MIDDLE EAST DIAMOND RESOURCES LIMITED - Share consolidation, increase in authorised share capital and Rights Offer
Share consolidation, increase in authorised share capital and Rights Offer:
Share consolidation, increase in authorised share capital and Rights Offer
MIDDLE EAST DIAMOND RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
(Share Code: MED ISIN Code: ZAE000211876)
(“MEDR” or “the company”)
Share consolidation, increase in authorised share capital and Rights Offer
Shareholders are advised that the MEDR board has decided to do a partially
underwritten Rights Offer of R 20 million in order to raise cash to prepare the
outstanding financial statements and pay long outstanding creditors. The Rights Offer
will also assist MEDR with future acquisitions.
In order to undertake the Rights Offer, the company will restructure its authorised and
issued share capital through a share consolidation on a 1: 100 basis, meaning that
every one hundred no par value shares will be consolidated into one no par value
share. The authorised share capital will also be increased.
Shareholders will be notified when the circular incorporating the share consolidation
and increase in authorised share capital is distributed.
A further detailed announcement regarding the Rights Offer will be made in due
course.
Johannesburg
25 May 2020
Sponsor
Exchange Sponsors
Date: 25-05-2020 01:26:00
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