Ellies to launch rights offer, shares slide

JOHANNESBURG (Reuters) – Shares in Ellies Holdings tanked nearly 20 percent on Monday after the South African maker of television aerials said it would delay repaying its debt until it has raised money through selling assets and a rights issue.

Ellies reported a full-year loss in July for the year to April impacted by delays in projects that the company had banked on such as South Africa's move to digital television from analog and a slow uptake in its satellite television platform.

At 1303 GMT, the company's shares skidded to levels last seen four years ago, sliding 17.3 percent to 1.53 rand.

For the full SENS report, Click Here