Tanganda Tea Company Limited has issued an updated cautionary statement advising shareholders that its proposed US$8 million renounceable rights offer is still under consideration.
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In a notice released this week, company secretary Sodzanai Sharon Kodzanai said the company is finalising a circular to shareholders, which will include a notice convening an Extraordinary General Meeting.
At the EGM, shareholders will be asked to consider and approve the planned rights issue, which will be offered to existing ordinary shareholders in proportion to their current holdings.
Tanganda noted that the transaction, if approved and successfully executed, could significantly affect the company’s share price.
The board therefore urged shareholders and the investing public to continue exercising caution when trading the company’s shares until a full announcement is released.
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