Prism offered more than 290 million new shares at an issue price of 12c a share to raise about R34.8 million before expenses. The offer was made on the basis of 100 new shares for every 100 shares held.
Applications, including 30.8 million excess applications, were received for about 289.2 million shares. Prism says all the excess applications will receive the number of rights shares applied for.
Without the excess applications, the acceptances would have amounted to 89% of the offered shares.
The remaining offer shares were subscribed for by the underwriters - Archway Technology Venture Capital Fund, Horizon Equity Partners, Standard Corporate & Merchant Bank, Tomori Enterprises and a management consortium.
Prism said last year when it announced the offer that current obligations, together with its future working capital requirements, had necessitated a financial restructuring of the company.
The proceeds of the rights offer would be used to satisfy working capital requirements and to repay a portion of Prism`s banking liabilities.
Prism`s results for the six months to December showed that the company had moved back into profitability, a turnaround from the losses incurred in its previous full year.
However, the interim financial figures were still far below those of the year-earlier interim period and current liabilities of R105.07 million far outweighed current assets of R36.18 million.
Although analysts welcomed the improvement in Prism`s results, most have adopted a cautious approach, waiting for signs of a sustained turnaround.
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