Life Healthcare share price plummets 9% on issuing of nil-paid letters
29 March 2017 - 12:28
Life Healthcare’s share price dropped as much as 9% after the company issued nil-paid letters on Wednesday. Shareholders received 34 nil-paid letters for every 100 Life Healthcare shares held. The letters traded in a range of R6.97 and R6.40, with more than 1-million changing hands for a total of R7.7m by 11.45am. The firms’s share price closed at R30.75. With the value of the nil-paid letters added in, Life Healthcare shares remained at about Tuesday’s R33.70 closing price. Each nil-paid letter allows its holder to buy a Life Healthcare share for R24.50 in the group’s R9bn rights offer.
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