Fidelity Bank Gets Extention of Share Offer Closing Date
Acceler8now.com, November 11, 2007
If you wished to buy into the Fidelity Bank share offer but thought you had somehow missed it because you couldn't get it done before the initial closing date, you can now breathe easy. The offer has been extended to November 23, from its initial closing date of November 9, 2007.
Fidelity Bank's hybrid offer comprises a 5,501,100,421 units tranche to the public in an offer for subscription and another tranche of 498,899,579 units to existing shareholders as a rights issue. Both legs of the offer are at N8 per 50k share. The rights offer is on the basis of 1 share for every 33 shares.
The extension was attributed to protests from some stockbrokers and receiving agents that they needed more time as the offer documents got to them late. Also, some existing shareholders, entitled to Rights Circulars for their rights allocations, complained they were yet to receive them. The bank had tried in the course of the past week to address that problem by publicising information on where shareholders that were yet to receive their rights circulars should go for relief. One of such locations is First Registrars on Abebe Road, Iganmu, Registrars to the company.
Fidelity Bank is aiming to use the expected N45.3 billion net proceeds of the offer principally for branch expansion (N9.1 billion or 22%), Information Technology upgrades (N4.5 billion or 10%), investment in subsidiaries (N4.9 billion or 11%) and enhancement of the bank's working capital and project finance (N26 billion or 53.3%).
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