The results for the Oryx Properties rights issue were released on Monday 26 October 2015. A total of 89.4% of the rights were exercised as 11,809,781 new shares were issued with a cash value of N$236,195,620.
The issue was thus not fully subscribed even though shareholders had the right to apply for additional shares in excess of their rights. The rights issue offered unitholders the right to apply for one new unit for every five held. In addition to this each shareholder was given the option of applying for an additional 10% in excess of their rights. The rights were allocated at a price of N$20.00 per unit which was in line with the market price on Thursday 22 October although well above our target price of N$17.60. Further details are included in the attached pdf.