As part of the overarching awareness activities ahead of the much-anticipated Initial Public Offering (IPO) of Botswana Telecommunications Corporation Limited (BTCL), BTCL has successfully completed a nationwide employee road show. The series of engagements spanned 7 sites and all 952 employees in total.
The employee road show sought to further strengthen existing efforts to engage staff on the status of the IPO, with a particular focus on the details of the recently approved Employee Share Option Scheme (ESOP) and other related functions. An initial national tour was held from the 3rd to the 19th of July 2014, with BTCL Managing Director, Mr. Paul Taylor, and members of the executive team updating employees on the status of the project. A second tour was held between the 17th October 2014 ending on the 5th of November 2014.
Said Ms. Keamogetse Mubu, BTCL Head of Employee Relations, “Consultations with employees of BTCL began as far back as 2010 when the Government of Botswana made the initial decision to privatise BTCL. Since that time, we have continued with an increasing number of staff engagement and communications exercises, and these are only intensifying as we move closer to the IPO launch. The company has also investigated ways in which employees can be assisted to purchase shares.”
Research conducted in June 2014 revealed that 67.8% of staff were confidently aware of the upcoming IPO. A further 63% of employees expressed an eagerness and willingness to buy shares in BTCL. Ahead of the IPO, a series of consultative and information sharing Union Management meetings have also been held.
The Botswana Telecommunications Corporation Limited Union (BOTEU) were engaged and updated on the BTCL Separation and Privatization Programme, giving input on such matters as the ESOP structure. BTCL Management continues to meet with BOTEU on a fortnightly basis ahead of the IPO launch.
Concluded Mr. Taylor, “It’s a phenomenal opportunity for our employees to own a part of this great business they have helped build, and we are excited to see the level of interest amongst staff grow. We’re experiencing more enquiries and expressions of interest from staff in recent weeks, and are making every effort to ensure everyone has the relevant information and access to allow for successful participation in the IPO.”
This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.
“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.
Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.
A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.
Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.
A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.
Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.
In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.
The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.
In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.
Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.
The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”
In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.
Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.
The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.