Apparently 7 Million new shares are to be issued to raise approx. Ksh 280M. I had said this company's debt is overwhelming now lets watch its share price as convertible bond holders try to cash in early.

The shares will be a swap by one institutional investor who holds convertible bonds into equity,the investor has not been revealed.

This according to TCL will reduce interest payments and hence contribute to profitability of the company.

According to dyer and blair the investor will have 2.5% shareholding in TCL which means he will have an influence in decision making.

http://af.reuters.com/ar...ws/idAFL5E7JM0PE20110822