Metrofile Holdings is ready to move on its rights offer.
The company told shareholders on Friday that all conditions precedent to the rights offer have been fulfilled.
In addition, all the terms and conditions of the acquisition of the minority interests in Metrofile - its only material asset - were found to be fair and reasonable from a financial perspective to Metrofile Holdings shareholders.
Metrofile had appointed Deloitte & Touche Corporate Finance as an independent expert in terms of the JSE`s listing requirements.
As such, it says it will move ahead with the rights offer. Metrofile is to be recapitalised, through the rights offer, to the sum of R142 million through the issue of 188.9 million shares.
In addition, the company will buy-back and cancel the existing seven million treasury shares held by MGX Management Services and place 10 million Metrofile shares under the control of the directors to issue for cash if required to settle other group and contingent liabilities.
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