Usko is planning a rights offer to raise between R210 million and R250 million in a bid to recapitalise the embattled company.
Usko says the proceeds of the rights offer of new no par value ordinary shares will be used to reduce its debt, strengthening the balance sheet and positioning the company to capitalise on growth opportunities.
The offer is subject to regulatory approval and Usko has scheduled a general meeting for 25 July to ask shareholders to approve an increase in authorised share capital.
Usko said earlier this month that it plans to rename the company.
The company, which is 20% owned by Altron, has identified as its core focuses networking and communications, software development, system implementation and Mediswitch.
Usko has disposed of several operations and has downsized in several areas.
The company posted an attributable loss of R161.4 million in the 17 months to end-February. It suffered an operating loss of R61.4 million, on turnover of R1.2 billion.
The balance sheet showed current liabilities of R314.9 million, including a bank overdraft of R135.98 million.
The Usko share was trading at 20c this morning, up 2c from yesterday`s close.
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