RCL gets R790m after share offer

RCL Foods (RCL‚ formerly Rainbow Chickens) said its plan to raise R2.5bn through a pro-rata offer of new shares at R16.50 each had received R790m in subscriptions from shareholders. It will now proceed to place the balance of the new shares with institutional investors.

The offer‚ which closed at 12pm on Tuesday‚ was at a premium to yesterday's (6 February) closing price of R16.

A private placement to SA and international investors to raise the balance of the R2.5 billion is on the cards after the company's interim results on 20 February‚ but the company said this would depend on market conditions.