Global Technology (Glotec) has announced further details of its rights offer, through which it hopes to raise R19.7 million.
Shareholders will receive the rights to subscribe for additional shares in Glotec, on the basis of six rights shares for every 100 Global Technology shares, at 80c per rights share.
An amount of 24.6 million new Glotec shares will be offered, bringing the total number of ordinary shares to 435.4 million.
Glotec is embarking on the rights issue in order to capitalise its R16.1 million loan to controlling shareholder Global Technology Investment Holdings in a move which it hopes will reduce its debt to equity ratio.
Glotec now derives nearly 90% of its revenue in dollars and is restructuring its business into a more streamlined operational entity with four separate business units, each with its own CEO.
The company`s share was trading at 84c by midmorning today.
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