Corporate Action: Meyer Plc Commences Rights Issue
Paint manufacturer, Meyer Plc has opened its rights issue of 291 million shares at 75 kobo per share. The offer opened on Monday 9th of January 2017 and closes on Wednesday 15th of February 2017.
Shares are being allotted on the basis of one new share for every one share held as at September 8, 2016. Proceeds of the offer will be used for factory refurbishment and upgrade, working capital, and brand building and expansion.