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1time Holdings issues 70 million new shares

8-Mar-2011 12:42 PM

1time Holdings' share price declined the most in a week, falling 2.8% (Bloomberg, 08-Mar-2011). The company has issued 70 million new shares, or 25% of the issued shares, to a consortium of investors at USD7.1 million (ZAR49 million), a 10% discount to the previous 30-day volume weighted average price of the 1time share price on 02-Mar-2011. Industrial Development Corporation of South Africa Ltd was the funder enabling the BEE Consortium to finance the 1time BEE transaction.