{"id":8699,"date":"2012-03-08T14:59:44","date_gmt":"2012-03-08T12:59:44","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-s-africa-mr-offers-35-pct-discount-on-rights-issue\/"},"modified":"2012-03-08T14:59:44","modified_gmt":"2012-03-08T12:59:44","slug":"update-1-s-africa-mr-offers-35-pct-discount-on-rights-issue","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africa-mr-offers-35-pct-discount-on-rights-issue\/","title":{"rendered":"UPDATE 1-S.Africa M&amp;R offers 35 pct discount on rights issue"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* To raise $260 mln<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Shares fall more than 4 pct<\/p>\n<p><span><\/span><\/p>\n<p>* Top shareholder to take up rights<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, March 8 (Reuters) &#8211; Murray  Roberts<br \/>\nHoldings, South Africa&#8217;s second-largest builder, priced<br \/>\na $261 million rights issue at a steep discount on Thursday as<br \/>\nit looks to cut debt and secure funding to ride out an<br \/>\nindustry-wide slump.<\/p>\n<p><span><\/span><\/p>\n<p>MR said it plans to raise 2 billion rand ($261 million)<br \/>\nthrough the sale of 112.8 million shares at 18 rand each, a<br \/>\n35.09 percent discount to the company&#8217;s closing price on<br \/>\nWednesday.<\/p>\n<p><span><\/span><\/p>\n<p>Under the terms of the offer, shareholders would be entitled<br \/>\nto buy 34 new shares for every hundred held.<\/p>\n<p><span><\/span><\/p>\n<p>Shares in MR fell more than 4 percent shortly after the<br \/>\nannouncement, before recouping some of losses to trade 0.6<br \/>\npercent lower at 27.90 rand as of 1044 GMT.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The sector has been under pressure over the past few years,<br \/>\nthey need to offer a big discount for the guys to be able to<br \/>\ntake it up,&#8221; Rigardt Maartens, a portfolio manager at PSG<br \/>\nSecurities said.<\/p>\n<p><span><\/span><\/p>\n<p>MR, along with other construction companies in Africa&#8217;s<br \/>\nbiggest economy, has been struggling after the end of the<br \/>\nbuilding boom in the run up to the 2010 soccer World Cup.<\/p>\n<p><span><\/span><\/p>\n<p>The company&#8217;s top shareholder, the Public Investment<br \/>\nCorporation, has agreed to support the rights issue, which is<br \/>\nunderwritten by JPMorgan Chase  Co and Standard Bank<br \/>\n.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* To raise $260 mln * Shares fall more than 4 pct * Top shareholder to take up rights JOHANNESBURG, March 8 (Reuters) &#8211; Murray Roberts Holdings, South Africa&#8217;s second-largest builder, priced a $261 million rights issue at a steep discount on Thursday as it looks to cut debt and secure funding to ride out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8699","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8699"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8699\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}