The offer, which ran from July 21 to August 4, 2025, saw shareholders take up 1 410 976 680 shares worth US$15,38 million, representing 76,94% of the total shares on offer. The US$20 million capital raise from shareholders is the first part in a two-pronged plan to raise a total of US$30,5 million to pay off creditors and recapitalise the business. The retailer has put up some of its properties for sale to raise US$10,5 million.
The retailer expressed appreciation to shareholders for their continued support and to the underwriters for their commitment to the success of the capital raising exercise.
“Proceeds from the rights offer will be applied towards partial settlement of legacy creditors, supporting the company’s working capital and capital expenditure requirements and unlocking fresh supplier support,” OK said. OK said it was “currently receiving and evaluating offers for the identified properties, with discussions underway to ensure that any transactions concluded are in the best interests of shareholders and are consistent with the company’s strategic objectives.” The retailer said the board remained focused on executing the company’s strategic initiatives and delivering value to shareholders.
