CIG shareholders are advised that CIG has issued a total of 8 million shares for cash (“cash issue”), representing 5.3% of the issued share capital of CIG, in terms of a general authority to issue shares for cash granted at the company’s annual general meeting which was held on 30 April 2015.
In total 8 million shares were issued at a price of R32.00 per share (4.98% discount to the 30-day volume weighted average traded price of the company’s shares as at 19 November 2015, being the date the issue was agreed between the company and subscribers). A total cash amount of R256 000 000 has been raised in terms of the cash issue and the new CIG shares issued rank pari passu with the existing shares in issue.
The new CIG shares were placed with public shareholders, as defined in paragraphs 4.25 and 4.26 of the JSE Listings Requirements and will be allotted and issued with effect from 30 November 2015. The proceeds of the cash issue will be used to support the growth of substation and line work demand outside South Africa as well as the extensive growth in demand from the renewable energy sector in South Africa.