17:07:12
Ellies - further update on rights offer
ELI
Posted Thu, 11 Mar 2010

Shareholders were advised that all conditions precedent to the rights offer announced on 25 February 2010 ("the announcement") have been fulfilled. As set out in the announcement the rights offer is being undertaken to raise R100 million, R64 968 273 of which will be used to discharge amounts due to the vendor of the business conducted by Megatron Federal (Pty) Ltd, in terms of the acquisition agreement entered into on 30 November 2007. The balance of the amount raised will be used by the company to fund the company's current expansion programs, including the digital terrestrial migration, expansion into domestic appliances, growth of electrical ranges, and satellite-related business expected in 2010.