Ok, listen up shareholders, Mediclinic announced their rights issue yesterday. This is of course in relation to their purchase of a 29.9 percent stake in Spire Healthcare from Remgro, who had the immediate resources to do the deal first. Mediclinic are going to be raising 10 billion Rands. Here goes, per 100 shares that you hold, you are going to get 12.80145 rights at 90 Rand a share. Just a reminder, the share price is currently at 106 odd Rand, so it makes sense to follow your rights. So around 11 percent of the value of your shares currently, that is what you have to factor in for the rights. Remgro are underwriting the rights issue.
Here are the dates, it looks a little tight. The stock goes ex rights after the close of business on the 31st of July, which is next week Tuesday. The rights issue closes 21 August, the new shares start trading on that Monday, the 24th of August, in around four and a half weeks time. Like I said, we do not have that much time to work with here. We will be in touch with shareholders, we are recommending that all shareholders follow their rights.