Josef Sheehama | Feb 8, 2024 | 0
Oryx Properties raises more than N$300 million for Dunes Mall acquisition
This Wednesday 26 July, NSX-listed Oryx Properties issued nearly 27 million new units following a rights offer which closed on Friday 14 July, availing the property manager with roughly half the amount needed to acquire the Dunes Mall in Walvis Bay.
The remainder of the purchase consideration will be covered by a new debt issuance with the Loan to Value ratio expected to remain below 40%.
The new rights issue raised N$312.85 million for Oryx from shareholders.
Breaking down the rights offer, Oryx Chief Executive, Ben Jooste, said “Oryx unitholders 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 Dunes Mall. Additionally, 1,949,143 linked units from additional applications have been included in the subscription. All unitholders will receive the additional linked units applied for. Furthermore, 1,886,453 rights were either renounced or sold to new or existing shareholders.”
A total of 26,947,033 new Oryx units was issued and listed on the Namibian Stock Exchange. The proceeds from the rights offer will be utilised to acquire Dunes Mall, with the remaining balance funded through new debt. The total number of linked units now stands at 114,325,868.
“We would like to express our heartfelt gratitude to all shareholders for their overwhelming support and participation in this landmark Rights Issue,” said Jooste, adding that this successful capital raise marks a significant milestone in the company’s history.
At a recent General Meeting, nearly 95% of the shareholders voted in favour of the new rights issue.
“We were 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.