Alliance Data Corporation (ADC) has raised R13 million through the issue of shares for cash.
The group, whose shareholders approved a related resolution at a meeting in October last year, says in a shareholder notice that 10 million shares were issued to public shareholders at 130c each.
The issue price is at a 10% discount to the 30-day weighted average price on 24 March, which was the day the ADC board agreed on the issue price.
The issue increases the number of issued ordinary shares by 44.44%.
ADC says the cash raised will help it to expand its product offering.
ADC, whose clients are mainly in the mining sector, until recently focused on software development and installation, mainly in the areas of human resources, payroll, material management and time and access solutions.
However, it expanded its offering recently through the R27 million purchase of Sindele Mining Supplies.
ADC CEO Eugene de Kock said last month that the Sindele acquisition allowed the company to diversify from a supplier of IT services to offering a broader range of mining services.
The ADC share was untraded at 140c on the JSE`s AltX exchange this morning.
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