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11 August 20232 minute read

DLA Piper advises EOH on rights issuance and restructuring

DLA Piper has advised EOH Holdings Limited (EOH) on its capital raising, comprising of a renounceable rights offer of ZAR500 million made to its qualifying shareholders and a specific issue for cash of ZAR100 million to its strategic shareholder, the Lebashe Investment Group. With the unanimous support of shareholders for the issuance, demand exceeded ZAR1 billion.

In addition to the issuance, DLA Piper also advised EOH on the utilisation of the net proceeds of the capital raising to restructure and refinance of the group’s senior debt, allowing EOH to invest in the growth of its business.

The DLA Piper team was led by Peter Bradshaw, Head of Corporate in South Africa and was supported by Brian Malcomess, Director (South Africa); Nada van Dyk, Director (South Africa) and John Stone, Counsel (UK). Sibusile Khusi, Associate (South Africa) advised on the rights offer, while the senior debt restructuring and finance was advised on by Nick Goldberg, Director (South Africa) and Hemlata Singh, Associate Designate (South Africa).

Peter Bradshaw, Head of Corporate in South Africa, commented: “We are proud to have advised EOH from the time when they were envisioning restructuring several years ago to the point where the business can now grow off the base of a more efficient capital structure. We look forward to seeing their future success and supporting them in their journey.”