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Successful Capitalisation through a General Issue of Shares for Cash
NUTRITIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/002282/06)
Share code: NUT ISIN: ZAE000156485
(“the Company” or “NUT”)
SUCCESSFUL CAPITALISATION THROUGH A GENERAL ISSUE OF SHARES
FOR CASH
Introduction
Shareholders are referred to the SENS announcement released
by the Company on 14 October 2014 wherein shareholders were
advised of the revised subscription agreement with Philisani
whereby the specific issue of shares for cash to Philisani
was reduced from R13 million to R10 million (“Philisani
Subscription”). Shareholders are further referred to the
announcements released on SENS 5 December 2014 and 22 January
2015 outlining the successful conclusion of the Philisani
Subscription.
Issue of shares for cash
Shareholders are advised that the Company has successfully
raised an additional R5 million by way of a general issue of
shares for cash, which together with the Philisani BEE
Subscription brings the total cash raised to R15 million.
This fulfils the board’s refunding requirement to fully
implement the Company’s turnaround strategy. All funds raised
will be utilised in the operations of the Company, but more
specifically to purchase two new extrusion lines as well as
automated packing machinery. The remainder of the funds will
be utilised to bolster working capital to fund management’s
anticipated increase in turnover levels given the successful
conclusion of the Philisani BEE transaction and the
implementation of the turnaround.
The broad based BEE credentials of the Company have not been
materially affected by this further issue of shares. The
Company has undertaken a re-audit of its BEE status and has
been awarded the status of a level 2 contributor(previously a
level 3 contributor).
Issue of shares for cash
NUT shareholders are advised that NUT has issued a total of
500 million new NUT shares for cash (“cash issue”),
representing 25.03% of the issued share capital of NUT, as at
29 August 2014 being, the date of the annual general meeting,
whereat approval was granted in terms of a general authority
to issue shares for cash.
Consideration and number of shares issued in terms of the
cash issue
The following shares were issued at a price of R0.01 per
share:
- 125 million shares at a 5% discount to the 30 day volume
weighted average traded price of the Company’s shares prior
to 5 November 2014, being the date the issue was agreed
between the Company and subscribers under the cash issue;
- 125 million shares at a 8% discount to the 30 day volume
weighted average traded price of the Company’s shares prior
to 25 November 2014, being the date the issue was agreed
between the Company and subscribers under the cash issue; and
- 250 million shares at a 9% discount to the 30 day volume
weighted average traded price of the Company’s shares prior
to 28 November 2014, being the date the issue was agreed
between the Company and subscribers under the cash issue.
A total cash amount of R5 million has been raised in terms of
the cash issue and the new NUT shares issued rank pari passu
with the existing shares in issue.
The new NUT shares were placed with public shareholders, as
defined in paragraphs 4.25 and 4.26 of the JSE Listings
Requirements.
9 February 2015
Umhlanga
Designated Advisor: PSG Capital Proprietary Limited
Date: 09/02/2015 12:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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