PRIVATE education group Curro says it plans to raise a further R1bn this year through an underwritten rights offer to fund growth.
In terms of the rights offer, shareholders will receive the right to acquire one additional share at R33 per share for every 11 shares held. The rights offer is scheduled to take place during May 2016 and Curro said further details would be communicated in due course.
"Curro intends to invest up to R2bn in 2016; R800m is earmarked for the construction of new campuses and R450m for the expansion of existing campuses. The remainder will be used for acquisitions and land banking opportunities," the company said on Tuesday.
In the year to December 31 2015, Curro reported a 68% rise in diluted headline earnings per share (HEPS) to 28.3c. Revenue grew 28% to R1.38bn while profit for the year surged 80% to R92m.
Curro said bad debts as a percentage of turnover had increased from 0.6% in 2014 to 1% in 2015 due to the tougher economic circumstances. However, the company said this was in line with the company’s long-term average.
Curro declared no dividend but said it "believes in the long-term potential of SA and remains on track to achieve its target of 200 schools by 2020".
Chris van der Merwe. Picture: SUPPLIED
PRIVATE education group Curro says it plans to raise a further R1bn this year through an underwritten rights offer to fund growth.
In terms of the rights offer, shareholders will receive the right to acquire one additional share at R33 per share for every 11 shares held. The rights offer is scheduled to take place during May 2016 and Curro said further details would be communicated in due course.
"Curro intends to invest up to R2bn in 2016; R800m is earmarked for the construction of new campuses and R450m for the expansion of existing campuses. The remainder will be used for acquisitions and land banking opportunities," the company said on Tuesday.
In the year to December 31 2015, Curro reported a 68% rise in diluted headline earnings per share (HEPS) to 28.3c. Revenue grew 28% to R1.38bn while profit for the year surged 80% to R92m.
Curro said bad debts as a percentage of turnover had increased from 0.6% in 2014 to 1% in 2015 due to the tougher economic circumstances. However, the company said this was in line with the company’s long-term average.
Curro declared no dividend but said it "believes in the long-term potential of SA and remains on track to achieve its target of 200 schools by 2020".
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