Durrant Pate/Contributor

E-learning company, Edufocal is set to return to the equities market to raise more capital through a renounceable rights issue sometime next year.

The company, which trades under the name $LEARN, saw its shareholders recently approving the rights issue at its annual general meeting (AGM). In addition, the shareholders approved a resolution for each of the issued ordinary shares in the company be subdivided into such number of ordinary shares as the directors and/or any duly appointed committee of directors shall determine.

The resolution approved the issue of ordinary shares, as part of the authorised capital of up to 500-million ordinary shares (or such greater amount as the directors in their absolute discretion may approve) currently unissued for the purposes of raising capital for the benefit of the company.

These new shares will be offered to existing shareholders by way of a renounceable rights Issue on such terms including the number of new shares, the price per new share, the proportion of these new shares to be offered. 

The resolution also spoke to the record date for determining the eligibility of such ordinary stockholders to subscribe for new shares. 

Finally, the resolution prescribed the company directors be authorised to dispose of all such new shares not taken up by existing shareholders to whom the offer is made in under terms and conditions as the Directors may consider expedient in their absolute discretion. 

The directors and the company secretary have been mandated to execute all steps to implement and effectuate the renounceable rights issue.