Scant details on Omnia rights offer irks investors, say analysts

Omnia Group financial director Seelan Gobalsamy. Picture: FREDDY MAVUNDA

The company’s shares are down 23.29% since the beginning of 2019, while the all share index and the chemicals index have shed 2.41% and 4.40% respectively in the same period.Small Talk Daily daily analyst Anthony Clark said the delay in announcing key information such as the price and number of shares to be issued caused uncertainty.

“All the market knows is that there is a R2bn rights offer but has no idea at what price and how many shares. The company should tell the market what the price will be. The market is punishing Omnia for that,” Clark said.

Source: Law Daily Report (lawdailyreport.net)

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