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TransCentury Plc shareholders have approved the conversion of shareholder loans as a method of payment for rights in the reopened TC Rights Offer. The resolution was approved by 94.7% of the votes cast during the TC Extraordinary General Meeting held on March 16, 2023. This will allow shareholders with existing shareholder loans to exercise their rights by converting the loans to equity rather than cash.
Reacting to the approval, TransCentury Group Chairman, Shaka Kariuki said: “Conversion of shareholder loans together with cash raised from the Rights Offer will support our fundraise and debt reduction efforts, which were major objectives of the Rights Issue”
“In addition, the reduced debt will strengthen the balance sheet and position the business favourably for funding to support in executing the existing orderbook” added Shaka.
According to the published schedule, the TC Rights Issue will reopen on March 20, 2023, and will close on March 31, 2023. On April 7, 2023, the results will be announced. The reopened offer is open to all TC shareholders who are on the shareholder register by March 17, 2023, as well as shareholders who participated in the previous offer, which closed on February 3, 2023, and want to apply for additional new shares.