Nampak lifts as shareholders overwhelmingly approve plans for R1bn rights offer

Nampak's shareholders on Friday overwhelmingly approved all the resolutions necessary to facilitate a rights issue of up to R1 billion, a critical part of Africa's largest packaging group's path back to a firm financial footing. 

The average percentage approval was just over 99% for all the matters put to shareholders, which analysts said confirmed the support the new management team under interim CEO Phil Roux has as it looks to turnaround Nampak's fortunes. In order for the resolutions to be passed, approvals from 75% of shareholders were required.

Shares in Nampak soared nearly 7% to 77c in afternoon trade but have still lost almost two-thirds of their value in the past year. Click here for details of its shares.