Johannesburg, 20 Apr 2004
Almost 92% of the new Global Technology (Glotec) shares tendered in a rights offer have been taken up.
Last month the group offered six new shares for every one share held, at a price of 2c per share.
The aim was to raise R52.98 million, before expenses, as a means of erasing Glotec`s debt by converting into equity the R46.09 million owed to the major financiers underwriting the rights offer.
Glotec says that at the close of the offer last Friday shareholders, their renounces, transferees and the underwriters of the rights offer subscribed for an aggregate of about 2.43 billion new Glotec shares.
The group has recently undergone a significant restructuring that included the sale of several of its businesses, including its stake in Temenos SA.
It also sold for R1 four subsidiaries, along with their debt liabilities, to a consortium that included former CEO Ray Leonard.
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