29th Sep 2015 12:09
LONDON (Alliance News) - Mwana Africa PLC Tuesday said it has not raised as much as it aimed to from the open offer announced in early September.
On September 2, the company said it was aiming to raise GBP3.67 million in an open offer comprised of 367.6 million shares at 1.0 pence per share to back work at the Klipspringer diamond mine in South Africa.
However, Mwana said it would also allow existing shareholders to participate in the issue. Under the terms of the issue, current shareholders were able to buy one open-offer share for each 3.802 shares they already held.
On Tuesday, the company said it only managed to raise just over GBP2.9 million from the open offer after it received acceptances for around 292.4 million open offer shares, which includes 110.3 million excess shares, representing around 79.5% of the shares made available under the open offer.
Following the open offer, Chairman Yat Hoi Ning and Non-Executive Yuan Ching Hu both purchased 119,554 open offer shares each. Ning also applied for 105.3 million excess shares under the offer, which pushes his total holding to 105.9 million shares in Mwana, representing a 6.3% stake.
Hu holds a total of 574,099 shares after the open offer, representing a 0.03% stake. Apart from those two directors, no other directors of the company hold any shares.
Mwana Africa shares were up 1.9% to 0.942 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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