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LequteMan
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The Nigerian Stock Exchange, NSE, during the weekend suspended further trading in Oando rights issue, following no formal clearance of offer documents and registration of shares from the Securities and Exchange Commission (SEC) by the company, Leadership reports.
In a statement NSE said that the action was necessitated by information received on November 27, 2014 from Vetiva Securities Limited, the Lead Stockbroker to the Issue, that Oando has not obtained a formal clearance of the offer documents and registration of the shares from the Securities and Exchange Commission.
The statement however said that the Oando Rights traded to date will be reversed.
Oando has opened application list for its rights issue on November 24, 2014 to raise new equity funds from existing shareholders to deleverage its balance sheet and rebalance its assets position with its long-term growth outlook,. The application was to close application on December 19.
Oando is offering new shares to shareholders in its book as of July 25, 2014 on the basis of one new share for every four shares held as at the qualification date at N22 per share.
#Oando #Nigeria #NSE
In a statement NSE said that the action was necessitated by information received on November 27, 2014 from Vetiva Securities Limited, the Lead Stockbroker to the Issue, that Oando has not obtained a formal clearance of the offer documents and registration of the shares from the Securities and Exchange Commission.
The statement however said that the Oando Rights traded to date will be reversed.
Oando has opened application list for its rights issue on November 24, 2014 to raise new equity funds from existing shareholders to deleverage its balance sheet and rebalance its assets position with its long-term growth outlook,. The application was to close application on December 19.
Oando is offering new shares to shareholders in its book as of July 25, 2014 on the basis of one new share for every four shares held as at the qualification date at N22 per share.
#Oando #Nigeria #NSE
