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Trans Hex Reveals Plan to Go Private
Jul 7, 2019 8:04 AM
By Rapaport News
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RAPAPORT... Trans Hex is considering a buyback program for minority shareholders ahead of its potential delisting from the Johannesburg Stock Exchange (JSE).
The South African miner stated an intention to repurchase its issued share capital for ZAR 1 ($0.07) per share in an announcement Friday. The offer is open to about 20% of shareholders, but excludes a consortium made up of Cream Magenta 140, Metcap 14 and RAC Investment Holdings, which hold 80% of the issued capital.
The move follows the June 28 publication of Trans Hex’s results for fiscal 2019, which warned of “material uncertainty” around its ability to fund its short-term liquidity requirements.
Trans Hex reported a loss of ZAR 9.3 million ($654,592) for its South African operations in the fiscal year ending March 31. The latest proposal will “save on the costs of operating in a regulated environment,” it said, adding that its board “believes that the listing provides little benefit to the company at this stage of its operating cycle.”
Image: Mining operations at Trans Hex. (Trans Hex)
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Tags:
diamonds, JSE, Rapaport News, Trans Hex
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