Visual International expects its cash-flow constraints to ease
- Created: Friday, 01 December 2017 12:09
- Written by Roy Cokayne, Pretoria News
VISUAL International, the AltX-listed property development firm, expects its cashflow constraints to improve following the finalisation of a funding agreement with Milost Global for equity and debt funding of up to R500 million.
However, the group said yesterday that the previously reported cash-flow constraints remained, but the situation had improved and would continue to improve because of the Milost Global transaction. It said the first equity draw down by the group was received from Milost on November 17.
The cash-flow constraints resulted from the group’s inability to generate revenue from property development and sales.
The Milost agreement was divided into two parts, a R150m equity draw down facility for the subscription of shares in Visual at a 50 percent premium to the five-day volume-weighted average share price for each draw down and a R350m convertible debt facility.
Medical Tourism: Nigerians eye $300m Ghanaian health facility
- Created: Thursday, 23 November 2017 00:49
- Written by Sola Ogundipe & Gabriel Olawale - Vanguard Nigeria
Ghana looks set to Ghana looks set to become the next medical tourism destination for Nigerians as attention shifts to emergence of the proposed Eco-Medical Hospital, a state-of-the-art international hospital complex in Accra.
This development, coupled with the complete shutdown of the multi-billion naira world class Ibom Specialist Hospital, in Uyo, Akwa Ibom State, is creating more options for Nigerians to access world class health care and services in Africa.Findings by Health & Living Features reveal that even as the new hospital is about getting off the ground, prominent Nigerians have started making enquiries about the proposed healthcare facility, which when constructed, is reputed to become the largest private hospital in West Africa.
Millions troop abroad annually and at least 50 per cent of these patients travelling abroad are headed for destinations in Europe, Asia, and America. Currently, Asia is the No. 1 destination for millions of Nigerians who expend an average of $1 billion on medical tourism annually. In India, high brow health facilities such as Primus International Super Speciality Hospital, Fortis Hospital and Apollo Hospital, are favorites.Experts attribute this Capital flight to inadequate investment in the local health industry.
Practically all those travelling abroad do so to obtain value for money in healthcare. Common ailments for which Nigerians travel abroad include those related to cardiology (heart disorders), orthopaedic (bone and skeletal), renal (kidney issues) and cancer. The penchant of Nigerian medical practitioners and health professionals recommending overseas medical treatment for all kinds of ailments, particularly those that can be adequately treated in the country, is not helping matters.While Nigeria has enormous potential in the medical field, observers say the facilities needed to get value, quality and affordability.
R500 million funding for Visual from American Private Equity firm
- Created: Thursday, 23 November 2017 17:27
- Written by Property News Africa
Visual International, the JSE AltX-listed property development company, has announced a R500 million funding agreement with New York-based alternative capital provider Milost Global Inc.
Visual has faced some significant challenges since listing on the JSE in May 2014.
The injection of funding will be directed towards financing Visual’s property development projects, acquisitions and working capital needs
– Charles Robertson, managing director of Visual
The agreement includes two instruments:
- A R150 million equity draw-down facility for Visual shares, subscribed at a 50% premium to the five-day volume-weighted average share price; and
- A R350 million convertible debt facility, or notes draw-down, that offers 5% interest annually per convertible note, paid in cash quarterly.
The announcement and first equity draw down come hot on the heels of Visual’s latest trading statement which confirms that while the company is expected to post losses per share for the current fiscal year, those losses are a 25.5% improvement on 2016 results.
The headline loss per share for the year ending 28 February 2017 is expected to be (3.54) cents per share, compared with the loss of (4.75) cents per share for the previous financial year.
Receipt of First Draw Down in Relation to the Funding Agreement between Visual and Milost Global Inc
- Created: Friday, 17 November 2017 19:12
- Written by Super User
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407
Share code: VIS
CONFIRMATION OF RECEIPT OF FIRST DRAW DOWN IN RELATION TO THE FUNDING AGREEMENT BETWEEN VISUAL AND MILOST GLOBAL INC (“MILOST”)
Shareholders are reminded that the Company has signed a funding agreement with Milost for equity and debt funding as announced on 15 September 2017. The board is pleased to advise that the funding from the first equity drawn down has been received and will be used for Visual’s working capital. The issue price for the first draw down is 16.5 cents and is at a 50% premium to the 5-day volume-weighted average price (“VWAP”), which was determined at 11 cents. The drawn down costs of R75 000 will be settled at the VWAP of 11 cents per share. The shares will be issued under the Company’s general authority to issue shares for cash. Visual looks forward to a long and productive relationship with Milost.