The company also announced it would not have a rights issue
Shares in technology company Adapt IT rallied as much as 23% on Wednesday after the company said it was working to reduce its debt and would not have a rights issues.
On the back of the news, the company’s stock rose 23% in trading, before paring those gains to close 14.7% higher at R1.95, giving it a market capitalisation of R297.4m.Since the start of the year, Adapt IT has lost 47% of its value on the JSE. The share price once traded at R15.30.it indicated that the market was expecting the company to have a rights issue that would have diluted the shares. The announcement has taken away that uncertainty.
The announcement on Wednesday gave the market some clarity around the company’s plan to tackle these issues, he concluded.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MTN Nigeria’s profit surges as data use risesSubscriber base grew 10.5% to 64.3-million, with profit before tax jumping 31.1%
Read more »
SA must be realistic, reduce state wage bill for growth and jobs: Ramaphosa“A large part of the savings will come from reducing the rate at which our wage bill grows.”
Read more »
Recession to cost SA more jobs - expertSA dogged by rising debt and low growth.
Read more »
Medupi's killer fumes: Eskom has 'a comprehensive climate change strategy'In response to questions from News24 on its plans to reduce its emissions, Eskom says it has a comprehensive climate change strategy.
Read more »
Mobile game downloads jump as coronavirus keeps people indoorsMobile game downloads touched about 4 billion globally, up from 2.9 billion a year earlier.
Read more »
THE LEX COLUMN: Club World Cup’s value will determine its fateFifa boss Gianni Infantino thinks he can raise $1bn for the tournament, a third less than the figure he floated two years ago
Read more »