Ascendis Health wants to raise R101.5m by issuing new shares to get out of its financial quagmire as it looks to cut debt and grow its medical-devices and consumer-health businesses.

The issuing of 143-million new shares at 71c a piece, announced on Tuesday, aims to avoid a ratcheting up of debt payments after months of uncertainty for a group that has seen multiple board shake-ups and new lenders...

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