On Friday 9 June we concluded our Purple Group Rights Offer, having successfully raised the targeted R105 million which will go towards our growth aspirations.
We were delighted to find out that the offer ended up being oversubscribed by 13%, which for us, is testament to our amazing community of shareholders who continue to support our dreams for the future. We count ourselves lucky and grateful to have such an engaged, loyal and supportive shareholder base with such a diverse make up.
Our participating shareholders are truly representative of our mission to make investing easy and accessible to everyone. With support from institutions and retail shareholders big and small, we were able to complete this raise without any need for Sanlam, the underwriter in this offer, to subscribe for any rights offer shares in terms of their underwriting commitments.
Our CEO, Charles Savage, commented:
“I’d like to express my sincere gratitude to the Purple Group Shareholders for their support in taking up the rights offer - which was oversubscribed, indicating strong support for our strategy and ability to deliver.
The rights offer was an important step in The Easy Group of companies plan to continue driving growth and innovation by investing in new products and services, expanding our global footprint and world-class team.”
How the oversubscription affects you
Shareholders who participated in the rights offer and were offered rights based on their current shareholding aren’t impacted at all by the oversubscription. However, if you had applied for excess rights, you would have only been allocated a pro-rata amount based on the R105 million set amount for the raise.
View the SENS announcement here.