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Despite a slow news day in the corporate world, Brait shareholders have approved a significant rights issue, while Sibanye has completed its latest round of gold job cuts. On the global front, the US government has granted $176 million to Moderna for the development of a bird flu vaccine amidst outbreaks impacting dairy herds.
Brait shareholders, including billionaire Christo Wiese, have overwhelmingly supported all resolutions at a recent meeting, allowing for a substantial recapitalization initiative. The plan, valued at approximately R1.3 billion on the JSE, features a R1.5 billion rights issue, an extension of bond repayments, and debt reduction. This decision follows a share price decline in June and aims to enhance shareholder value as the company reevaluates its asset portfolio strategy. While Brait shares increased by 2% post-announcement, they have depreciated more than 60% in the last year.
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