|(Updated blog post with the latest trade information) |
Olympia Holdings Capital Limited's CEO, Michael Matu, indicated in an interview that he is confident the Rights Offer will be fully (100%) subscribed. There have been substantial trades of OCHL Rights on the NSE over the past week accounting for almost 30% of the total available Rights.
10 Sep - 272,200
11 Sep - 5,170,200
12 Sep - 329,000
13 Sep - 3,035,694
14 Sep - 3,655,040
The above totals 12.5mn Rights which equals 42% of the total Rights made available to the market. Add the sales in the first week & it exceeds 45% of the Rights available. The assumption is that the buyers of Rights will exercise them since they would not buy them otherwise! There may be a few "traders" but I do not believe the numbers are insignificant.
The price of OCHL shares has stabilised at 16/- but the immediate future depends on the 1H 2007 results. The price could rise IF the results are better than expected. OCHL had made a small loss through 30 April 2007 (4 months of trading) since there were costs related to the acquisition of Plush-Yokota. Details of the additional expenses/losses were not provided in the Information Memorandum.
Olympia rights issue to be fully subscribed
Story by WACHIRA KANG’ARU
Publication Date: 9/14/2007
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