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LequteMan
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Nigeria- Oando Plc in order to better align the terms with current market conditions following the 28% fall in the NSE All Share Index over the last 3 months, has changed the offer terms in an ongoing rights issue, Proshare reports.
The initial Offer size, price and ratio of 2,217,265,185 ordinary shares of 50 kobo each at N22.00 per share (1:4) has been updated to a new Offer size, price and ratio of 2,956,353,579 ordinary shares of 50 kobo each at N16.50 per share (1:3) (the subsisting terms).
The issue price has been revised to N16.50 and the Issue ratio to One (1) new ordinary share for every Three (3) ordinary shares of 50 kobo each held at close of business on Friday, 25th July, 2014.
Accordingly, each affected shareholder will be allotted additional shares, representing the appropriate increment over and above the number of Rights they previously accepted with no update to the amount of the consideration.
Shareholders who have already taken up their Rights under the initial offer terms need not take any actions. The change in the offer price and the share exchange ratio imply that the consideration to be paid for rights pertaining to existing holdings remains unchanged under both scenarios.
All other terms of the offer remain the same.
Also, the Securities & Exchange Commission has approved an application to change the Offer size, price and ratio of the Rights Issue.
#Nigeria #Oando #NSE
The initial Offer size, price and ratio of 2,217,265,185 ordinary shares of 50 kobo each at N22.00 per share (1:4) has been updated to a new Offer size, price and ratio of 2,956,353,579 ordinary shares of 50 kobo each at N16.50 per share (1:3) (the subsisting terms).
The issue price has been revised to N16.50 and the Issue ratio to One (1) new ordinary share for every Three (3) ordinary shares of 50 kobo each held at close of business on Friday, 25th July, 2014.
Accordingly, each affected shareholder will be allotted additional shares, representing the appropriate increment over and above the number of Rights they previously accepted with no update to the amount of the consideration.
Shareholders who have already taken up their Rights under the initial offer terms need not take any actions. The change in the offer price and the share exchange ratio imply that the consideration to be paid for rights pertaining to existing holdings remains unchanged under both scenarios.
All other terms of the offer remain the same.
Also, the Securities & Exchange Commission has approved an application to change the Offer size, price and ratio of the Rights Issue.
#Nigeria #Oando #NSE
