our better trading activities this
strong financial position makes ChemSpec a sustainable company with exciting
growth prospects."
-ends-
21 November 2011
Corporate and Designated Adviser
Grindrod Bank Limited
Date: 21/11/2011 17:13:01 Produced by the JSE SENS Department.
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