Sable Exploration and Mining (SEAM) has 1,5 billion shares authorised and under the control of the directors. There are 4,35 million shares in issue.

The company has announced a rights issue of 12 shares for every 1 held at a price of R1 per share. Directors have, directly and indirectly, underwritten 25,36 million of the 52,21m share offered to shareholders. It should be noted that shareholders have first right to subscribe for the shares at R1 each in the ratio of 12 shares for every share held.

The company has been approached by a number of companies to reverse list assets into the company. A circular will be sent to shareholders giving details of the rights issue once a transaction has been announced.