Company Data
| Last traded |
R0.46 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
2,150 |
| Market cap |
R2.66bn |
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Johannesburg -
Blue Financial Services [JSE:BFS] on Thursday announced a proposed recpitalisation of the company through a combination of equity and debt funding from Mayibuye that will see the latter become the majority shareholder in Blue.
Blue said that it has entered into a a subscription agreement with Mayibuye in terms of which Mayibuye will subscribe for ordinary shares in
Blue, by way of a specific issue of shares for cash at an issue price of 13 cents per Blue ordinary share, for an aggregate subscription consideration of R163m.
In addition, Mayibuye will provide debt funding on an arm's length basis to Blue in the amount of R300m on commercial terms.
"The Recapitalisation is subject to a number of conditions precedent, which include inter alia securing irrevocable undertakings from the majority of the Company's shareholders, agreeing restructuring agreements with the Company's current debt funders, obtaining shareholder as well as all necessary regulatory approvals (as required).
"Following the implementation of the Recapitalisation, Mayibuye will become the majority shareholder in Blue and it is Mayibuye's intention to restructure both the board and management of Blue, as well as implement a turnaround strategy for the Company," Blue said.
- I-Net Bridge