REIZ – First renounceable rights offer announcement

By Published On: October 21st, 2022Categories: Corporate announcement

In compliance with the Securities Act, No. 41 of 2016, and the Securities (Registration of Securities) Rules 1993 and pursuant to the Harmonized Listings Requirements of the Lusaka Securities Exchange (“LuSE”), the Board of Directors of REIZ wishes to inform its Shareholders that the Company intends to proceed with the capital raising through a Rights Issue as stipulated in the Notice of Extraordinary General Meeting (“EGM”), issued on 23 September 2022.

REIZ has been in the process of restructuring the USD12,005,930.83 Corporate Bond (ISIN: ZM2000000181) due on 26 November 2022. The Board and management of the Company have proposed a Rights Issue as the most timely and efficient way to raise the necessary funds. The proposed transaction is still subject to Shareholder approval at the EGM to be held on 25 October 2022.

Expected Timetable of Events

The salient dates relating to the Rights Issue are expected as follows:

EVENT Dates (2022)
Last day to trade 8 November
Register closes to determine rights entitlement (Record Date) 11 November
Existing shares trade ex-rights 14 November
Offer opens 14 November
Offer closes 2 December
Last day for receiving registered courier acceptances (12:00 hours) 9 December
Publication of Results Announcement 9 December

 
Further announcements will be made regarding the details of the Rights Issue and process. Shareholders are, accordingly, advised to exercise caution when dealing in the securities of the Company.

By order of the Board

Louis Chilufya Pulu

Company Secretary and Finance Manager

First Issued on: 20 October 2022

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