GetBucks Limited says its rights offer to raise ZWL$5 million aimed at raising its capital base, was undersubscribed.

Subscription stood at 51% as at the closure of the offer.

The offer opened on 26 June, 2019 and closed on 19 July, 2019.

GetBucks had placed 69.6 million shares with a nominal value of ZWL$0.0001 each up for subscription at a price of ZWL$0.072, at a ratio of 6.36 new shares for every 100 shares held.

Results of the offer show that 35 457 871 of the shares, amounting to 50.98 percent, were absorbed by shareholders.

The balance of the shares were taken up by firms that underwrote the offer, with GetBucks Limited snapping up 24.56 million shares while Zahra Investment Trust (ZIT) took 9.53 million.

Said company secretary Paul Soko in a statement:

“The rights offer shares were issued and listed on the Zimbabwe Stock Exchange with effect from Monday 29 July 2019.”

Prior to the offer, ZIT held a 51.6 percent shareholding in GetBucks Zimbabwe, but it should be higher now.