BUSINESS DAY TV: Dawn CEO speaks about efforts to recapitalise the group
Distribution and Warehousing Network (Dawn) CEO Stephen Connelly speaks about efforts to recapitalise the group through a rights offer.
Stephen Connelly is Distribution and Warehousing Network (Dawn) CEO. BUSINESS DAY TV: Dawn has detailed the terms of a rights offer, first announced to the market last week, in which it will look to raise R350m from the market by issuing new shares at R1 each. Joining me now on the line is the fairly recently appointed CEO Stephen Connelly. Stephen, Dawn shareholders have been through the ringer and the stock was down again 14% today on the pricing of the rights offer, was this the only option for Dawn at this point? STEPHEN CONNELLY: Yes, that’s right. There were four steps to the turnaround that I saw when I joined here, the first one, and the most immediate one, was to stop the losses. and we did that by the end of September last year which was our half-year and we reported that to the market in the middle of November. The second step was then to refinance the business to strengthen the balance sheet, to enable us to get the confidence of our suppliers that we were going to be ar...
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