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TSL News
TOL Gases Limited Rights Issue Oversubscribed

27 March 2014

The TOL Rights Issue shares received oversubscription which is seen as a signal of the investors' confidence on the local owned gas company which has recently moved from loss making into profit making position. Despite the fact that TOL has never paid any dividend since it was listed in 1998, the shareholders still have confidence on the company's future outlook.

The local owned gas company intended to raise TZS 4.47 billion from the sale of 18,611,843 shares at a price of TZS 240 in a ratio of 1 new share for every 2 existing shares, but end up collecting TZS 5.93 billion. The company accepted application for 18,611,803 new shares which is equivalent to TZS 4.47 billion. The excess amount received was refunded to shareholders between 10th - 21st March 2014.

The new shares are now listed on the Dar Es Salaam Stock Exchange and shareholders can trade on the shares through Licensed Brokers. Shareholders who applied for the Rights issue shares can collect their Depository Receipt through their respective Receiving Agents. For shareholders who submitted their application through receiving bank, they can collect their Depository Receipt from TOL Gases Limited Offices in Dar es Salaam.

TOL Gases Limited made a Rights issue to raise funds to finance major refurbishment of its ASPEN 1000 plant, commissioning of Argon plant, purchase of other associated equipments such as standby generator and storage tanks for liquid Nitrogen and Liquid Oxygen. The results of the Rights Issue means that TOL can now implement its development plan which are in line with its turnaround strategy.

TOL Prospectus

14 December 2013

This document is an Information Memorandum inviting applications for an additional 18,611,843 New Shares of TOL Gases limited (TOL) that are issued by way of Rights Issue in accordance with the terms outlined in this document.

If you have sold or transferred all your ordinary shares in TOL Gases Limited before the book closure date of 22nd November 2013, you should forward this document to the purchaser or transferee or to the stockbroker through whom the sale was affected for transmission to the purchaser or transferee.

This Information Memorandum has been submitted to the CMSA for approval and to the DSE for admission of the new shares. It is expected that admission will become effective and that the trading of the new shares will commence on 14th January 2014. The admission to the Official List is not to be taken as indication of the merits of the Rights Issue or of the new ordinary shares.

This Information Memorandum and the accompanying Provisional Allotment Letter (PAL) are presented to shareholders to enable them to make an informed decision on the Rights Issue. The Information Memorandum contains information that is provided in compliance with the requirements of the Companies Act 2002 and the Capital Markets and Securities (Capitalization and Rights Issue) Regulations of 2000.

Shareholders are advised to read the Information Memorandum before making investment decision. If you are in doubt as to the meaning of this document or what action to take, please consult your Licensed Investment Advisor, Legal Adviser, Accountant, Banker or Stock Broker immediately.

If you wish to apply for the new shares, then you must complete the procedures for acceptance and payment set out in this Information Memorandum and the PAL. The latest time for acceptance and payment for the Rights Issue shares is at 4:00pm East African Time on 19th December 2013. After this time and date, any Untaken Rights will lapse and will be available for subscription by other shareholders.

The new ordinary shares to be issued pursuant to this Rights Issue will rank pari passu in all respect with the existing issued ordinary shares of TOL Gases Limited.

The Board of Directors of the TOL Gases Limited have given their assurance that to the best of their knowledge all information in this Information Memorandum is correct.

Click here to download the prospectus


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