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NewGold Debentures: Partial De-Listing Optimizes Capital Structure

Last updated July 11, 2023
Published July 11, 2023
By Lethabo Ntsoane

NewGold Issuer (RF) Limited has announced the partial de-listing of 700,000 NewGold Debentures, leaving 53,277,939 debentures in circulation.
The de-listing aims to optimize NewGold's capital structure and enhance operational efficiency.
Absa Corporate and Investment Bank and Cirrus Securities have been appointed as the JSE and NSX sponsors, respectively, to oversee the de-listing process.

NewGold Issuer (RF) Limited (JSE: GLD, NSX: NGNGLD, ISIN: ZAE000060067), has made a significant announcement regarding the partial de-listing of NewGold Debentures. Effective today, 700,000 NewGold Debentures have been de-listed, resulting in 53,277,939 remaining debentures in circulation.

This strategic decision by NewGold aims to optimize its capital structure and enhance operational efficiency. By reducing the number of debentures, the company seeks to streamline its financial instruments and focus on achieving its corporate objectives with greater precision.

Debentures, as long-term debt instruments offering fixed interest payments and principal repayment at maturity, have been delisted in alignment with NewGold’s strategic considerations. The move reflects the company’s commitment to refining its financial instruments and fostering a more streamlined approach to meet the evolving demands of the market.

The de-listing process involves the removal of specific securities from the Johannesburg Stock Exchange (JSE), where NewGold has been a leading issuer of exchange-traded funds (ETFs) providing investors with exposure to the gold market. This partial de-listing enables the company to further optimize its financial instruments, potentially enhancing liquidity and opening doors for new investors to participate in its offerings.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo

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