Oryx Properties yesterday announced the successful completion of its rights offer, aimed at raising cash form shareholders for the acquisition of Dunes Mall in Walvis Bay. The rights offer was launched on 30 June 2023 and concluded on Friday, 14 July 2023, with the company raising N$312.85 million.
Oryx Properties’ CEO Ben Jooste excitedly said Oryx unit-holders subscribed for a total of 26 947 033 (82.4%) linked units of the 32 698 877 allocated rights issue units, which represents 49% of the acquisition price for the Dunes Mall. “Additionally, 1 949 143 linked units from additional applications have been included in the subscription. All unit-holders will receive the additional linked units applied for. Furthermore, 1 886 453 rights were either renounced or sold to new or existing shareholders,” he added.
As a result of the successful rights offer, a total of 26 947 033 new Oryx units were issued and listed on the Namibian Stock Exchange (NSX) on Wednesday, 26 July 2023. The proceeds from the rights offer are to be utilised to acquire Dunes Mall, with the remaining balance funded through new debt. The group’s loan-to-value (LTV) ratio is expected to remain below 40% after the acquisition.
“We would like to express our heartfelt gratitude to all shareholders for their overwhelming support and participation in this landmark rights issue,” Jooste stated. “This successful capital raise marks a significant milestone in our company’s history, and paves the way for the realisation of our strategic vision.”
Oryx’s recent general meeting saw an exceptional 94.4% of shareholders approving the rights issue, demonstrating resounding support from the investor community. As such, Oryx believes the positive take-up of 82.4% of the allocated rights issue units reflects the strong commitment and belief in its strategic direction.
“We were also delighted to note that subscriptions for excess rights issue units were received, with several investors, including the largest shareholder, increasing their stake in Oryx. Furthermore, we welcome new local and international shareholders who have invested in Oryx for the first time,” said Jooste.
Following the listing of the new linked units on 26 July 2023, a total of 114 325 868 linked units will be in issue, and the Oryx free float will remain at 100%.
“This capital raise empowers Oryx to move ahead with the implementation of its Strategy 2025, and positions the company to achieve its growth objectives,” read a company statement.