- Created: Thursday, 23 November 2017 17:27
- Written by Property News Africa
- Hits: 362
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
- Hits: 368
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.
- Created: Monday, 13 November 2017 17:17
- Written by Nasdaq GlobeNewswire
- Hits: 635
NAIROBI, Kenya, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Kings Pride Properties Limited, a Nairobi based real estate development and investment company, announced today that it has signed a financing term sheet of USD$450 million with Milost Global Inc, a New York based Private Equity Firm. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $150 million will be an equity facility and $300 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by November 16th 2017.
The Chief Executive Officer of Kings Pride Properties Limited, Maj (Rtd) David Karau, stated, “The best Solution the company has garnered this last quarter of 2017 is this key Partnership with Milost Global Inc. Players in our market know how securing financing locally has taken a twist and became very scarce and expensive. This went all the way into project execution lacking the business charisma expected by the market more so low ROI as well as unaffordability by the end user. We opened our finance and investments doors for this strategic partnership and we hope it comes in as a solution to our property development agenda.”
The Senior Partner & President of Milost Global Africa, Solly Asibey, stated, “The wealth of knowledge, track record and growth strategy of Kings Pride with regards to the real estate development market in Kenya has endeared Milost to partner with them. Our aim is to help grow Kings Pride into a formidable company in the East African region, whilst creating value for all our stakeholders in the process.”
- Created: Tuesday, 07 November 2017 23:34
- Written by Nasdaq GlobeNewswire
- Hits: 501
NIGERIA, Lagos, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Optimum Petroleum Development Ltd, a Nigerian based exploration, development and production company, announced today that it has signed a financing term sheet of USD$850 million with Milost Global Inc, a New York based Private Equity Firm. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $700 million will be an equity facility and $150 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by November 8th 2017.
The Chief Executive Officer of Optimum Petroleum Development Ltd, Engr. Yusuf K. J. N’jie, stated “Optimum Petroleum Development Company is re-asserting itself by directly raising capital for rapid appraisal/developmental drilling and early production of our OGO field. De-risking of our OGO field and other structures on our asset through appraisal and exploration drilling remains the clearest path of unlocking the said value of our asset. We are very glad to be in partnership with Milost Global Inc, who will be giving us the necessary funds that will make us quickly achieve these goals and also expand our asset portfolio.”