Usko has received the nod from shareholders and has raised R228 million from its rights offer, a little less than the R250 million it had originally hoped for.
The money will be used to reduce debt and allow it to take advantage of any growth opportunities.
In terms of the offer, new shares will have a three to one ratio, with ordinary shares at a price of 15c per new share.
The financial impact of the deal sees Usko`s loss per share as of 29 February move from 32.7c to 5.8c. Net asset value per share will now stand at a positive 9.1c per share rather than the negative 7.7c reflected previously.
For the 17 months to February, Usko reported a pre-tax loss of R149.3 million on a turnover of R1.2 billion.
Usko has since disposed of some of its operations and has rationalised in several areas.
The counter lost ground today, slipping 1c from the 21c opening to trade at 20c by 11am today.
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