BRAINWORKS LIMITED - Specific issue of shares for cash

Release Date: 12/10/2018 13:39
Code(s): BWZ
 
Wrap Text
Specific issue of shares for cash

Brainworks Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 115883 C1/GBL)
Share Code: BWZ ISIN: MU0548S00000
(“Brainworks” or “the Company”)


Specific issue of shares for cash


At a general meeting of the Company held on 4 May 2018 the requisite majority of shareholders
approved specific authority for the directors to issue up to a maximum of 13 656 154 ordinary shares in
the Company at an issue price of R6.50 by no later than 4 November 2018 (“Specific Authority”).
Shareholders are advised that the Company received an application from Promotion and Development
Limited to subscribe for 10 000 000 ordinary shares for a total amount of R65 000 000 (“Specific Issue”).
Further details pertaining to the Specific Issue required in terms of the JSE Listings Requirements are
as follows:

 •    The Specific Issue is to a public shareholder and is in respect of a class of shares already in
      issue.
 •    The issue price of R6.50 represents a discount of 33.08% to the 30-day weighted average as at
      26 February 2018 (i.e. the last practicable date of the circular to shareholders containing details
      of the Specific Authority).
 •    The funds received pursuant to the Specific Issue will be applied towards the settlement of the
      Company’s borrowings and/or used to support the Company’s strategy going forward.
 •    The Specific Issue shares will be allotted, issued and listed on Tuesday, 16 October 2018.
 •    The Specific Issue will have no impact on the financial statements of the Company other than
      the subscription of shares for cash.


Ebène, Mauritius
12 October 2018

Sponsor
Questco Corporate Advisory Proprietary Limited

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